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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission
file number <span id="xdx_908_edei--EntityFileNumber_c20230101__20231231_zwnnSWKu8w53"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000021" name="dei:EntityFileNumber">001-41662</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_900_edei--EntityRegistrantName_c20230101__20231231_z5EW4IBzRdR2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000022" name="dei:EntityRegistrantName">SYLA
TECHNOLOGIES CO., LTD.</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Exact
name of registrant as specified in its charter)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityIncorporationStateCountryCode_dxL_c20230101__20231231_z4nN7GgBfJrc" title="::XDX::M0"><span style="-sec-ix-hidden: xdx2ixbrl0023">Japan</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Jurisdiction
of incorporation or organization)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_907_edei--EntityAddressAddressLine1_c20230101__20231231_zuSN44C8COf8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000024" name="dei:EntityAddressAddressLine1">Ebisu
Prime Square Tower 7F</ix:nonNumeric></span>, 1-1-39</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hiroo,
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone:
+81 3-4560-0650</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address
of principal executive offices)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z8SPRpAlWp1c"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000027" name="dei:ContactPersonnelName">Hiroyuki
Sugimoto</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief
Executive Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zm3M3FU6MSXd"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000028" name="dei:EntityAddressAddressLine1">Ebisu
Prime Square</ix:nonNumeric></span> Tower 7F, 1-1-39</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hiroo,
<span id="xdx_907_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zMdH0rfKRBKk"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000029" name="dei:EntityAddressCityOrTown">Shibuya-ku</ix:nonNumeric></span>, Tokyo, <span id="xdx_90E_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zEuEFLzEfg5f"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000030" name="dei:EntityAddressCountry">Japan</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone:
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Email:
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Name,
Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(b) of the Act:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 40%; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
of each exchange on which registered</b></span></p></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Not for trading, but only in connection with the listing of the American Depositary Shares on The Nasdaq Stock Market LLC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(g) of the Act: None</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report: <span id="xdx_902_edei--EntityCommonStockSharesOutstanding_iI_c20231231_z3yQt4pQGeA9"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000039" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">260,891</ix:nonFraction></span> Common Shares</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_908_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zHYaNtXZ8gr1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000040" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or Section 15(d) of the Securities Exchange Act of 1934.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_90C_edei--EntityVoluntaryFilers_c20230101__20231231_zzZOvvaPGgA5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000041" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--EntityCurrentReportingStatus_c20230101__20231231_zj9gbLVaLON8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000042" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span>
&#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--EntityInteractiveDataCurrent_c20230101__20231231_z9kSnkIJunTd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000043" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>
&#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
accelerated filer &#9744; Accelerated filer &#9744; <span id="xdx_90F_edei--EntityFilerCategory_c20230101__20231231_z51UOoeA0iEi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000044" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric></span> &#9746; Emerging growth company <span id="xdx_904_edei--EntityEmergingGrowthCompany_c20230101__20231231_zSSnjS6MwFqf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000045" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. <span id="xdx_90A_edei--EntityExTransitionPeriod_c20230101__20231231_z60SoQVbmIf7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000046" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_908_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zTFzIxHq27W7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000047" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_902_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zlftS34qgQN1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000048" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--DocumentAccountingStandard_c20230101__20231231_zZdB6IckQtzg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000049" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746; International Financial Reporting Standards as issued by the International Accounting Standards Board &#9744; Other &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Item 17 &#9744; Item 18</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; No <span id="xdx_900_edei--EntityShellCompany_dbF_c20230101__20231231_zE4Q2UhrG0h7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000050" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#xc_001">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#xc_002">PART I.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#xc_003">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#xc_004">OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#xc_005">KEY INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#xc_006">INFORMATION ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SL_001">UNRESOLVED STAFF COMMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SL_002">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SL_003">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SL_004">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SL_005">FINANCIAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SL_006">THE OFFER AND LISTING</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#SL_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_007">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_008">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_009">PART II.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_010">DEFAULTS, DIVIDENDS ARREARAGES AND DELINQUENCIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_011">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_012">CONTROLS AND PROCEDURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[RESERVED]</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_013">AUDIT COMMITTEE FINANCIAL EXPERT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_014">CODE OF ETHICS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_015">PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_016">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_017">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_018">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_019">CORPORATE GOVERNANCE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_020">MINE SAFETY DISCLOSURE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16I.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_021">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16J.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_022">INSIDER TRADING POLICIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16K.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_023">CYBERSECURITY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">112</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_024">PART III.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_025">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_026">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_027">EXHIBITS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_028">Signatures</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">114</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xc_001"></span>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
statements contained in this annual report, including those that express a belief, expectation or intention, as well as those that are
not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates
concerning our possible or assumed future results of operations, financial condition, business strategies and plans, market opportunity,
competitive position, industry environment, and potential growth opportunities. In some cases, you can identify forward-looking statements
by terms such as &#8220;may&#8221;, &#8220;will&#8221;, &#8220;should&#8221;, &#8220;believe&#8221;, &#8220;expect&#8221;, &#8220;could&#8221;,
&#8220;intend&#8221;, &#8220;plan&#8221;, &#8220;anticipate&#8221;, &#8220;estimate&#8221;, &#8220;continue&#8221;, &#8220;predict&#8221;,
&#8220;project&#8221;, &#8220;potential&#8221;, &#8220;target,&#8221; &#8220;goal&#8221; or other words that convey the uncertainty of
future events or outcomes. You can also identify forward-looking statements by discussions of strategy, plans or intentions. We have
based these forward-looking statements on our current expectations and assumptions about future events. While our management considers
these expectations and assumptions to be reasonable, because forward-looking statements relate to matters that have not yet occurred,
they are inherently subject to significant business, competitive, economic, regulatory and other risks, contingencies and uncertainties,
most of which are difficult to predict and many of which are beyond our control. These and other important factors, including, among
others, those discussed in this annual report under the headings &#8220;Risk Factors&#8221;, &#8220;Operating and Financial Review and
Prospects&#8221;, and &#8220;Business Overview&#8221; may cause our actual results, performance or achievements to differ materially
from any future results, performance or achievements expressed or implied by the forward-looking statements in this annual report. Some
of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements
in this annual report include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    size and growth potential of the markets for our services, and our ability to serve those markets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    rate and degree of market acceptance of our services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to expand our sales organization to address effectively existing and new markets that we intend to target;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impact
    from future regulatory, judicial, and legislative changes or developments in the U.S. and foreign countries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to compete effectively in a competitive industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to obtain funding for our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to attract collaborators and strategic partnerships;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to continue to meet the Nasdaq requirements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to meet our other financial operating objectives;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    availability of qualified employees for our business operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    business and economic conditions (including, without limitation, risks associated construction plans and labor-related matters);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to meet our financial obligations as they become due;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">positive
    cash flows and financial viability of our operations and new business opportunities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ability
    to secure intellectual property rights over our proprietary services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to be successful in new markets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to avoid infringement of intellectual property rights; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    positive cash flows and financial viability of our operations and new business opportunities</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
describe certain material risks, uncertainties, and assumptions that could affect our business, including our financial condition and
results of operations, under &#8220;<i>Risk Factors</i>.&#8221; We base our forward-looking statements on our management&#8217;s beliefs
and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes
and results may, and are likely to, differ materially from what is expressed, implied or forecast by our forward-looking statements.
Accordingly, potential investors should be careful about relying on any forward-looking statements. Except as required under the federal
securities laws, we do not have any intention or obligation to update publicly any forward-looking statements after the date of this
annual report, whether as a result of new information, future events, changes in assumptions, or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
forward-looking statement that we make in this annual report speaks only as of the date of this annual report. Except as required by
law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking
statements in this annual report, whether as a result of new information, future events or otherwise, after the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xc_002"></span>PART
I.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xc_003"></span>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xc_004"></span>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xc_005"></span>ITEM
3. KEY INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
[Reserved]</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Capitalization and Indebtedness</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Reasons for the Offer and Use of Proceeds</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RISK
FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
investment in the ADSs is highly speculative and involves a high degree of risk. We operate in a dynamic and rapidly changing industry
that involves numerous risks and uncertainties. You should carefully consider the factors described below, together with all of the other
information contained in this annual report, including the audited financial statements and the related notes included in this annual
report, before deciding whether to invest in the ADSs. These risk factors are not presented in the order of importance or probability
of occurrence. If any of the following risks actually occurs, our business, financial condition and results of operations could be materially
and adversely affected. In that event, the market price of the ADSs could decline, and you could lose part or all of your investment.
Some statements in this annual report, including statements in the following risk factors, constitute forward-looking statements. Please
refer to the section entitled &#8220;Cautionary Statement Regarding Forward-Looking Statements.&#8221;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
operate in a dynamic and rapidly changing industry that involves numerous risks and uncertainties. You should carefully consider the
factors described below, together with all of the other information contained in this annual report, including the audited financial
statements and the related notes included in this annual report. These risk factors are not presented in the order of importance or probability
of occurrence. If any of the following risks actually occurs, our business, financial condition and results of operations could be materially
and adversely affected. Some statements in this annual report, including statements in the following risk factors, constitute forward-looking
statements. Please refer to the section entitled &#8220;Cautionary Note Regarding Forward-Looking Statements.&#8221;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this annual report, the terms &#8220;the Company&#8221;, &#8220;SYLA Technologies&#8221;, &#8220;we&#8221;, &#8220;our&#8221;
or &#8220;us&#8221; may, depending upon the context, refer solely to the Company, to one or more of the Company&#8217;s consolidated
subsidiaries or to all of them taken as a whole.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
functional currency and reporting currency is the Japanese yen (which we refer to as &#8220;JPY&#8221; or &#8220;&#165;&#8221;). The terms
&#8220;dollar,&#8221; &#8220;USD,&#8221; &#8220;US$&#8221; or &#8220;$&#8221; refer to U.S. dollars, the legal currency of the United
States. Convenience translations included in this annual report of Japanese yen into U.S. dollars have been made at the exchange rate
of &#165;140.92= US$1.00, which was the foreign exchange rate on December 29, 2023 as reported by the Board of Governors of the Federal
Reserve System (which we refer to as the &#8220;U.S. Federal Reserve&#8221;) in weekly release on January 2, 2024. Historical and current
exchange rate information may be found at www.federalreserve.gov/releases/h10/.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
in our company involves significant risks. You should carefully consider all of the information in this annual report before making an
investment in our company. These risks include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            ability to raise capital in the future may be limited, and our failure to raise capital when
                                            needed could prevent us from growing.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
                                            is a risk that we will be a passive foreign investment company (which we refer to as &#8220;PFIC&#8221;)
                                            for the current or any future taxable year, which could result in material adverse U.S. federal
                                            income tax consequences if you are a U.S. holder.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
                                            may not be possible for investors to effect service of process within the United States upon
                                            most our directors, corporate auditors and executive officers, or to enforce against us or
                                            those persons judgments obtained in U.S. courts predicated upon the civil liability provisions
                                            of the federal securities laws of the United States.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
                                            of shareholders under Japanese law may be different from rights of shareholders in other
                                            jurisdictions.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
                                            all of our revenues are generated in Japan, but an increase of our international presence
                                            could expose us to fluctuations in foreign currency exchange rates, or a change in monetary
                                            policy may harm our financial results.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            a &#8220;foreign private issuer&#8221; we are permitted, and intend, to follow certain home
                                            country corporate governance and other practices instead of otherwise applicable SEC and
                                            Nasdaq requirements, which may result in less protection than is accorded to investors under
                                            rules applicable to domestic U.S. issuers.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            an &#8220;emerging growth company&#8221; under the JOBS Act, we are permitted to rely on
                                            exemptions from certain disclosure requirements.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            we are unable to implement and maintain effective internal control over financial reporting
                                            in the future, investors may lose confidence in the accuracy and completeness of our financial
                                            reports and have an adverse effect on the value of our securities.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            an emerging growth company, our auditor will not be required to attest to the effectiveness
                                            of our internal controls.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We incur significant costs as a result of operating
                                            as a public company, and our management is required to devote substantial time to new
                                            compliance initiatives.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            depend on certain officers of the Company, the loss of whom could materially harm our business.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
                                            estate development projects are subject to numerous risks outside the Company&#8217;s control
                                            such as governmental regulations and associated legal concerns, delays in permitting and
                                            other governmental approvals, potential delays in project initiation or completion, increased
                                            expenses, restrictions on construction or other activities, increased costs, and labor shortages.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commercial
                                            and residential property building is subject to warranty and construction defect claims in
                                            the ordinary course of business that can be significant.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            rely on subcontractors, which can expose us to various liability risks.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            rely on our ability and the ability of our customers to obtain bank loans.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
                                            to manage land acquisitions, inventory and construction and development processes could result
                                            in significant cost overruns or errors in valuing sites.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            land is not available at competitive prices, our sales and results of operations could be
                                            adversely affected.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the value of our land inventory decreases, our results of operations could be adversely affected
                                            by impairments and write-downs.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            material amount of our revenues may be concentrated in one or more large customers. If we
                                            lose or experience a significant reduction in sales to such key customers, our revenues may
                                            decrease substantially and our results of operations and financial condition may be harmed.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
                                            we have relied to a material extent on certain suppliers. If we encounter delays or difficulties
                                            in securing the required materials from such suppliers and are unable to find replacements
                                            or immediately transition to alternative suppliers, the lack of supplies delaying the production
                                            of our products could have a material adverse effect on our financial condition, results
                                            of operations and reputation.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            we experience shortages in labor supply, increased labor costs or labor disruptions, there
                                            could be delays or increased costs in developing our real estate, which could adversely affect
                                            our operating results.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
                                            to recruit, retain and develop highly skilled, competent people at all levels may have a
                                            material adverse effect on our standards of service.</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
                                            regarding environmental matters and climate change may affect us by substantially increasing
                                            our costs and exposing us to potentially liability.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw
                                            materials and building supply shortages and price fluctuations could delay or increase the
                                            cost of commercial and residential property construction and adversely affect our operating
                                            results.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            intend to have significant operations in certain geographic areas, which will subject us
                                            to an increased risk of loss of revenue or decreases in the market value of our land and
                                            commercial and residential properties in these regions from factors which may affect any
                                            of these regions.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            participate in certain unconsolidated joint ventures, including those where we do not have
                                            a controlling interest, where we may be adversely impacted by the failure of the unconsolidated
                                            joint venture or the other partners in the unconsolidated joint venture to fulfill their
                                            obligations.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            major health and safety incident relating to our business could be costly in terms of potential
                                            liabilities and reputational damage.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ownership
                                            or occupation of land and the use of hazardous materials carries potential environmental
                                            risks and liabilities.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shortages
                                            of utilities and resources and fluctuations in rates could adversely affect our business.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            illiquidity of real estate investments could significantly impede our ability to respond
                                            to adverse changes in the performance of our properties.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may not make a profit if we sell a property.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competition
                                            for acquisitions may result in fewer acquisition opportunities and increased prices for properties,
                                            which may impede our growth and materially and adversely affect us.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            consideration paid for our target acquisition may exceed fair market value, which may harm
                                            our financial condition and operating results. We may also be unable to lease vacant space
                                            or renegotiate existing leases at market rates, which would adversely affect our returns
                                            on a target acquisition.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            real estate crowdfunding platforms may not operate as we anticipate.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the security of our investors&#8217; confidential information stored on the real estate crowdfunding
                                            platforms is breached or otherwise subjected to unauthorized access, their secure information
                                            may be stolen.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            significant disruption in service on the real estate crowdfunding platforms or in their computer
                                            or communications systems could reduce their attractiveness and result in a loss of users.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            we were to enter bankruptcy proceedings, the operation of the real estate crowdfunding platforms
                                            and the activities with respect to our operations and business would be interrupted.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inappropriate
                                            business behavior of entrepreneurs raising funds via our platforms could result in reputational
                                            or financial damages to our business.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            crowdfunding platform operates on an online distribution model and is, therefore, subject
                                            to internet cyber risk.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increasing
                                            competition within our emerging industry could have an impact on our business prospects.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            level of indebtedness could materially and adversely affect our business, financial condition
                                            and results of operations.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            outstanding debt agreements may limit our flexibility in operating and expanding our business.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            might obtain lines of credit and other borrowings, which increases our risk of loss due to
                                            potential foreclosure.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have broad authority to incur debt.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
                                            will not receive the benefit of the regulations provided to real estate investment trusts
                                            or investment companies.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            we are deemed to be an investment company, we may be required to institute burdensome compliance
                                            requirements and our activities may be restricted.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            exemption from the Investment Company Act of 1940 may restrict our operating flexibility.
                                            Failure to maintain this exemption may adversely affect our profitability.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may suffer losses that are not covered by insurance.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solar
                                            power generation is weather-dependent, and power production fluctuates depending on weather
                                            conditions such as clouds and rain. This can make power generation inconsistent and difficult
                                            to predict.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AI-related
                                            businesses are subject to risks such as slow market growth, competition, inability to secure
                                            development personnel, leakage of confidential information, procurement of semiconductors,
                                            and dependence on certain individuals (Tianqi Li, Chief AI Officer of SYLA Technologies Co.,
                                            Ltd, and the Representative Director of SYLA Brain Co., Ltd.), which could affect our business
                                            and earnings if the AI-related market growth slows significantly.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
                                            to protect our intellectual property could substantially harm our business and operating
                                            results.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assertions
                                            by third parties of infringement or other violation by us of their intellectual property
                                            rights could result in significant costs and substantially harm our business and operating
                                            results.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            our cost efficiency measures are not successful, we may become less competitive.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
                                            to deliver high-quality products, software, and services could lead to loss of customers
                                            and diminished profitability.</span></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cyber-attacks
                                            and other security incidents that disrupt our operations or result in the breach or other
                                            compromise of proprietary or confidential information about us or our workforce, customers,
                                            or other third parties could disrupt our business, harm our reputation, cause us to lose
                                            clients and expose us to costly regulatory enforcement and litigation.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may not successfully implement our acquisition strategy, which could result in unforeseen
                                            operating difficulties and increased costs.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            ability to generate substantial non-U.S. net revenue is subject to additional risks and uncertainties.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
                                            requirements of current or future environmental and safety laws, or other laws, may increase
                                            costs, expose us to potential liability and otherwise harm our business.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natural
                                            disasters, terrorism, armed hostilities, pandemics or other public health issues could harm
                                            our business.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
                                            climate change, and legal, regulatory, or market measures to address climate change, may
                                            negatively affect or business, operations, and financial results.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may face substantial damages or be enjoined from pursuing important activities as a result
                                            of future litigation, arbitration or other claims.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Constriction
                                            of the capital markets could limit our ability to access capital and increase our costs of
                                            capital.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            anticipate having a substantial amount of debt which could adversely affect our business,
                                            financial condition or results of operations and prevent us from fulfilling our debt-related
                                            obligations.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Markets
                                            in which the Company is anticipated to invest are subject to a high degree of volatility
                                            and, therefore, the Company&#8217;s performance may be volatile.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            volatile credit and capital markets could have a material adverse effect on our financial
                                            condition.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            prolonged economic downturn could materially affect us in the future.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company is subject to changes in the Labor Standards Law and other regulations, and violations
                                            of such laws and regulations may adversely affect the Company&#8217;s business performance
                                            and reputation.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
                                            to strengthen our internal controls could have a significant adverse impact on the Company
                                            and its business performance and reputation.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            ADSs are listed on Nasdaq, and there can be no assurance that we will be able to comply with
                                            Nasdaq&#8217;s continued listing standards.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            price of ADSs could be subject to rapid and substantial volatility.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            price of the ADSs may fluctuate substantially.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            securities or industry analysts do not publish research or publish inaccurate or unfavorable
                                            research about our business, the price of the ADSs and trading volume could decline.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the voting power of our capital stock continues to be highly concentrated, it may prevent
                                            you and other minority shareholders from influencing significant corporate decisions and
                                            may result in conflicts of interest.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the benefits of any proposed acquisition do not meet the expectations of investors, stockholders
                                            or financial analysts, the market price of the ADSs may decline.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            payment of future dividends on our common shares, if any, will be at the discretion of our
                                            board of directors and will depend on many factors on which the board of directors may determine
                                            not to do so.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
                                            of a substantial number of common shares or ADSs in the public markets by our existing shareholders
                                            in the future could cause the price of the ADSs to fall.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            future issuance of additional common shares in connection with our stock options, convertible
                                            bonds, acquisitions or otherwise may adversely affect the market of the ADSs.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            right of holders of ADSs to participate in any future rights offerings may be limited, which
                                            may cause dilution to their holdings and holders of ADSs may not receive cash dividends if
                                            it is impractical to make them available to them.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
                                            of ADSs and surrender of ADSs for the purpose of withdrawal of shares may be suspended.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may amend the deposit agreement without consent from holders of ADSs and, if such holders
                                            disagree with our amendments, their choices will be limited to selling the ADSs or withdrawing
                                            the underlying common shares.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
                                            of ADSs may not receive distributions on our common shares or any value for them if it is
                                            illegal or impractical to make them available to such holders.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADS
                                            holders may not be entitled to a jury trial with respect to claims arising under the deposit
                                            agreement, which could result in less favorable outcomes to the plaintiff(s) in any such
                                            action.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to our Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ability to raise capital in the future may be limited, and our failure to raise capital when needed could prevent us from growing.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business and operations may consume resources faster than we anticipate. In the future, we may need to raise additional funds to invest
in future growth opportunities. Additional financing may not be available on favorable terms, if at all. If adequate funds are not available
on acceptable terms, we may be unable to invest in future growth opportunities, which could seriously harm our business and operating
results. If we incur debt, the debt holders would have rights senior to equity holders to make claims on our assets, and the terms of
any debt could restrict our operations, including our ability to pay dividends on our ADSs. Furthermore, if we issue equity securities,
holders of our ADSs will experience dilution, and the new equity securities could have rights senior to those of our common shares and
ADSs. Any additional equity or equity-linked financings would be dilutive to our holders of ADSs. Because our decision to issue securities
in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount,
timing or nature of our future offerings. As a result, holders of our ADSs bear the risk of our future securities offerings reducing
the market price of our ADSs and diluting their interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is a risk that we will be a passive foreign investment company (which we refer to as &#8220;PFIC&#8221;) for the current or any future
taxable year, which could result in material adverse U.S. federal income tax consequences if you are a U.S. holder.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. corporation, such as our Company, is classified as a PFIC for any taxable year in which, after applying relevant look-through
rules with respect to the income and assets of its subsidiaries, either:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
50% or more of the value of the corporation&#8217;s assets either produce passive income or are held for the production of passive income,
based on the quarterly average of the fair market value of such assets; or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
at least 75% of the corporation&#8217;s gross income is passive income. &#8220;Passive income&#8221; generally includes, for example,
dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities
transactions. In determining the value and composition of our assets, the cash we raised in our initial public offering generally was
considered to be held for the production of passive income and thus was considered a passive asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination of whether a corporation is a PFIC for a taxable year depends, in part, on the application of complex U.S. federal income
tax rules that are subject to differing interpretations. In addition, the determination of whether a corporation will be a PFIC for any
taxable year can only be made after the close of such taxable year. Our PFIC status depends, in part, on the amount of cash that we raise
and how quickly we utilize the cash in our business. Furthermore, a decrease in the market price of the ADSs may also cause us to be
classified as a PFIC for the current or any future taxable year. Based upon the foregoing, it is uncertain whether we will be a PFIC
for our current taxable year or any future taxable year. We believe we were not a PFIC in prior taxable year 2023 because less than 75%
of our gross income was passive income and less than 50% of the average value of our assets consisted of assets that would produce passive
income in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which a U.S. holder (as defined below) owns common shares or ADSs, certain adverse U.S. federal
income tax consequences could apply to such U.S. holder. We have not determined, if we were to be classified as a PFIC for a taxable
year, whether we will provide information necessary for a U.S. holder to make a &#8220;qualified electing fund&#8221; election which,
if available, would result in tax treatment different from (and generally less adverse than) the general tax treatment for PFICs. Accordingly,
U.S. holders should assume that they will not be able to make a qualified electing fund election with respect to the common shares or
ADSs. The PFIC rules are complex, and each U.S. holder should consult its own tax advisor regarding the PFIC rules, the elections which
may be available to it, and how the PFIC rules may affect the U.S. federal income tax consequences relating to the ownership and disposition
of our common shares or ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>It
may not be possible for investors to effect service of process within the United States upon most our directors, corporate auditors and
executive officers, or to enforce against us or those persons judgments obtained in U.S. courts predicated upon the civil liability provisions
of the federal securities laws of the United States.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a joint stock corporation organized under Japanese law. Most of our directors, corporate auditors and executive officers reside in
Japan, and significantly all of our assets and the assets of such persons are located outside of the United States. As a result, it may
not be possible for investors to effect service of process within the United States upon these persons or us, or to enforce against them
or us judgments obtained in U.S. courts, whether or not predicated upon the civil liability provisions of the federal securities laws
of the United States or of the securities laws of any state of the United States. There is doubt as to the enforceability in Japan, either
in original actions or in actions for enforcement of judgments of U.S. courts, of civil liabilities predicated solely on the federal
securities laws of the United States or the securities laws of any state of the United States. A Japanese court may refuse to apply provisions
of U.S. securities laws in original actions, or to enforce judgments of U.S. courts that are based on such provisions, if it considers
such provisions to be contrary to the public policy of Japan. The United States and Japan do not currently have a treaty providing for
reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters, and a Japanese court
may deem that there is not sufficient basis for the reciprocity on the enforcement of judgments. Therefore, if you obtain a civil judgment
by a U.S. court, you may not be able to enforce it in Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rights
of shareholders under Japanese law may be different from rights of shareholders in other jurisdictions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation and the Companies Act of Japan (which we refer to as the &#8220;Companies Act&#8221;) govern our corporate
affairs. Legal principles relating to matters such as the validity of corporate procedures, directors&#8217; fiduciary duties and obligations,
and shareholders&#8217; rights under Japanese law may be different from, or less clearly defined than, those that would apply to a company
incorporated in any other jurisdiction. Shareholders&#8217; rights under Japanese law may not be as extensive as shareholders&#8217;
rights under the laws of other countries. For example, under the Companies Act, only holders of 3% or more of our total voting rights
or our outstanding shares are entitled to examine our accounting books and records. Furthermore, there is a degree of uncertainty as
to what duties the directors of a Japanese joint stock corporation may have in response to an unsolicited takeover bid, and such uncertainty
may be more pronounced than that in other jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Substantially
all of our revenues are generated in Japan, but an increase of our international presence could expose us to fluctuations in foreign
currency exchange rates, or a change in monetary policy may harm our financial results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
functional currency and reporting currency is the Japanese yen. Substantially all of our revenues are generated in Japan, but an increase
in our international presence could expose us to fluctuations in foreign currency exchange rates. We are subject to the effects of exchange
rate fluctuations with respect to any of these currencies which, among other factors, may be influenced by governmental policies and
domestic and international economic and political developments. If our non-Japanese revenues increase substantially in the future, any
significant change in the value of the currencies of the countries in which we do business against the Japanese yen could adversely affect
our financial condition and results of operations due to translational and transactional differences in exchange rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict the effects of exchange rate fluctuations upon our future operating results because of the number of currencies involved,
the amount of our revenues that will be generated in other countries, the variability of currency exposures, and the potential volatility
of currency exchange rates. We do not take actions to manage our foreign currency exposure, such as entering into hedging transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a &#8220;foreign private issuer&#8221; we are permitted, and intend, to follow certain home country corporate governance and other practices
instead of otherwise applicable SEC and Nasdaq requirements, which may result in less protection than is accorded to investors under
rules applicable to domestic U.S. issuers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
status as a foreign private issuer exempts us from compliance with certain SEC laws and regulations and certain regulations of The Nasdaq
Capital Market (which we refer to as &#8220;Nasdaq&#8221;), including certain governance requirements such as independent director oversight
of the nomination of directors and executive compensation. Further, consistent with corporate governance practices in Japan, we do not
have a standalone compensation committee or nomination and corporate governance committee under our board. In addition, we are not required
under the Exchange Act to file current reports and financial statements with the U.S. Securities and Exchange Commission (which we refer
to as the &#8220;SEC&#8221;) as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange
Act and we are generally exempt from filing quarterly reports with the SEC. Also, we are not required to provide the same executive compensation
disclosures regarding the annual compensation of our five most highly compensated senior executives on an individual basis as are required
of U.S. domestic issuers. As a foreign private issuer, we are permitted to disclose executive compensation on an aggregate basis and
need not supply a Compensation Discussion &amp; Analysis, as is required for domestic companies. Furthermore, as a foreign private issuer,
we are also not subject to the requirements of Regulation FD (Fair Disclosure) promulgated under the Exchange Act. These exemptions and
accommodations will reduce the frequency and scope of information and protections to which you are entitled as an investor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
an &#8220;emerging growth company&#8221; under the JOBS Act, we are permitted to rely on exemptions from certain disclosure requirements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
qualify as an &#8220;emerging growth company&#8221; under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions
from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
    an auditor report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">comply
    with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation
    or a supplement to the auditors&#8217; report providing additional information about the audit and the consolidated financial statements
    (i.e., an auditor discussion and analysis);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">submit
    certain executive compensation matters to stockholder advisory votes, such as &#8220;say-on-pay&#8221; and &#8220;say-on-frequency&#8221;;
    and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disclose
    certain executive compensation related items such as the correlation between executive compensation and performance and comparisons
    of the chief executive officer&#8217;s compensation to median employee compensation.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Section 102 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period
provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging
growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We have elected to take advantage of the benefits of this extended transition period. Our consolidated financial statements may therefore
not be comparable to those of companies that comply with such new or revised accounting standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will remain an &#8220;emerging growth company&#8221; for up to five years, or until the earliest of (i) the last day of the first fiscal
year in which our total annual gross revenues exceed US$1 billion, (ii) the date that we become a &#8220;large accelerated filer&#8221;
as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our membership interests that is held by non-affiliates
exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter or (iii) the date on which we
have issued more than US$1 billion in non-convertible debt during the preceding three year period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
such time, however, we cannot predict if investors will find our securities less attractive because we may rely on these exemptions.
If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the
price of our securities may be more volatile.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to implement and maintain effective internal control over financial reporting in the future, investors may lose confidence
in the accuracy and completeness of our financial reports and have an adverse effect on the value of our securities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a public company, we would be required to maintain internal control over financial reporting and to report any material weaknesses in
such internal control. Further, we will be required to report any changes in internal controls on annual basis. In addition, we would
be required to furnish a report by management on the effectiveness of internal control over financial reporting pursuant to Section 404
of the Sarbanes-Oxley Act. We will design, implement, and test the internal controls over financial reporting required to comply with
these obligations. If we identify material weaknesses in our internal control over financial reporting, if we are unable to comply with
the requirements of Section 404 in a timely manner, or assert that our internal control over financial reporting is effective, or if
our independent registered public accounting firm is unable to express an opinion as to the effectiveness of its internal control over
financial reporting when required, investors may lose confidence in the accuracy and completeness of our financial reports and the value
of our securities could be negatively affected. We also could become subject to investigations by the Commission or other regulatory
authorities, which could require additional financial and management resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
an emerging growth company, our auditor will not be required to attest to the effectiveness of our internal controls.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial
reporting while we are an emerging growth company. This means that the effectiveness of our financial operations may differ from our
peer companies in that they may be required to obtain independent registered public accounting firm attestations as to the effectiveness
of their internal controls over financial reporting and we are not. While our management is required to attest to internal control
over financial reporting and we are required to detail changes to our internal controls in our annual reports on Form 20-F, we cannot provide assurance that the independent registered public accounting firm&#8217;s
review process in assessing the effectiveness of our internal controls over financial reporting, if obtained, would not find one or more
material weaknesses or significant deficiencies. Further, once we cease to be an emerging growth company (as described below), we will
be subject to independent registered public accounting firm attestation regarding the effectiveness of our internal controls over financial
reporting. Even if management finds such controls to be effective, our independent registered public accounting firm may decline to attest
to the effectiveness of such internal controls and issue a qualified report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We will incur significant costs as a result of operating as a public company, and our management
is required to devote substantial time to new compliance initiatives.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We incur significant legal, accounting and other expenses as a public company.
In addition, the Sarbanes-Oxley Act has imposed various requirements on public companies, including requiring establishment and maintenance
of effective disclosure and financial controls. Our management and other personnel devote a substantial amount of time to
these compliance initiatives. Moreover, these rules and regulations have increased and will continue to increase our legal and financial
compliance costs and will make some activities more time-consuming and costly. For example, these rules and regulations
can make it more difficult and more expensive for us to obtain directors&#8217; and officers&#8217; liability insurance, which could
make it more difficult for us to attract and retain qualified members of our board of directors. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sarbanes-Oxley Act requires, among other things, that we maintain effective internal control over financial reporting and disclosure
controls and procedures. In particular, we must perform system and process evaluation and testing of our internal control over financial
reporting to allow management to report on the effectiveness of our internal control over financial reporting, as required by Section
404 of the Sarbanes-Oxley Act. In addition, we will be required to have our independent registered public accounting firm attest to the
effectiveness of our internal control over financial reporting the later of our second annual report on Form 20-F or the first annual
report on Form 20-F following the date on which we are no longer an emerging growth company. Our compliance with Section 404 of the Sarbanes-Oxley
Act will require that we incur substantial accounting expense and expend significant management efforts. We currently do not have an
internal audit group, and we will need to hire additional accounting and financial staff with appropriate public company experience and
technical accounting knowledge. If we are not able to comply with the requirements of Section 404 in a timely manner, the value of our securities could decline and we could be subject to sanctions or investigations by the SEC
or other regulatory authorities, which would require additional financial and management resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to successfully implement our business plan and comply with Section 404 requires us to be able to prepare timely and accurate
financial statements. We expect that we will need to continue to improve existing, and implement new operational and financial systems,
procedures and controls to manage our business effectively. Any delay in the implementation of, or disruption in the transition to, new
or enhanced systems, procedures or controls, may cause our operations to suffer and we may be unable to conclude that our internal control
over financial reporting is effective and to obtain an unqualified report on internal controls from our auditors as required under Section
404 of the Sarbanes-Oxley Act. This, in turn, could have an adverse impact on value of our securities, and could adversely affect our
ability to access the capital markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend on certain officers of the Company, the loss of whom could materially harm our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely upon the accumulated knowledge, skills and experience of the officers and personnel of our Company and its affiliates. If Hiroyuki
Sugimoto, our Chief Executive Officer, Yoshiyuki Yuto, our Chief Operating Officer, and Takahide Watanabe, our Chief Strategy Officer,
or any of the other officers or personnel were to leave the Company or become incapacitated, we might suffer in our planning and execution
of business strategy and operations, impacting our brand and financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to the Commercial and Residential Real Estate Construction and Development Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real
estate development projects are subject to numerous risks outside the Company&#8217;s control such as governmental regulations and associated
legal concerns, delays in permitting and other governmental approvals, potential delays in project initiation or completion, increased
expenses, restrictions on construction or other activities, increased costs, and labor shortages.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
properties in which the Company invests relating to real estate development projects are subject to a variety of risks that will be outside
of the Company&#8217;s control, including <b><i>governmental regulations and legal concerns,</i></b> delays in obtaining entitlements,
permits, and other governmental approvals. Development projects may also take longer than anticipated, increasing the time that part
or all of the residential or commercial units are not available for rent or sale, and thus lowering the property&#8217;s cash flow or
other income potential. Strong demand for skilled laborers and contractors may result in labor shortages and contractor unavailability,
delaying project schedules and/or increasing costs. The costs of construction have increased dramatically during recent years and may
continue to increase. The Company may enter into contracts to purchase properties before they are finished, and the foregoing risks could
adversely impact the purchase prices, valuations, or closings dates of those properties. Although the Company will not undertake such
transactions without reviewing detailed budgets, such budgets may understate the expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Commercial
and residential property building is subject to warranty and construction defect claims in the ordinary course of business that can be
significant.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to commercial and residential property warranty and construction defect claims arising in the ordinary course of business.
There can be no assurance that any developments we undertake will be free from defects once completed. Construction defects may occur
on projects and developments and may arise a significant period of time after completion. Defects arising on a development attributable
to us may lead to significant contractual or other liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a consequence, we maintain products and completed operations excess liability insurance, obtain indemnities and certificates of insurance
from subcontractors generally covering claims related to damages resulting from faulty workmanship and materials and maintain warranty
and other reserves for the commercial and residential properties we sell based on historical experience in our markets and our judgment
of the risks associated with the types of commercial and residential properties built. Although we actively monitor our insurance reserves
and coverage, because of the uncertainties inherent to these matters, we cannot provide assurance that our insurance coverage, our subcontractor&#8217;s
indemnity and warranty arrangements and our reserves together will be adequate to address all of our warranty and construction defect
claims in the future. In addition, contractual indemnities with our subcontractors can be difficult to enforce. We may also be responsible
for applicable self-insured retentions and some types of claims may not be covered by insurance or may exceed applicable coverage limits.
Additionally, the coverage offered by and the availability of products and completed operations excess liability insurance for construction
defects is currently limited and costly. This coverage may be further restricted or become more costly in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unexpected
expenditures attributable to defects or previously unknown sub-surface conditions arising on a development project may have a material
adverse effect on our business, financial condition and operating results. In addition, severe or widespread incidents of defects giving
rise to unexpected levels of expenditures, to the extent not covered by insurance or redress against subcontractors, may adversely affect
our reputation, business, financial condition and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on subcontractors, which can expose us to various liability risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on subcontractors to perform approximately 85% of the construction of our commercial and residential properties and to select and
obtain raw materials. In addition, orders are distributed among multiple companies so as not to rely on a specific subcontractor. In
the case of in-house construction, we rely on subcontractors for approximately 85% of the total, and when the entire construction is
outsourced to another construction company, the entire work will be done by the construction company or a subcontractor ordered by the
construction company. We are exposed to various risks as a result of such reliance on these subcontractors and their suppliers, including,
as described above, the possibility of defects in our commercial and residential properties due to improper workmanship or materials
used by such parties, which may require us to comply with our warranty obligations and/or bring a claim under an insurance policy. The
subcontractors we rely on to perform the actual construction of our commercial and residential properties are also subject to a significant
and evolving number of local and national governments, including laws involving matters that are not within our control. If these subcontractors
who construct our commercial and residential properties fail to comply with all applicable laws, we can suffer reputational damage and
may be exposed to liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subcontractors
are independent of the commercial and residential property builders that contract with them under normal management practices and the
terms of trade contracts and subcontracts within the commercial and residential property building industry. We do not have the ability
to control what these independent subcontractors pay to or the work rules they impose on their employees. However, various federal and
local governmental agencies have sought, and may in the future seek, to hold contracting parties like us responsible for our subcontractors&#8217;
violations of wage and hour laws, or workers&#8217; compensation, collective bargaining and/or other employment-related obligations related
to subcontractors&#8217; workforces. Governmental agency determinations or attempts by others to make us responsible for our subcontractors&#8217;
labor practices or obligations, whether under &#8220;joint employer&#8221; theories, specific prefecture laws or regulations, or otherwise,
could create substantial adverse exposure for us in situations that are not within our control and could be material to our business,
financial condition and results of operations. We can also suffer damage to our reputation, and may be exposed to possible liability,
if subcontractors fail to comply with applicable laws, including laws involving actions or matters that are not within our control. However,
regardless of the steps we take after we learn of practices that do not comply with applicable laws, rules or regulations, we can in
some instances be subject to fines or other governmental penalties, and our reputation can be injured, due to the practices having taken
place.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on our ability and the ability of our customers to obtain bank loans.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
commercial and residential real estate construction is dependent on loans from financial institutions. We rely on bank loans for 20%
of the financing that goes into construction of our development projects. Our commercial and residential real estate construction is
dependent on our customers being able to obtain loans from financial institutions. The customers who purchase our properties rely on
bank loans for the ability to make purchases. Additionally, more than 95% of our client purchasers use our affiliated bank loans to purchase
condominiums. Affiliated loans are only offered to real estate agents that meet the standards set by financial institutions, such as
sales and compliance. Therefore, in the event that a financial institution ceases to provide financing to a client who purchases a condominium,
our business performance could be affected. If we are unable to obtain this funding at any time and for any reason, as we rely on bank
loans for 65% of the financing for our construction and development projects, our business performance could be affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to manage land acquisitions, inventory and construction and development processes could result in significant cost overruns or errors
in valuing sites.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend on owning and purchasing indirectly through our acquisition of preferred equity interests in construction and development projects
and managing the construction and development of such projects each year and are therefore dependent on our ability to process a number
of transactions (which include, among other things, evaluating the site, designing the layout of the development, sourcing materials
and subcontractors and managing contractual commitments) efficiently and accurately. Errors by employees, failure to comply with regulatory
requirements and conduct of business rules, failings or inadequacies in internal control processes, equipment failures, natural disasters
or the failure of external systems, including those of our suppliers or counterparties, could result in operational losses that could
adversely affect our business, financial condition and operating results and our relationships with our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we incur many costs even before we begin to build commercial and residential properties. Depending on the stage of development
of a land parcel, these may include: costs of preparing land, finishing and entitling lots, installing roads, sewers, water systems and
other utilities, taxes and other costs related to ownership of the land on which we plan to build commercial and residential properties;
constructing model commercial and residential properties; and promotional and marketing expenses to prepare for the opening of new commercial
and residential properties for sales. Moreover, local municipalities may impose development-related requirements resulting in additional
costs. If the rate at which we sell and deliver commercial and residential properties slows or falls, or if our opening of new commercial
and residential properties for sales is delayed, we may incur additional costs, which would adversely affect our gross profit margins,
and it will take a longer period of time for us to recover our costs, including those we incurred in acquiring and developing land.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain circumstances, a grant of entitlements or development agreement with respect to a particular parcel of land may include restrictions
on the transfer of such entitlements to a buyer of such land, which may increase our exposure to decreases in the price of such entitled
land by restricting our ability to sell it for its full entitled value. In addition, inventory carrying costs can be significant and
can result in reduced margins or losses in a poorly performing community or market. Further, if we were required to record a significant
inventory impairment, it could negatively affect our earnings and negatively impact the market perception of our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
land is not available at competitive prices, our sales and results of operations could be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
long-term profitability depends in large part on the price at which we are able to obtain suitable land for the development of our real
estate. Increases in the price (or decreases in the availability) of suitable land could adversely affect our profitability. Moreover,
changes in the general availability of desirable land, competition for available land, limited availability of financing to acquire land,
zoning regulations that limit housing density, environmental requirements and other market conditions may hurt our ability to obtain
land for real estate development at prices that will allow us to be profitable. If the supply of land that are appropriate for development
of our real estate becomes more limited because of these factors, or for any other reason, the cost of land could increase and the number
of buildings that we are able to build and sell could be reduced, which could adversely affect our results of operations and financial
condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the value of our land inventory decreases, our results of operations could be adversely affected by impairments and write-downs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of our land and commercial and residential real estate is subject to market conditions. There is a significant time lag between
the acquisition of land for development and the sale of residential and commercial real estate. Currently, it is difficult to acquire
land that is in good shape and ready to begin construction. This is due to soaring land prices. Therefore, the Company is taking its
time in acquiring smaller pieces of land. However, since it takes a considerable amount of time from development to sales, the Company
may be affected by impairment or write-downs due to changes in social conditions or development in the neighborhood during that time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is an inherent risk that the value of the land owned by us may decline after purchase. The valuation of property is inherently subjective
and based on the individual characteristics of each property. We may have acquired options on or bought and developed land at a cost
we will not be able to recover fully or on which we cannot build and sell property profitably. In addition, our deposits for lots controlled
under option or similar contracts may be put at risk, and depressed land values may cause us to abandon and forfeit deposits on land
option contracts and other similar contracts if we cannot satisfactorily renegotiate the purchase price of the subject land. Factors
such as changes in regulatory requirements and applicable laws (including in relation to building regulations, taxation and planning),
political conditions, the condition of financial markets, both local and national economic conditions, the financial condition of customers,
potentially adverse tax changes, and interest and inflation rate fluctuations subject valuations to uncertainty. Moreover, all valuations
are made on the basis of assumptions that may not prove to reflect economic or demographic reality. If commercial or residential property
demand decreases below what we anticipated when we acquired our inventory, our profitability may be adversely affected and we may not
be able to recover our costs when we sell and build the commercial and residential properties. In addition, we may incur charges against
our earnings for inventory impairments if the value of our owned inventory, including land we decide to sell, is reduced or for land
option contract abandonments if we choose not to exercise land option contracts or other similar contracts, and these charges may be
substantial.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to regularly review the value of our land holdings and continue to review our holdings on a periodic basis. If material write-downs
and impairments in the value of our inventory are required and, if in the future we are required to sell land or commercial and residential
properties at a loss, our results of operations and financial condition would be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
material amount of our revenues may be concentrated in one or more large customers. If we lose or experience a significant reduction
in sales to such key customers, our revenues may decrease substantially and our results of operations and financial condition may be
harmed.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is the nature of our business that a high concentration of our revenue is in the real estate division and therefore when we sell buildings
and condominiums that we construct there is a tendency to have large customers who acquire such properties. Accordingly, in each year
there may be a small number of customer purchasers from whom we generate our revenue. These customers may not be repeat customers and
in each year it may be different single purchaser or small number of purchasers from which we generate a large percentage of our revenues.
We rely on these purchasers and there is a risk that these purchasers may be unable to make payment under their obligations to us thereby
affecting our revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, we constructed and sold seven buildings, Kameido PJ (total units: 39), Nishi-koyama PJ (total units:
35), Asakusa II PJ (total units: 27), Edogawabashi PJ (total units: 27), Higashi-ikebukuro PJ (total units: 26), Kiba I (total units:
45), Kiba II (total units: 24) to a single customer, Mitsui &amp; Co. Digital Asset Management. Three properties (Nishi-Koyama PJ, Asakusa
II PJ, and Edogawabashi PJ) were paid in a lump sum during the third quarter of FY 2022. Sales of seven properties account for 34.59%
of the total sales for the fiscal year. There are no long-term contracts or arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2023, Motomachi Chinatown PJ (95 units), Tabata PJ (51 units), and Oji II PJ (43 units) were constructed and sold to a private fund managed
by BlackRock&#8217;s Real Estate Division, with the purchase price for each of these properties being a lump-sum payment at the time
of property delivery. In connection with such sale, a business consignment agreement in respect of property management was finalized.
Additionally, Meguro PJ (651.72m2) was sold to ES-CON Japan by land, with the purchase price being a lump-sum payment at the time of
property delivery. However, for such sale there is no long-term contract or arrangement for property management after delivery.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
payment issues encountered by these large customers would likely harm our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Historically,
we have relied to a material extent on certain suppliers. If we encounter delays or difficulties in securing the required materials from
such suppliers and are unable to find replacements or immediately transition to alternative suppliers, the lack of supplies delaying
the production of our products could have a material adverse effect on our financial condition, results of operations and reputation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
we have relied to a material extent on certain suppliers. Although the Company has over 100 suppliers, certain suppliers are consistently
supplying over 10% of the Company&#8217;s total construction costs per year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our real estate business, we resell buildings and land that have been constructed and developed by general contractors, general
real estate companies or developers to third parties. In the case where we own the land, we engage a general contractor, general real
estate company or developer to construct and develop the building or land and we make progress payments towards the construction and
development of the building or land. In the case where we do not own the land (but rather the general contractor, general real estate
company or developer owns the land), we purchase the constructed building with the land or developed land from the general contractor,
general real estate company or developer upon completion. In Japan, we consider the general contractor, general real estate company or
developer in these types of arrangements to be that of a supplier of buildings and land. In the past, we have routinely engaged Jyukyo
Construction Co., Ltd., among several general contractors to construct condominiums under this type of supply arrangement for us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, Sankoh Build. Inc. accounted for 19.35%, Fuetsu Construction Corp. for 16.69%, GODA KOUMUTEN CO., LTD.
for 14.23%, and Jyukyo Construction Co., Ltd. for 13.48% of the supplies we received from our suppliers. Total sales prices for condominium
buildings were paid by us within five months of the completion of such buildings. Thereafter, we resold such condominium buildings to
our client. We have no long-term contract or arrangement with the aforementioned general contractors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, Shinei Kogyo Ltd. accounted for 29.98%, Kazakoshi Kensetsu Co. for 21.80%, Mugishima Kensetsu for 11.39%,
Misaki-gumi for 8.22%, and in-house construction for 7.68% of the supplies we received from our suppliers. Total construction costs were
paid by the Company within 3 months after completion of construction. We have no long-term contract or arrangement with the aforementioned
general contractors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we should encounter delays or difficulties in obtaining the building or land in these supply arrangements, our business related to these
supplies and our financial condition, results of operations and reputation could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we experience shortages in labor supply, increased labor costs or labor disruptions, there could be delays or increased costs in developing
our real estate, which could adversely affect our operating results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
require a qualified labor force to develop our commercial and residential properties and build our commercial and residential properties.
Access to qualified labor may be affected by circumstances beyond our control, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">work
    stoppages resulting from labor disputes;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shortages
    of qualified trades people, such as carpenters, roofers, electricians and plumbers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in laws relating to union organizing activity;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in immigration laws and trends in labor force migration; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increases
    in sub-contractor and professional services costs.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these circumstances could give rise to delays in the start or completion of, or could increase the cost of, developing one or more
of our commercial or residential properties. We may not be able to recover these increased costs by raising our commercial or residential
property prices because the prices for each commercial and residential properties are typically set months prior to its delivery pursuant
to sales contracts with our buyers. In such circumstances, our operating results could be adversely affected. Additionally, market and
competitive forces may also limit our ability to raise the sales prices of our commercial and residential properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to recruit, retain and develop highly skilled, competent people at all levels may have a material adverse effect on our standards of
service.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
employees, including management team members, are fundamental to our ability to obtain, generate and manage opportunities. Key employees
working in the real property building and construction industries are highly sought after. Failure to attract and retain such personnel
or to ensure that their experience and knowledge are not lost when they leave the business through retirement, redundancy or otherwise
may adversely affect the standards of our service and may have an adverse impact on our business, financial conditions and operating
results. In addition, we do not maintain key person insurance in respect of any member of our senior management team. The loss of any
of our management members or key personnel could adversely impact our business, financial condition and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
majority of work on site is performed by contractors. In addition, the number of young craftsmen has decreased due to the image of hard
labor. At the same time, the number of skilled craftsmen is declining due to the retirement of baby boomers and other factors. In addition,
if contractors are unable to secure sufficient human resources, delays in construction and development and quality problems may occur,
leading to a decline in customer satisfaction. If salaries are raised to secure highly skilled craftsmen, this will also affect the price
of construction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
regarding environmental matters and climate change may affect us by substantially increasing our costs and exposing us to potentially
liability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to various environmental laws and regulations, which may affect aspects of our operations such as how we manage stormwater
runoff, wastewater discharges and dust; how we develop or operate on properties on or affecting resources such as cultural resources,
or areas subject to preservation laws; and how we address contamination. Developers and commercial and residential property builders
may become subject to more stringent requirements under such laws. It is unclear how these future developments and related matters, including
at the prefectural or municipal level, will ultimately affect the regulated areas in which we may operate. While we cannot predict with
certainty the extent to which developments in areas with stringent building requirements or legal restrictions or other environmental
requirements that may become effective will affect us, they could require time-consuming and costly compliance programs or result in
significant expenditures, which could lead to delays and increased operating costs. Our failure to comply with environmental laws could
result in fines, penalties, restoration obligations, revocation of permits, and other sanctions. Pollution and other environmental conditions
at or near our development sites could result in litigation against us for personal injury, property damage, or other losses. For example,
if we conduct development activities in an area that has been developed with fill, even if we have obtained a development permit, we
may conduct sloppy construction work or cause landslides due to downpours and other disasters. In such cases, people may die.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, there is a variety of legislation being enacted, or considered for enactment, at the national, prefectural, and municipal government
levels relating to energy and climate change. This legislation relates to items such as carbon dioxide emissions control and building
codes that impose energy efficiency standards. New building code requirements that impose stricter energy efficiency standards could
significantly increase our cost to construct commercial and residential properties. As climate change concerns continue to grow, legislation
and regulations of this nature are expected to continue and become more costly to comply with. In addition, it is possible that some
form of expanded energy efficiency legislation may be passed by the federal agencies and certain state legislatures, which may, despite
being phased in over time, significantly increase our costs of building commercial and residential properties and the sale price to our
buyers and adversely affect our sales volumes. We may be required to apply for additional approvals or modify our existing approvals
because of changes in local circumstances or applicable law. Energy-related initiatives affect a wide variety of companies throughout
Japan and the world and, because our operations are heavily dependent on significant amounts of raw materials, such as lumber, steel
and concrete, they could have an indirect adverse impact on our operations and profitability to the extent the manufacturers and suppliers
of our materials are burdened with expensive cap and trade and similar energy related taxes and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Raw
materials and building supply shortages and price fluctuations could delay or increase the cost of commercial and residential property
construction and adversely affect our operating results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
commercial and residential real estate construction industry has experienced numerous difficulties in procuring raw materials and has
been adversely affected by fluctuations in global commodity prices. In particular, shortages and price fluctuations in critical raw materials
such as concrete, gypsum board, and lumber could delay the start or completion of one or more other commercial or residential real estate
developments and increase development costs. Our needs for steel-related materials are particularly vulnerable to shortages. In addition,
the delivery of raw materials and the transportation of workers to work sites and the cost of fuel oil used for heavy equipment are highly
variable and may be subject to geopolitical events, major storms, other severe weather conditions, and the consequences of significant
environmental incidents. Environmental laws and regulations may also negatively impact the availability and prices of raw materials such
as lumber and concrete. These increased costs could adversely affect our operating margins and results of operations. In addition, we
may not be able to pass on increased construction costs to customers with whom we have already entered into purchase contracts. In addition,
such increased costs could adversely affect the economies of the regions in which we operate and reduce demand for our commercial and
residential real estate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
intend to have significant operations in certain geographic areas, which will subject us to an increased risk of loss of revenue or decreases
in the market value of our land and commercial and residential properties in these regions from factors which may affect any of these
regions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that our operations will be concentrated in 23 wards of Tokyo, Kanagawa, Kyoto, and Osaka. Some or all of these regions could
be affected by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">climate
    change;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shortages
    in the availability or increased costs in obtaining land, equipment, labor or building supplies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unemployment;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    to the population growth rates and therefore the demand for commercial and residential properties in these regions; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the regulatory and fiscal environment.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to our business is concentrated in urban areas, negative factors affecting one or a number of these geographic regions at the same time
could result in a relatively greater impact on our results of operations than they might have on other companies that have a more diversified
portfolio of operations. To the extent that regions in which our business is concentrated are impacted by an adverse event, we could
be disproportionately affected compared to companies whose operations are less geographically concentrated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
markets in which we operate are, to some extent, dependent on certain sectors of the economy, and declines in those sectors could affect
our sales and activities in those areas. For example, the oil and gas industry is highly volatile and is subject to declining commodity
prices, climate change, laws and regulations, and other factors that could reduce employment or otherwise adversely affect the economy,
which in turn could adversely affect commercial and residential real estate sales and activities. Similarly, slowing or declining population
growth in our key markets, especially when compared to historically high population growth rates, could affect demand for rental real
estate and result in lower rents in these markets, which could adversely affect our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
participate in certain unconsolidated joint ventures, including those where we do not have a controlling interest, where we may be adversely
impacted by the failure of the unconsolidated joint venture or the other partners in the unconsolidated joint venture to fulfill their
obligations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have investments in and commitments to certain unconsolidated joint ventures with related and unrelated strategic partners to acquire
and develop land and, in some cases, build and deliver commercial and residential properties. To finance these activities, our unconsolidated
joint ventures often obtain loans from third-party lenders that are secured by the unconsolidated joint venture&#8217;s assets. To the
extent any of our joint ventures default on obligations secured by the assets of such joint venture, the assets could be forfeited to
third-party lenders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have provided non-recourse carve-out guarantees to certain third-party lenders to our unconsolidated joint ventures (i.e., guarantees
of losses suffered by the lender in the event that the borrowing entity or its equity owners engage in certain conduct, such as fraud,
misappropriation of funds, unauthorized transfers of the financed property or equity interests in the borrowing entity, or the borrowing
entity commences a voluntary bankruptcy case, or the borrowing entity violates environmental law, or hazardous materials are located
on the property, or under other circumstances provided for in such guarantee or indemnity). In the future, we may provide other guarantees
and indemnities to such lenders, including secured guarantees, in which case we may have increased liability in the event that a joint
venture defaults on its obligations to a third party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the other partners in our unconsolidated joint ventures do not provide such cooperation or fulfill these obligations due to their financial
condition, strategic business interests (which may be contrary to ours), or otherwise, we may be required to spend additional resources
(including payments under the guarantees we have provided to the unconsolidated joint ventures&#8217; lenders) or suffer losses, each
of which could be significant. Moreover, our ability to recoup such expenditures and losses by exercising remedies against such partners
may be limited due to the contractual terms of the joint venture agreement, potential legal defenses they may have, their respective
financial condition and other circumstances. Furthermore, because we lack a controlling interest in our unconsolidated joint ventures
we cannot exercise sole decision-making authority, which could create the potential risk of impasses on decisions and prevent the joint
venture from taking actions that we believe may be in our best interests. In addition, as our relationships with our partners are contractual
in nature and may be terminated or dissolved under the terms of the applicable joint venture agreements, including buy-sell provisions,
we may not continue to own or operate the interests or assets underlying such relationship or may need to purchase additional interests
or assets in the venture to continue ownership. In the event a joint venture is terminated or dissolved, we could also be exposed to
lawsuits and legal costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
major health and safety incident relating to our business could be costly in terms of potential liabilities and reputational damage.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building
sites are inherently dangerous and pose certain inherent health and safety risks to construction workers and other persons on the site.
Due to health and safety regulatory requirements and the number of projects we anticipate working on, health and safety performance is
critical to the success of all areas of our business. Any failure in health and safety performance may result in penalties for non-compliance
with relevant regulatory requirements, and a failure that results in a major or significant health and safety incident is likely to be
costly in terms of potential liabilities incurred as a result. Such a failure could generate significant negative publicity and have
a corresponding impact on our reputation, our relationships with relevant regulatory agencies or governmental authorities, and our ability
to attract customers and employees, which in turn could have a material adverse effect on our business, financial condition and operating
results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ownership
or occupation of land and the use of hazardous materials carries potential environmental risks and liabilities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to various local, regional, and national laws, rules, and regulations regarding land use and the protection of health and
the environment, including discharges of pollutants to water and air, storm water discharges, the presence and exposure to asbestos,
handling of hazardous materials, and cleaning contaminated sites. In addition, as a commercial and residential real estate construction
business, we are subject to future claims for damages arising from the past or present use of hazardous materials, including building
materials that will be known or suspected to be hazardous in the future. We may be liable for the cost of removal, investigation and
correction of hazardous or toxic substances on real property now or formerly owned, leased or occupied by us, whether or not we caused
the contamination and whether or not we had knowledge of the contamination. The costs of removal, investigation, and remediation of such
materials and the costs of defending against environmental litigation may be substantial, and insurance coverage for such litigation
may be limited or nonexistent. The presence of such materials or the failure to properly dispose of such materials could also adversely
affect our ability to sell the land or borrow against the land. Environmental impacts from past activities may be identified in some
of the projects we develop. Future projects may also be located on land that may be contaminated by past uses. While we do not intend
to acquire projects that require soil remediation as a result of past contamination, we cannot assure you that there will not be significant
future litigation or liability associated with such development. In addition, such contamination or other environmental conditions at
or near our development site could result in litigation against us for personal injury, property damage or other losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
particular impact and requirements of environmental laws that apply to any given site vary greatly according to the site, the site&#8217;s
environmental conditions and the present and former use of the site. We expect that increasingly stringent requirements may be imposed
on commercial and residential property builders in the future. In addition, violations of environmental laws and regulations can result
in injunctions, civil penalties, remediation expenses and other costs. Further, some environmental laws impose strict liability, which
means that we may be held liable for unlawful environmental conditions on property we own, or previously owned, which we did not create.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shortages
of utilities and resources and fluctuations in rates could adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
of the markets in which we intend to operate have historically been affected by electricity, gas, water supply and natural resource shortages.
Shortages of electricity, gas, water supply and natural resources in our markets could present difficulties in obtaining regulatory approvals
for new development and result in other adverse effects. In Japan, energy prices are historically sensitive to global conditions because
of the country&#8217;s scarcity of fuel resources. For example, the sharp rise in fuel prices triggered by the Ukraine crisis is expected
to lead to higher costs in Japan at all stages of the construction process. The Company may face difficulties incorporating higher infrastructure
resource prices into its selling prices, which could reduce the Company&#8217;s business performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent tight supply and demand for electricity results in restrictions on power usage and days on which construction cannot be performed,
we expect to incur additional labor and other costs due to schedule delays. For example, the Tokyo Metropolitan Government, the municipality
in which our company&#8217;s main development site is located, enacted an ordinance that takes effect in 2025, which mandates the installation
of solar panels on residences for house builders and other businesses with a total annual supply floor area of 20,000 m2 or more in Tokyo.
Although we are not currently subject to such regulation, if the scope of the ordinance is expanded in the future, developers will be
compelled to change their design plans due to higher than expected construction costs to install solar power generation equipment. Even
if sales prices were to rise, but associated rents do not keep pace, the relevant property may become less attractive as an investment
property and as a result sales may slow down.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of the above, individually or in combination, could adversely affect the economies of the regions in which we operate, which could limit,
impair or delay our ability to acquire and develop land and/or construct and deliver commercial and residential properties. In turn,
such developments could increase our production costs or decrease the demand for our commercial and residential properties, which could
adversely affect our business and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our
properties.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
estate investments are relatively illiquid. As a result, we may not be able to sell a property or properties quickly or on favorable
terms in response to changing economic, financial and investment conditions when it otherwise may be prudent to do so. Deteriorating
conditions in the Japanese economy and credit markets may make it difficult to sell properties at attractive prices. We cannot predict
whether we will be able to sell any property for the price or on the terms set by us or whether any price or other terms offered by a
prospective purchaser would be acceptable to us. We also cannot predict the length of time needed to find a willing purchaser and to
close the sale of a property. We may be required to expend funds to correct defects or to make improvements before a property can be
sold, and we cannot provide any assurances that we will have funds available to correct such defects or to make such improvements. Our
inability to dispose of assets at opportune times or on favorable terms could adversely affect our cash flows and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not make a profit if we sell a property.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
prices that we can obtain when we determine to sell a property will depend on many factors that are presently unknown, including the
operating history, tax treatment of real estate investments, demographic trends in the area and available financing. There is a risk
that we will not realize any significant appreciation on our investment in a property. Accordingly, your ability to recover all or any
portion of your investment under such circumstances will depend on the amount of funds so realized and claims to be satisfied therefrom.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Competition
for acquisitions may result in fewer acquisition opportunities and increased prices for properties, which may impede our growth and materially
and adversely affect us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
growth depends in part on our ability to identify attractive real estate investment opportunities that are compatible with our acquisition
strategy. We may not be successful in identifying such investment opportunities or in consummating acquisitions on favorable terms, if
at all. In addition, we can provide no assurances regarding the availability of, or our ability to source and close, off-market or limited-market
deals. Failure to identify or consummate acquisitions on favorable terms, or at all, would impede our growth and materially and adversely
affect us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
we face significant competition for attractive investment opportunities from an indeterminate number of other real estate investors,
including investors with significantly greater capital resources and access to capital than we have, such as commercial developers, real
estate companies, and foreign investors that operate in the markets in which we may operate, that will compete with us in acquiring residential,
commercial, and other properties that will be seeking investments and tenants for these properties. Moreover, if current market conditions
deteriorate resulting in depressed real estate values, owners of real estate may be reluctant to sell, resulting in fewer acquisition
opportunities. As a result of such increased competition and limited opportunities, we may be unable to acquire additional properties
as we desire or the purchase price of such properties may be significantly elevated, which may impede our growth and materially and adversely
affect us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our properties may be located in close proximity to other properties that will compete against our properties for tenants.
Many of these competing properties may be better located and/or appointed than the properties that we will acquire, giving these properties
a competitive advantage over our properties, and we may, in the future, face additional competition from properties not yet constructed
or even planned. This competition could adversely affect our business. The number of competitive properties could have a material effect
on our ability to rent space at our properties and the amount of rents charged. We could be adversely affected if additional competitive
properties are built in locations competitive with our properties, causing increased competition for residential renters. In addition,
our ability to charge premium rental rates to tenants may be negatively impacted. This increased competition may increase our costs of
acquisitions or lower the occupancies and the rent we may charge tenants. This could result in decreased cash flow from tenants and may
require us to make capital improvements to properties which we would not have otherwise made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
consideration paid for our target acquisition may exceed fair market value, which may harm our financial condition and operating results.
We may also be unable to lease vacant space or renegotiate existing leases at market rates, which would adversely affect our returns
on a target acquisition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consideration that we pay will be based upon numerous factors, and the target acquisition may be purchased in a negotiated transaction
rather than through a competitive bidding process. We cannot assure anyone that the purchase price that we pay for a target acquisition
or its appraised value will be a fair price, that we will be able to generate an acceptable return on such target acquisition, or that
the location, lease terms or other relevant economic and financial data of any properties that we acquire will meet acceptable risk profiles.
We may also be unable to lease vacant space or renegotiate existing leases at market rates, which would adversely affect our returns
on a target acquisition. As a result, our investments in our target acquisition may fail to perform in accordance with our expectations,
which may substantially harm our operating results and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to the Real Estate Crowdfunding Platforms and Crowdfunding</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
real estate crowdfunding platforms may not operate as we anticipate.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that the real estate crowdfunding platforms will be a source of investment leads for the Company. In addition, potential sponsors
of real estate opportunities come directly to the real estate crowdfunding platforms to seek financing for their projects. We anticipate
that sponsors of real estate opportunities will continue to seek financing for their projects through the real estate crowdfunding platforms.
If the real estate crowdfunding platforms experience technical challenges resulting in sponsors not continuing to seek financing through
the real estate crowdfunding platforms, we may need to implement more manpower-intensive strategies to source investments, which could
lead to an increase in expenses and a corresponding decrease in the value of our ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the security of our investors&#8217; confidential information stored on the real estate crowdfunding platforms is breached or otherwise
subjected to unauthorized access, their secure information may be stolen.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
real estate crowdfunding platforms may store investors&#8217; bank information and other personally-identifiable sensitive data. The
real estate crowdfunding platforms are hosted in data centers that are compliant with payment card industry security standards and the
website uses daily security monitoring services. However, any accidental or willful security breach or other unauthorized access could
cause investors&#8217; secure information to be stolen and used for criminal purposes, and investors would be subject to increased risk
of fraud or identity theft. Because techniques used to obtain unauthorized access or to sabotage systems change frequently and generally
are not recognized until they are launched against a target, the real estate crowdfunding platforms and their third-party hosting facilities
may be unable to anticipate these techniques or to implement adequate preventative measures. In addition, many states have enacted laws
requiring companies to notify individuals of data security breaches involving their personal data. These mandatory disclosures regarding
a security breach are costly to implement and often lead to widespread negative publicity, which may cause our investors and real estate
companies to lose confidence in the effectiveness of our data security measures. Any security breach, whether actual or perceived, would
harm our reputation, could result in a loss of investors, and the value of your investment in us could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Any
significant disruption in service on the real estate crowdfunding platforms or in their computer or communications systems could reduce
their attractiveness and result in a loss of users.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a catastrophic event resulted in a real estate crowdfunding platform outage and physical data loss, the real estate crowdfunding platform&#8217;s
ability to perform its obligations would be materially and adversely affected. The satisfactory performance, reliability, and availability
of our technology and our underlying hosting services infrastructure are critical to our operations, level of customer service, reputation
and ability to attract new users and retain existing users. Our hosting services infrastructure is provided by a third party hosting
provider (the &#8220;Hosting Provider&#8221;). We also maintain a backup system at a separate location that is owned and operated by
a third party. There is no guarantee that access to the real estate crowdfunding platforms will be uninterrupted, error-free or secure.
Our operations depend on the Hosting Provider&#8217;s ability to protect its and our systems in its facilities against damage or interruption
from natural disasters, power or telecommunications failures, air quality, temperature, humidity and other environmental concerns, computer
viruses or other attempts to harm our systems, criminal acts and similar events. If our arrangement with the Hosting Provider is terminated,
or there is a lapse of service or damage to its facilities, the real estate crowdfunding platforms could experience interruptions in
their service as well as delays and additional expense in arranging new facilities. Any interruptions or delays in our service, whether
as a result of an error by the Hosting Provider or other third-party error, our own error, natural disasters or security breaches, whether
accidental or willful, could harm our ability to perform any services for corresponding project investments or maintain accurate accounts,
and could harm our relationships with our users and our reputation. Additionally, in the event of damage or interruption, our insurance
policies may not adequately compensate us for any losses that we may incur. Our disaster recovery plan has not been tested under actual
disaster conditions, and it may not have sufficient capacity to recover all data and services in the event of an outage at a facility
operated by the Hosting Provider. Any of these factors could prevent us from processing or posting payments on the corresponding investments,
damage us and our brand and reputation, divert our employees&#8217; attention, and cause users to abandon the real estate crowdfunding
platforms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we were to enter bankruptcy proceedings, the operation of the real estate crowdfunding platforms and the activities with respect to our
operations and business would be interrupted.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were to enter bankruptcy proceedings or were to cease operations, we would be required to find other ways to meet obligations regarding
our operations and business. Pursuing such alternatives could harm our operations and business by resulting in delays in the disbursement
of distributions or the filing of reports or requiring us to pay significant fees to another company that we engage to perform services
for us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inappropriate
business behavior of entrepreneurs raising funds via our platforms could result in reputational or financial damages to our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
providing a platform for matching investors and entrepreneurs, there is a possibility that inappropriate business behavior exhibited
by any of the entrepreneurs raising capital through our platform could result in reputational or financial damages to us. We enforce
a thorough due diligence process for all companies raising funds via our products and we require participating entrepreneurs to sign
legally binding terms of use releasing us from any responsibility for entrepreneur impropriety or misdeed. Nevertheless, our clients
might regard us as being responsible for any inappropriate behavior of the entrepreneur and this could result in reputation damage to
us that could impact our future revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
crowdfunding platform operates on an online distribution model and is, therefore, subject to internet cyber risk.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
online crowdfunding distribution model could be subject to cyber-attacks aiming to breach our security protocols. We take reasonable
and commercial precautions to make our systems as secure as possible, including but not limited to daily back-ups, banking grade hosting
solutions, divisions between systems to ensure, for example, that our banking backend cannot be reached via our online distribution network,
and continuous monitoring of the systems as well as sequential system checks. However, we cannot fully exclude the possibility of cyber-attacks,
third party breaches, software bugs or other forms of internet malfeasance. If any of these events occur, our reputation could be negatively
impacted and our future revenues could suffer as a result.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increasing
competition within our emerging industry could have an impact on our business prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
crowdfunding market is an emerging industry where new competitors are entering the market frequently. These competing companies may have
significantly greater financial and other resources than we have and may have been developing their products and services longer than
we have been developing ours. Although our portfolio of products and related revenue stream sources are broad, increasing competition
may have a negative impact on our profit margins.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
in Japan a new small investment tax exemption system for investments in stocks, investment trusts, and other financial instruments has
been in effect since January 2024. This new tax exemption system may reduce the inflow of funds into the crowdfunding business, and the
growth of such business may be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Indebtedness</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
level of indebtedness could materially and adversely affect our business, financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total debt outstanding under our credit facilities as of December 31, 2023 was &#165;23,243,757 thousand (approximately US$164,943 thousand)
on a consolidated basis. Our indebtedness could have significant effects on our business, such as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limiting
    our ability to borrow additional amounts to fund working capital, capital expenditures, acquisitions, debt service requirements,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">requiring
    us to dedicate a substantial portion of our cash flow from operations to pay principal and interest on our debt, which would reduce
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">making
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">diluting
    the economic and voting rights of our existing equity holders or reduce the market price of the common shares or ADSs or both upon
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">placing
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may not be able to generate sufficient cash flow from our operations to repay our indebtedness when it becomes due and to
meet our other cash needs. If we are not able to pay our debts as they become due, we will be required to pursue one or more alternative
strategies, such as selling assets, refinancing or restructuring our indebtedness or selling additional debt or equity securities. We
may not be able to refinance our debt or sell additional debt or equity securities or our assets on favorable terms, if at all, and if
we must sell our assets, it may negatively affect our ability to generate revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
outstanding debt agreements may limit our flexibility in operating and expanding our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had a total of 189 loans with 52 Japanese financial institutions for an aggregate principal amount of
&#165;25,910,152 thousand (approximately US$183,864 thousand) on a consolidated basis. None of the loan agreements contain any
material financial covenants, although certain of the government-sponsored loans set a limit on the total loan amount we may borrow
from other government-sponsored lenders. However, 79 of the loan agreements have our Chief Operating Officer as a personal guarantor
of such debt obligations of our Company. If we release our Chief Operating Officer from such a guarantor burden, the lenders may
request us to provide them with alternative collateral and/or seek additional negative covenants on the existing loan agreements.
This could limit our discretion to invest, utilize, and/or dispose of our assets for business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the potential restrictive covenants to be contained in our existing and future loan agreements may restrict our access to future debt
financing, on which our business operations and expansion plans, in part, depend. If our revenues decrease materially or we experience
a significant increase in our interest expenses, we may not have enough available cash or be able to raise additional funds on satisfactory
terms, if at all, through equity or debt financings to make any required prepayment or repay such indebtedness at the time any such event
of default occurs. In such an event, we may be required to delay, limit, reduce or terminate our business development or expansion efforts.
Our business, financial condition and results of operations could be materially adversely affected as a result.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Financing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
might obtain lines of credit and other borrowings, which increases our risk of loss due to potential foreclosure.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may obtain lines of credit and long-term financing that may be secured by our assets. As with any liability, there is a risk that we
may be unable to repay our obligations from the cash flow of our assets. Therefore, when borrowing and securing such borrowings with
our assets, we risk losing such assets in the event we are unable to repay such obligations or meet such demands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have broad authority to incur debt.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
policies do not limit us or our subsidiary entities from incurring debt. We intend to borrow as much as 65% of the value of such properties.
High debt levels would cause us to incur higher interest charges and higher debt service payments and may also be accompanied by restrictive
covenants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to our Corporate Structure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investors
will not receive the benefit of the regulations provided to real estate investment trusts or investment companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not a real estate investment trust and enjoy a broader range of permissible activities. Under the Investment Company Act of 1940,
an &#8220;investment company&#8221; is defined as an issuer which is or holds itself out as being engaged primarily, or proposes to engage
primarily, in the business of investing, reinvesting, or trading in securities; is engaged or proposes to engage in the business of issuing
face-amount certificates of the installment type, or has been engaged in such business and has any such certificate outstanding; or is
engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes
to acquire investment securities having a value exceeding 40 percent of the value of such issuer&#8217;s total assets (exclusive of Government
securities and cash items) on an unconsolidated basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to operate in such manner as not to be classified as an &#8220;investment company&#8221; within the meaning of the Investment
Company Act of 1940 as we intend on primarily holding and managing real estate. The management and the investment practices and policies
of ours are not supervised or regulated by any federal or state authority. As a result, investors will be exposed to certain risks that
would not be present if we were subjected to a more restrictive regulatory situation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are deemed to be an investment company, we may be required to institute burdensome compliance requirements and our activities may
be restricted</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are ever deemed to be an investment company under the Investment Company Act of 1940, we may be subject to certain restrictions including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
exemption from the Investment Company Act of 1940 may restrict our operating flexibility. Failure to maintain this exemption may adversely
affect our profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not believe that at any time we will be deemed an &#8220;investment company&#8221; under the Investment Company Act of 1940 as we
do not intend on trading or selling securities. Rather, we intend to hold and manage real estate. However, if at any time we may be deemed
an &#8220;investment company,&#8221; we believe we will be afforded an exemption under Section 3(c)(5)(C) of the Investment Company Act
of 1940, as amended (referred to herein as the &#8220;1940 Act&#8221;). Section 3(c)(5)(C) of the 1940 Act excludes from regulation as
an &#8220;investment company&#8221; any entity that is primarily engaged in the business of purchasing or otherwise acquiring &#8220;mortgages
and other liens on and interests in real estate&#8221;. To qualify for this exemption, we must ensure our asset composition meets certain
criteria. Generally, 55% of our assets must consist of qualifying mortgages and other liens on and interests in real estate and the remaining
45% must consist of other qualifying real estate-type interests. Maintaining this exemption may adversely impact our ability to acquire
or hold investments, to engage in future business activities that we believe could be profitable, or could require us to dispose of investments
that we might prefer to retain. If we are required to register as an &#8220;investment company&#8221; under the 1940 Act, then the additional
expenses and operational requirements associated with such registration may materially and adversely impact our financial condition and
results of operations in future periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Insurance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may suffer losses that are not covered by insurance.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
weather and environmental events, such as fire, lightning, bursts and explosions, wind, hail, snow, and water damage, can cause damage
to real estate. Fire insurance policies can be acquired to prepare for such events. In addition, earthquake insurance can be purchased
along with fire insurance. Even in the event of an unprecedented disaster such as the Great East Japan Earthquake, earthquake insurance
is a highly public insurance policy operated under the Earthquake Insurance Law, which by law guarantees insurance payments of up to
&#165;5,500,000,000 thousand (Note: &#165;6,200,000,000 thousand from April 1, 2012) per earthquake. However, not all perils are covered
by insurance, as some are subject to insurance exclusions. For example, earthquake insurance does not pay out if there is no damage to
the building itself, but only to gates, fences, or hedges, nor does it pay out for damage caused by war, civil war, or other similar
events or riots. Damage caused by land subsidence, uplift, movement, or vibration. will also not be paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a significant loss, insurance coverage may be insufficient to pay the full market value or general reacquisition cost of
the underlying property. Factors such as inflation, changes in building codes and ordinances, and environmental considerations may make
it impossible to replace the underlying property with insurance proceeds if the underlying property is damaged or destroyed. Under these
circumstances, the insurance proceeds received may be insufficient to restore the property.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Solar Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solar
power generation is weather-dependent, and power production fluctuates depending on weather conditions such as clouds and rain. This
can make power generation inconsistent and difficult to predict.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solar
panels can degrade over time, reducing the efficiency of power generation. This may affect the life of the equipment and maintenance
costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solar
projects are dependent on government subsidies and regulations. Changes or elimination of subsidies or the introduction of new regulations
could affect investment returns.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above, the solar business is subject to retail price fluctuations for electricity, diffusion of solar technology, rising
interest rates, competition, dependence on specific regions, development of alternative technologies, system failures, solar equipment
failures, and other risks that may affect our financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to the AI Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>AI-related
businesses are subject to risks such as slow market growth, competition, inability to secure development personnel, leakage of confidential
information, procurement of semiconductors, and dependence on certain individuals (Tianqi Li, Chief AI Officer of SYLA Technologies Co.,
Ltd, and the Representative Director of SYLA Brain Co., Ltd.), which could affect our business and earnings if the AI-related market
growth slows significantly.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Intellectual Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to protect our intellectual property could substantially harm our business and operating results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
success of our business depends in part on our ability to protect and enforce our trade secrets, trademarks and copyrights and all other
intellectual property rights, including the intellectual property rights underlying our products. We seek to protect our intellectual
property under trade secrets, trademarks, and copyrights as well as through a combination of confidentiality agreements with employees
and third parties, other contractual restrictions, technical measures and other methods. The protection they afford is limited. Although
we strive to protect our intellectual property and trade secrets, nevertheless, unauthorized persons may attempt to use our trademarks
or obtain or use our trade secrets and other confidential information. Moreover, monitoring our intellectual property rights is difficult,
costly, and not always effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Assertions
by third parties of infringement or other violation by us of their intellectual property rights could result in significant costs and
substantially harm our business and operating results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
may be sued based on allegations of infringement, misappropriation, or other violations of intellectual property rights. Certain companies,
including our competitors, own patents, copyrights, trademarks, and trade secrets and may enforce them to assert claims against us. Third
parties may in the future claim that we have infringed, misappropriated, or violated their intellectual property rights. Existing laws
and regulations may evolve and be interpreted differently, and local governments and legislative or regulatory bodies may expand existing
laws and regulations or enact new ones. It is difficult for us to guarantee that we have not infringed or violated the intellectual property
rights of any third party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict whether any claim of infringement or misappropriation arising out of any third party&#8217;s intellectual property rights
or any such claim will have a material adverse effect on our business and results of operations. If we are forced to defend against an
infringement or misappropriation claim, we may have to expend significant time and resources defending against such claim, even if there
is no merit to the claim, the claim has been settled out of court, or a decision has been rendered in our favor. In addition, as an unfavorable
outcome of a dispute, we may be required to If we are found to have willfully infringed on the intellectual property of a party in Japan,
we may be required to pay damages, including criminal penalties and attorneys&#8217; fees; cease manufacturing, licensing, or using products
or services that are alleged to infringe or misappropriate the intellectual property rights of others; use further development resources
to redesign our products; or use of development resources, entering into potentially adverse royalty/license agreements to obtain the
right to use necessary technology or materials, or indemnification of our partners and other third parties. Royalty and license agreements,
if necessary or desirable, may not be available on terms that we are willing to accept, or may not be available at all, and may require
the expenditure of significant royalty and other fees. In addition, we do not have broadly applicable patent liability insurance coverage,
and litigation relating to patent rights, even if we prevail, could be costly to resolve and could be a drain on our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
Risks</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
our cost efficiency measures are not successful, we may become less competitive.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
continue to focus on minimizing operating expenses through cost improvements and simplification of our corporate structure. We may experience
delays or unanticipated costs in implementing our cost efficiency plans, which could prevent the timely or full achievement of expected
cost efficiencies and adversely affect our competitive position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to deliver high-quality products, software, and services could lead to loss of customers and diminished profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must identify and address quality issues associated with our products, software, and services, many of which include third-party components.
Although quality testing is performed regularly to detect quality problems and implement required solutions, failure to identify and
correct significant product quality issues before the sale of such products to customers could result in lower sales, increased warranty
or replacement expenses, and reduced customer confidence, which could harm our operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cyber-attacks
and other security incidents that disrupt our operations or result in the breach or other compromise of proprietary or confidential information
about us or our workforce, customers, or other third parties could disrupt our business, harm our reputation, cause us to lose clients
and expose us to costly regulatory enforcement and litigation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
routinely manage, store, transmit and otherwise process large amounts of proprietary information and confidential data, including sensitive
and personally identifiable information, relating to our operations, products, and customers. We face numerous evolving cyber threats
of increasing scale, volume, severity, and complexity, making it increasingly difficult to defend against security incidents successfully
or to implement adequate preventative measures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
our internal controls and significant investment in security measures, criminal or other unauthorized threat actors, including nation
prefectures or prefecture-sponsored organizations, may be able to penetrate our security measures, breach our information technology
systems, misappropriate or compromise confidential and proprietary information of our Company and our customers, cause system disruptions
and shutdowns, or introduce ransomware, malware, or vulnerabilities into our products, systems, and networks or those of our customers
and partners. Employees, contractors, or other insiders may introduce vulnerabilities into our environments or otherwise may seek to
misappropriate our intellectual property and proprietary information. In addition, cyber-attacks are increasingly being used in geopolitical
conflicts. The re-shift to work-from-home and flexible work arrangements resulting from future pandemics also may increase our vulnerability,
as employees and contractors of our Company and third-party providers are working remotely and using home networks that may pose a significant
risk to network and cyber security.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
costs to address cyber risks, both before and after a security incident, could be significant, regardless of whether incidents result
from an attack on us directly or on third-party vendors upon which we rely. Our third-party vendors continue to experience security incidents
of varying severity, including but not limited to increased ransomware attacks, network intrusions, and unauthorized data exfiltration,
which have directly and indirectly impacted our operations in the past. Targeted cyber-attacks or those that may result from a security
incident directed at a third-party vendor could compromise our internal systems and products and the systems of our customers, resulting
in interruptions, delays, or cessation of service that could disrupt business operations for us and our customers. Our proactive measures
and remediation efforts may not be successful or timely. In addition, breaches of our security measures and the unapproved dissemination
of proprietary information or sensitive or confidential data about us, our customers, or other third parties could impair our intellectual
property rights and expose us, our customers, or such other third parties to a risk of loss or misuse of such information or data. Any
such incidents also could subject us to government investigations and regulatory enforcement actions, litigation, potential liability,
damage our brand and reputation, or otherwise harm our business and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hardware
and operating system software and applications that we produce or procure from third parties also may contain defects in design or manufacture
or other deficiencies, including security vulnerabilities that could interfere with the operation or security of our products, services,
and offerings. In the event of a security vulnerability or other flaws in third-party components or software code, we may have to rely
on multiple third parties to mitigate vulnerability. Such mitigation techniques may be ineffective or may result in adverse performance,
system instability or data loss, and may not always be available, or available on a timely basis. Any actual or perceived security vulnerabilities
in our products or services, or those of third parties we sell, could lead to loss of existing or potential customers, and may impede
our sales, manufacturing, distribution, outsourcing services, information technology solutions, and other critical functions and offerings.
Failure to promptly mitigate security vulnerabilities may adversely affect our brand and reputation and subject us in government investigations,
regulatory enforcement actions, litigation and potential liability resulting from our inability to fulfill our contractual obligations
to our customers and partners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a global enterprise, we are subject to an increasing number of laws and regulations in Japan and numerous other countries relating to
the collection, use, transfer, and protection of customer data and other sensitive, confidential, and proprietary information. Our ability
to execute transactions and to process and use personal information and other data in the conduct of our business and service of our
customers subjects us to increased obligations to comply with applicable laws and regulations and may require us to notify regulators,
customers, employees, or other individuals or entities of a security incident or data or privacy breach. We continue to incur significant
expenditures to comply with mandatory privacy, security, data protection and localization requirements and controls imposed by law, regulation,
industry standards and contractual obligations. Despite such expenditures, we may face regulatory and other legal actions, including
potential liability, in the event of a security incident or data or privacy breach or perceived or actual non-compliance with such requirements
and controls.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not successfully implement our acquisition strategy, which could result in unforeseen operating difficulties and increased costs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
make strategic acquisitions of other companies as part of our growth strategy. We could experience unforeseen operating difficulties
in integrating the businesses, technologies, services, products, personnel, or operations of acquired companies, especially if we are
unable to retain the key personnel of an acquired company. Further, future acquisitions may result in a delay or reduction of sales for
both us and the acquired company because of customer uncertainty about the continuity and effectiveness of solutions offered by either
company and may disrupt our existing business by diverting resources and significant management attention that otherwise would be focused
on development of the existing business. Acquisitions also may negatively affect our relationships with strategic partners if the acquisitions
are seen as bringing us into competition with such partners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
complete an acquisition, we may be required to use substantial amounts of cash, engage in equity or debt financings, or enter into credit
agreements to secure additional funds. Such debt financings could involve restrictive covenants that might limit our capital-raising
activities and operating flexibility. Further, an acquisition may negatively affect our results of operations because it may expose us
to unexpected liabilities, require the incurrence of charges and substantial indebtedness or other liabilities, have adverse tax consequences,
result in acquired in-process research and development expenses, or in the future require the amortization, write-down, or impairment
of amounts related to deferred compensation, goodwill, and other intangible assets, or fail to generate a financial return sufficient
to offset acquisition costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we periodically divest businesses, including businesses that are no longer a part of our strategic plan. These divestitures
similarly require significant investment of time and resources, may disrupt our business and distract management from other responsibilities,
and may result in losses on disposition or continued financial involvement in the divested business, including through indemnification
or other financial arrangements, for a period following the transaction, which could adversely affect our financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ability to generate substantial non-U.S. net revenue is subject to additional risks and uncertainties.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
outside the United States accounted for 100% of our consolidated net revenue for the year ended December 31, 2023. Our future growth
rates and success are substantially dependent on the continued growth of our business outside of the United States. Our international
operations face many risks and uncertainties, including varied local economic and labor conditions; political instability; public health
issues; changes in the U.S. and international regulatory environments; the impacts of trade protection measures, including increases
in tariffs and trade barriers due to the current geopolitical climate and changes and instability in government policies and international
trade arrangements, which could adversely affect our ability to conduct business in non-U.S. markets; changes in tax laws (including
laws imposing U.S. taxes on foreign operations); potential theft or other compromise of our technology, data, or intellectual property;
copyright levies; and foreign currency exchange rates. We could incur additional operating costs, or sustain supply chain disruptions,
due to any such changes. Any of these factors could negatively affect our international business results and growth prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compliance
requirements of current or future environmental and safety laws, or other laws, may increase costs, expose us to potential liability
and otherwise harm our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations are subject to environmental and safety regulations in all areas in which we conduct business. Product design and procurement
operations must comply with new and future requirements relating to climate change laws and regulations, materials composition, sourcing,
energy efficiency and collection, recycling, treatment, transportation, and disposal of electronics products, including restrictions
on mercury, lead, cadmium, lithium metal, lithium ion, and other substances. If we fail to comply with applicable rules and regulations
regarding the transportation, source, use, and sale of such regulated substances, we could be subject to liability. The costs and timing
of costs under environmental and safety laws are difficult to predict, but could have an adverse impact on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we and our subsidiaries are subject to various anti-corruption laws that prohibit improper payments or offers of payments to
foreign governments and their officials for the purpose of obtaining or retaining business, and are also subject to export controls,
customs, and economic sanctions laws. Violations of the anti-corruption laws or export control, customs, or economic sanctions laws may
result in severe criminal or civil sanctions and penalties, and we and our subsidiaries may be subject to other liabilities which could
have a material adverse effect on our business, results of operations, and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Natural
disasters, terrorism, armed hostilities, pandemics or other public health issues could harm our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natural
disasters, terrorism or armed hostilities, such as the attack on Ukraine, pandemics or other public health issues, such as those resulting
from the COVID-19 pandemic, whether in Japan or in other countries, could cause damage or disruption to us or our suppliers and customers,
or could create political or economic instability, any of which could harm our business. Any such events could cause a decrease in demand
for our products, make it difficult or impossible to deliver products or for suppliers to deliver components, and create delays and inefficiencies
in our supply chain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Global
climate change, and legal, regulatory, or market measures to address climate change, may negatively affect or business, operations, and
financial results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to risks associated with the long-term effects of climate change on the global economy and on the IT industry in particular.
The physical risks associated with climate change include the adverse effects of carbon dioxide and other greenhouse gases on global
temperatures, weather patterns, and the frequency and severity of natural disasters. Extreme weather and natural disasters within or
outside Japan could make it more difficult and costly for us to manufacture and deliver our products to our customers, obtain production
materials from our suppliers, or perform other critical corporate functions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increasing concern over climate change could also result in transition risks such as shifting customer preferences or regulatory changes.
Changing customer preferences may result in increased demands regarding our solutions, products, and services, including the use of packaging
materials and other components in our products and their environmental impact on sustainability. These demands may cause us to incur
additional costs or make other changes to other operations to respond to such demands, which could adversely affect our financial results.
If we fail to manage transition risks, including such demands, in an effective manner, customer demand for our solutions, products, and
services could diminish, and our profitability could suffer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increasing concern over climate change could result in new domestic or international legal requirements for us to reduce greenhouse gas
emissions and other environmental impacts of our operations, improve our energy efficiency, or undertake sustainability measures that
exceed those we currently pursue. Any such regulatory requirements could cause disruptions in the manufacture of our products and result
in increased procurement, production, and distribution costs. Our reputation and brand could be harmed if we fail, or are seen as having
failed, to respond responsibly and effectively to changes in legal and regulatory measures adopted to address climate change.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may face substantial damages or be enjoined from pursuing important activities as a result of future litigation, arbitration or other
claims.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be involved in various litigation and legal claims in the normal course of our business operations, including actions brought on
behalf of various classes of claimants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential
loss is reasonably estimated. We will accrue for such matters based on the facts and circumstances specific to each matter and revise
these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued.
In view of the inherent difficulty of predicting the outcome of these legal and regulatory matters, we generally cannot predict the ultimate
resolution, the related timing or any eventual loss. To the extent the liability arising from the ultimate resolution of any matter exceeds
the estimates reflected in the recorded reserves relating to such matter, we could incur additional charges that could be significant.
Unfavorable litigation, arbitration or claims could also generate negative publicity in various media outlets that could be detrimental
to our reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Constriction
of the capital markets could limit our ability to access capital and increase our costs of capital.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to fund our operations from cash from operations, capital markets financings and borrowings and other loan facilities. Volatile
economic conditions and the constriction of the capital markets could reduce the sources of liquidity available to us and increase our
costs of capital. If the size or availability of our banking facilities is reduced in the future, or if we are unable to obtain new,
or renew existing, facilities in the future on favorable terms or otherwise access the loan or capital markets, it would have an adverse
effect on our liquidity and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe we will be able to meet these capital requirements with our cash resources and future cash flows and, if required, other sources
of financing that we anticipate will be available to us. However, we can provide no assurance that we will continue to be able to do
so, particularly if industry or economic conditions deteriorate. The future effects on our business, liquidity and financial results
of these conditions could be adverse, both in the ways described above and in other ways that we do not currently foresee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
anticipate having a substantial amount of debt which could adversely affect our business, financial condition or results of operations
and prevent us from fulfilling our debt-related obligations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate having a substantial amount of debt. Such substantial debt could have important consequences, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">making
    it more difficult for us to satisfy our obligations with respect to our debt or to our trade or other creditors;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increasing
    our vulnerability to adverse economic or industry conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot ensure that our business will generate sufficient cash flow from operations or that future borrowings will be available to us
through capital markets financings or under our credit facilities or otherwise in an amount sufficient to enable us to pay our indebtedness,
or to fund our other liquidity needs. We may need to refinance all or a portion of our indebtedness, on or before its maturity. We cannot
ensure that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. In addition, we may incur
additional indebtedness in order to finance our operations, to fund acquisitions, or to repay existing indebtedness. If we cannot service
our indebtedness, we may have to take actions such as selling assets, seeking additional debt or equity or reducing or delaying capital
expenditures, strategic acquisitions, investments and alliances. We cannot ensure that any such actions, if necessary, could be effected
on commercially reasonable terms or at all, or on terms that would be advantageous to us or on terms that would not require us to breach
the terms and conditions of our existing or future debt agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Markets
in which the Company is anticipated to invest are subject to a high degree of volatility and, therefore, the Company&#8217;s performance
may be volatile.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s business will involve a high degree of financial risk. Markets in which the Company is anticipated to invest are subject
to a high degree of volatility and therefore the Company&#8217;s performance may be volatile. There can be no assurance that the Company&#8217;s
investment objective will be realized or that investors will receive a full return of their investment. The Manager in its sole discretion
may employ such investment strategies and methods as it determines to adopt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
volatile credit and capital markets could have a material adverse effect on our financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to manage our future debt and liquidity will be dependent on our level of positive cash flow. An economic downturn may negatively
impact our cash flows. Credit and capital markets can be volatile, which could make it more difficult for us to refinance our debt or
to obtain additional debt or equity financings in the future. Such constraints could increase our costs of borrowing and could restrict
our access to other potential sources of future liquidity. Our failure to have sufficient liquidity to make interest and other payments
required by our debt could result in a default of such debt and acceleration of our borrowings, which would have a material adverse effect
on our business and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
prolonged economic downturn could materially affect us in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
bursting of the Heisei Bubble in 1990 and the Lehman Shock in 2008 brought a prolonged recession to Japan. Looking at land price movements
before and after the Heisei Bubble, official land prices in the Tokyo area rose by an astonishing 60% year-on-year for both residential
and commercial land in 1988. Since then, they did not rise to positive levels until just before the Lehman Shock. The Lehman Shock made
it difficult to obtain loans from financial institutions even in Japan, and some companies went bankrupt due to lack of cash reserves
even though their financial statements showed a profit, and there were some surplus bankruptcies. There is a possibility that a similar
event could have a negative impact on the Company&#8217;s business and earnings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company is subject to changes in the Labor Standards Law and other regulations, and violations of such laws and regulations may adversely
affect the Company&#8217;s business performance and reputation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&#8220;Law Concerning Reforms in the Workplace&#8221; in Japan, which generally took effect in April 2019, imposes a cap on overtime
work and other restrictions in relation to working conditions., While such law and its associated regulations were initially postponed
in their application to the construction industry, such law and regulations will be in effect starting from April 2024. Accordingly,
the Company&#8217;s construction department is in the process of addressing these new legal and regulatory changes. To the extent that
there are any violations of these laws and regulations, there may be an adverse affect to the Company&#8217;s business performance and
reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to strengthen our internal controls could have a significant adverse impact on the Company and its business performance and reputation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

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the Company is actively engaged in new business and M&amp;A activities, to the extent a situation arises where the Company is unable
to maintain and establish adequate internal controls due to an inability to continue hiring additional employees in connection with its
business expansion, there may be difficulties in properly managing the Company&#8217;s business, which in turn may adversely affect the
business performance of the Company and its affiliates. As described in &#9679;&#9679; below, at the current time there are material
weaknesses in the financial reporting process and in the management system for related-party transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Ownership of the ADSs</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
ADSs are listed on Nasdaq, and there can be no assurance that we will be able to comply with Nasdaq&#8217;s continued listing standards.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the ADSs are listed, there can be no assurance any broker will be interested in trading ADSs. Therefore, it may be difficult to sell
your ADSs if you desire or need to sell them. Our underwriters are not obligated to make a market in the ADSs, and even if it makes a
market, it can discontinue market making at any time without notice. Neither we nor the underwriters can provide any assurance that an
active and liquid trading market in the ADSs will develop or, if developed, that such market will continue. Furthermore, although we
have a mechanism allowing common shares to be exchanged at a certain ratio to ADSs in connection with our initial public offering, we
may experience procedural or regulatory difficulties, from time to time, in the exchange of common shares for ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the ADSs have been listed on Nasdaq, there is no guarantee that we will be able to maintain such listing for any period of time by perpetually
satisfying Nasdaq&#8217;s continued listing requirements. Our failure to continue to meet these requirements may result in the ADSs being
delisted from Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
price of ADSs could be subject to rapid and substantial volatility.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial
public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with relatively
small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity
than large-capitalization companies. In particular, the ADSs may be subject to rapid and substantial price volatility, low volumes of
trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected
operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing
value of the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if the trading volumes of the ADSs are low, persons buying or selling in relatively small quantities may easily influence prices
of the ADSs. This low volume of trades could also cause the price of the ADSs to fluctuate greatly, with large percentage changes in
price occurring in any trading day session. Holders of the ADSs may also not be able to readily liquidate their investment or may be
forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions
may also adversely affect the market price of the ADSs. As a result of this volatility, investors may experience losses on their investment
in the ADSs. A decline in the market price of the ADSs also could adversely affect our ability to sell additional shares or ADSs or other
securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in the ADSs
will develop or be sustained. If an active market does not develop, holders of the ADSs may be unable to readily sell the ADSs they hold
or may not be able to sell their ADSs at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
price of the ADSs may fluctuate substantially.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may not be able to sell your ADSs at the time that you would like to sell. You should consider an investment in the ADSs to be risky,
and you should invest in the ADSs only if you can withstand a total loss and wide fluctuations in the market value of your investment.
Some factors that may cause the market price of the ADSs to fluctuate, in addition to the other risks mentioned in this section of the
annual report, are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    failure to meet or exceed revenue and financial projections we provide to the public;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
    or anticipated variations in our quarterly financial condition and operating results or those of other companies in our industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    failure to meet or exceed the estimates and projections of the investment community;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    of significant acquisitions, strategic partnerships, joint ventures or capital commitments by us or our competitors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
    or departures of our key management personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issuances
    by us of debt or equity securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">litigation
    involving our Company, including shareholder litigation; investigations or audits by regulators into the operations of our Company;
    or proceedings initiated by our competitors, franchisees, or customers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the market valuations of similar companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADSs
    price and volume fluctuations attributable to inconsistent trading volume levels of the ADSs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
    sales of the ADSs by our insiders or our shareholders in the future;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    trading volume of the ADSs in the United States; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    economic and market conditions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
and other market and industry factors may cause the market price and demand for the ADSs to fluctuate substantially, regardless of our
actual operating performance, which may limit or prevent investors from readily selling their ADSs and may otherwise negatively affect
the liquidity of the ADSs. Future market fluctuations may also materially adversely affect the market price of the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, following periods of volatility in the market price of a company&#8217;s securities, shareholders have often instituted securities
class action litigation against that company. Any such class action suit or other securities litigation would divert the attention of
our senior management, require us to incur significant expense and, whether or not adversely determined, could materially adversely affect
our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the price of
the ADSs and trading volume could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for the ADSs depends in part on the research and reports that securities or industry analysts publish about us or our
business. If few or no securities or industry analysts cover us, the trading price for the ADSs would be negatively impacted. If one
or more of the analysts who covers us downgrades the ADSs, publishes incorrect or unfavorable research about our business, ceases coverage
of our Company, or fails to publish reports on us regularly, demand for the ADSs could decrease, which could cause the price of the ADSs
or trading volume to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the voting power of our capital stock continues to be highly concentrated, it may prevent you and other minority shareholders from influencing
significant corporate decisions and may result in conflicts of interest.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
controls approximately 63.85% of the voting power of our outstanding common shares if all the common shares being offered are sold. As
a result, management has majority voting power over all matters requiring shareholder votes, including: the election of directors; mergers,
consolidations and acquisitions; the sale of all or substantially all of our assets and other decisions affecting our capital structure;
amendments to our certificate of incorporation or our bylaws; and our winding up and dissolution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
concentration of voting power may delay, deter or prevent acts that would be favored by our other shareholders. The interests of management
may not always coincide with our interests or the interests of our other shareholders. This concentration of voting power may also have
the effect of delaying, preventing or deterring a change in control of us. Also, management may seek to cause us to take courses of action
that, in their judgment, could enhance their investment in us, but which might involve risks to our other shareholders or adversely affect
us or our other shareholders. As a result, the market price of the ADSs could decline or holders of ADSs might not receive a premium
over then-current market price of their ADSs upon a change in control. In addition, this concentration of voting power may adversely
affect the trading price of the ADSs because investors may perceive disadvantages in owning ADSs in a company with significant holders
of common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the benefits of any proposed acquisition do not meet the expectations of investors, stockholders or financial analysts, the market price
of the ADSs may decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the benefits of any proposed acquisition do not meet the expectations of investors or securities analysts, the market price of our ADSs
prior to the closing of the proposed acquisition may decline. The market values of our ADSs at the time of the proposed acquisition may
vary significantly from their prices on the date the acquisition target was identified.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, broad market and industry factors may materially harm the market price of our ADSs irrespective of our operating performance.
The stock market in general has experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating
performance of the particular companies affected. The trading prices and valuations of these stocks, and of our ADSs, may not be predictable.
A loss of investor confidence in the market for retail stocks or the stocks of other companies which investors perceive to be similar
to us could depress our stock price regardless of our business, prospects, financial conditions or results of operations. A decline in
the market price of our ADSs also could adversely affect our ability to issue additional securities and our ability to obtain additional
financing in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
payment of future dividends on our common shares, if any, will be at the discretion of our board of directors and will depend on many
factors on which the board of directors may determine not to do so.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
payment of future dividends on our common shares, if any, will be at the discretion of our board of directors and will depend on, among
other things, our results of operations, cash requirements and surplus, financial condition, contractual restrictions and other factors
that our board of directors may deem relevant, including retaining future earnings, if any, for reinvestment in the development and expansion
of our business. Therefore, you may not receive any dividends on your ADSs for the foreseeable future, and the success of an investment
in the ADSs will depend upon any future appreciation in its value. Moreover, any ability to pay may be restricted by the terms of any
future credit agreement or any future debt or preferred equity securities of us or our subsidiaries. Consequently, investors may need
to sell all or part of their holdings of ADSs after price appreciation, which may never occur, as the only way to realize any future
gains on their investment. There is no guarantee that the ADSs will appreciate in value or even maintain the price at which our shareholders
have purchased the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sales
of a substantial number of common shares or ADSs in the public markets by our existing shareholders in the future could cause the price
of the ADSs to fall.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of a substantial number of common shares or ADSs in the public market in the future or the perception that these sales might occur, could
depress the market price of the ADSs and could impair our ability to raise capital through the sale of additional equity securities from
time to time. We are unable to predict the effect that any such sales may have on the prevailing market price of the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
future issuance of additional common shares in connection with our stock options, convertible bonds, acquisitions or otherwise may adversely
affect the market of the ADSs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had an aggregate of 48,787 common shares issuable upon exercise of outstanding stock options at a weighted average
exercise price of &#165;8,709 (US$62) per share. If and when these options are exercised for our common shares, the number of common
shares outstanding will increase. Such an increase in our outstanding securities, and any sales of such shares, could have a material
adverse effect on the market for the ADSs, and the market price of the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently plan to continue granting stock options and other incentives so that we can continue to secure talented personnel in the future.
Any common shares issued in connection with the exercise of outstanding stock options would dilute your ownership interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
right of holders of ADSs to participate in any future rights offerings may be limited, which may cause dilution to their holdings and
holders of ADSs may not receive cash dividends if it is impractical to make them available to them.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may, from time to time, distribute rights to our shareholders, including rights to acquire our securities. However, we cannot make any
such rights available to the holders of ADSs in the United States unless we register such rights and the securities to which such rights
relate under the Securities Act or an exemption from the registration requirements is available. In addition, the deposit agreement provides
that the depositary bank will not make rights available to holders of ADSs unless the distribution to such holders of both the rights
and any related securities are either registered under the Securities Act or exempted from registration under the Securities Act. We
are under no obligation to file a registration statement with respect to any such rights or securities or to endeavor to cause such a
registration statement to be declared effective. Moreover, we may not be able to establish an exemption from registration under the Securities
Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuance
of ADSs and surrender of ADSs for the purpose of withdrawal of shares may be suspended.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary may suspend the issuance of ADSs or the right to surrender ADSs for the purpose of withdrawal of shares from time to time
when our books or the books of the depositary are closed, or at any time if the depositary deems it advisable to do so.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may amend the deposit agreement without consent from holders of ADSs and, if such holders disagree with our amendments, their choices
will be limited to selling the ADSs or withdrawing the underlying common shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may agree with the depositary to amend the deposit agreement without consent from holders of ADSs. If an amendment increases fees, charges
or expenses to be charged to ADS holders or otherwise prejudices a substantial existing right of ADS holders, it will not become effective
until 30 days after the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, ADS holders are
considered, by continuing to hold their ADSs, to have agreed to the amendment and to be bound by the amended deposit agreement. If holders
of ADSs do not agree with an amendment to the deposit agreement, their choices will be limited to selling the ADSs or withdrawing the
underlying common shares. No assurance can be given that a sale of ADSs could be made at a price satisfactory to the holder in such circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Holders
of ADSs may not receive distributions on our common shares or any value for them if it is illegal or impractical to make them available
to such holders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary of ADSs has agreed to pay holders of ADSs the cash dividends or other distributions it or the custodian for the ADSs receives
on common shares or other deposited securities after deducting its fees and expenses. Holders of ADSs will receive these distributions
in proportion to the number of our common shares that such ADSs represent. However, the depositary is not responsible for making such
payments or distributions if it is unlawful or impractical to make a distribution available to any holders of ADSs. For example, it would
be unlawful to make a distribution to a holder of ADSs if it consists of securities that require registration under the Securities Act,
but that are not properly registered or distributed pursuant to an applicable exemption from registration. The depositary is not responsible
for making a cash distribution available to any holders of ADSs if any government approval or registration required for such distribution
cannot be obtained by the depositary at a reasonable cost and within a reasonable time. We have no obligation to take any other action
to permit distributions on our common shares to holders of ADSs. This means that holders of ADSs may not receive the distributions we
make on our common shares if it is illegal or impractical to make them available to such holders. These restrictions may materially reduce
the value of the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>ADS
holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable
outcomes to the plaintiff(s) in any such action.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
deposit agreement governing the ADSs representing our common shares provides that, to the fullest extent permitted by law, ADS holders
waive the right to a jury trial for any claim they may have against us or the depositary arising out of or relating to our common shares,
the ADSs, the ADRs, the deposit agreement, or any transaction contemplated therein or the breach thereof, which may include any claim
under the U.S. federal securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we or the depositary were to oppose a jury trial based on this waiver, the court would have to determine whether the waiver was enforceable
based on the facts and circumstances of the case in accordance with applicable state and federal law. To our knowledge, the enforceability
of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally
adjudicated by the United States Supreme Court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally
enforceable, including under the laws of the State of New York, which govern the deposit agreement, or by a federal or state court in
the City of New York, which has non-exclusive jurisdiction over matters arising under the deposit agreement. In determining whether to
enforce a contractual pre-dispute jury trial waiver, courts will generally consider whether a party knowingly, intelligently and voluntarily
waived the right to a jury trial. We believe that this would be the case with respect to the deposit agreement and the ADSs. It is advisable
that you consult legal counsel regarding the jury waiver provision before investing in the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any owner or holder of ADSs, including purchasers of ADSs in secondary market transactions, brings a claim against us or the depositary
in connection with matters arising under the deposit agreement or the ADSs, including claims under U.S. federal securities laws, such
owner or holder may incur increased costs of bringing a claim and may not be entitled to a jury trial with respect to such claims, which
may have the effect of limiting and discouraging lawsuits against us or the depositary. If a lawsuit is brought against us or the depositary
under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according
to different civil procedures and may result in different outcomes than a trial by jury would have, including outcomes that could be
less favorable to the plaintiff(s) in any such action. Nevertheless, if this jury trial waiver is not permitted by applicable law, an
action could proceed under the terms of the deposit agreement with a jury trial. No condition, stipulation or provision of the deposit
agreement or the ADSs serves as a waiver by any holder or beneficial owner of ADSs (including purchasers of our ADSs in the secondary
market) or by us or the depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and
regulations promulgated thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xc_006"></span>ITEM
4. INFORMATION ON THE COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History
    and Development of the Company</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Technologies Co., Ltd. was founded in Japan on March 3, 2009. The subsidiaries of SYLA Technologies include SYLA Co., Ltd. (100% owned),
SYLA Solar Co., Ltd. (formerly known as Nihon Taiyoko Hatsuden Co., Ltd.) (100% owned), SYLA Brain Co., Ltd. (formerly known as DEVEL
Co., Ltd.) (67% owned), and SYLA Biotech Co., Ltd. (formerly known as RE100.com Co., Ltd.) (100% owned, since on December 15, 2023 SYLA
Technologies Co. Ltd. acquired the outstanding 40% from a private shareholder). Our agent for service of process in the United States
is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor, New York, NY 10168. Our principal place of business is located on
the 7th floor of Ebisu Prime Square, 1-1-39 Hiroo, Shibuya-ku, Tokyo, Japan, and our telephone number is +81345600650. Our website is
https://syla-tech.jp/. Information on our website or accessible via our website is not reflected in this annual report and is not part
of this annual report. Any information on our website should not be considered part of this annual report. The address of our website
is included in this annual report for informational purposes only. We operate pursuant to the Companies Act. See &#8220;Item 5. Operating
and Financial Review and Prospects,&#8221; and &#8220;Item 7. Major Shareholders and Related Party Transactions-B. Related Party Transactions
for a detailed discussion of our capital expenditures and divestitures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2023, the Company entered into an Underwriting Agreement (the &#8220;Underwriting Agreement&#8221;) with Boustead Securities,
LLC as the representative (&#8220;Representative&#8221;) of the underwriters, relating to the Company&#8217;s firm commitment underwritten
initial public offering (the &#8220;Offering&#8221;) of American Depositary Shares (the &#8220;ADSs&#8221;), each 100 ADSs represent
one common share, no par value, of the Company. Pursuant to the Underwriting Agreement, the Company agreed to sell 1,875,000 ADSs to
the underwriters at a public offering price of $8.00 per ADS (the &#8220;Offering Price&#8221;), On April 4, 2023, the Company closed
the Offering of the 1,875,000 ADSs at a price to the public of $8.00 per ADS, for total gross proceeds of $15,000,000. After deducting
the underwriting commissions, discounts, and offering expenses payable by the Company, the Company received net proceeds of approximately
$13.6 million. The Company intends to use the net proceeds of the offering for working capital and general corporate purposes, which
may include investments, acquisitions, or strategic collaborations to expand its customer base, as well as the development and marketing
of new services. The ADSs began trading on the Nasdaq Capital Market on March 31, 2023, under the symbol &#8220;SYT.&#8221; The Company
rang the Nasdaq opening bell on April 10, 2023. Boustead Securities, LLC acted as the managing underwriter and bookrunner for the Offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC maintains an internet site (http://www.sec.gov), which contains reports, information we are required to provide to our shareholders
or otherwise make public under our home country laws, and other information regarding us that file electronically with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
    Overview</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
primary mission is to democratize real estate investment around the world and we aim to enrich the 100-year life era with technology
and asset management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are engaged in four primary businesses:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 68%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Main
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mainly
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, the Company reported revenues of &#165;22,743,410 thousand (US$161,392 thousand),
&#165;22,055,785 thousand and &#165;16,665,382 thousand, respectively, net income from continuing operations of &#165;749,361 thousand
(US$5,318 thousand), &#165;310,761 thousand and &#165;278,688 thousand, respectively, and net cash used in or provided by operating
activities from continuing operations to be &#165;6,338,698 thousand (US$44,981 thousand), &#165;3,401,712 thousand and &#165;25,098 thousand, respectively. As stated
in the consolidated financial statements, as of December 31, 2023, the Company had retained earnings of &#165;3,413,644 thousand (US$24,224
thousand). During the year ended December 31, 2023, the Company generated revenues from sales of real estate, sales of land, rental services,
real estate management services, sales of solar power plants, solar power plants operation and maintenance services, sales of electricity,
sales of containers and container operation and management services. The Company started real estate
crowdfunding business in June 2021 and generated minimal revenues from real estate crowdfunding for the years ended December 31, 2023
and 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Strategy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
estate financing by banks in Japan is in a rigid state, with loans heavily weighted toward real estate in certain urban areas.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, while some popular cities have experienced localized price increases, we believe that there are many properties in regional
cities that have been unfairly undervalued due to a lack of bank financing. In order to solve this problem, our real estate crowdfunding
service Rimawari-kun plays a role as an indirect financial tool.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, online transactions in the banking and brokerage industries were 66% and 50%, respectively, of the transactions in the respective
industries. On May 16, 2022, the law in Japan was amended to allow real estate transactions to be conducted online. Seizing this opportunity,
our mission is to increase convenience and transparency in real estate online transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="13" style="text-align: justify">Sales by services</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Service</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td>&#160;</td></tr>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">19,567,216</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">19,649,505</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">15,250,878</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,902,598</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,630,298</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,414,504</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">775,982</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">392,051</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">22,055,785</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    name by services</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Group
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
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    <td>&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renewable
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    <td>&#160;</td>
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  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span><b>Refer
to 2021 figures from the Japan Securities Dealers Association&#8217;s &#8220;National Survey on Securities Investment (Summary of Survey
Results)&#8221; (2021).</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
real estate investment is an attractive method of asset management in Japan, numerous significant issues remain unresolved. First, a
major difference compared with the U.S. is that detailed information such as price and distribution channels are not recorded in the
registration information after sale and there is less transparency of information for individuals. Furthermore, the real estate transaction
platform designated by the Minister of Land, Infrastructure, Transport and Tourism for corporate clients is accessible only by real estate
companies due to legal restrictions, resulting in information asymmetry between real estate companies and individuals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to address these issues, we will continue to take on the challenge as a property-technology (&#8220;prop-tech&#8221;) company in
Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate platforms aimed at improving centralized real estate transactions (which have traditionally been left to major real estate companies
and financial institutions) by making real estate information transparent, reducing asymmetry, and enabling diverse financing through
online indirect financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has taken the following measures seeking to incentivize people to move money from their bank accounts into investments: (i) offering
a minimum investment as low as &#165;10,000 (approximately US$70.96), (ii) providing what it believes to be a user-friendly online platform
to invest on, and (iii) offering the ability to generate returns on their investments while offering investments in socially responsible
causes related to (a) clean energy (such as construction of solar power plants and apartments utilizing solar energy), (b) the elderly
(such as construction of apartments with aging-in-place renovations to permit elderly to live independently), (c) animals (such as construction
of pet-friendly apartments that allows multiple pets to be kept to reduce the number of animals ending up in shelters and euthanized),
and (d) other local corporate initiatives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the Japanese government taking the lead in promoting asset management as part of its national policy, our Company has been using crowdfunding,
in which investors can invest as little as &#165;10,000 (approximately US$70.96) in a real estate investment among a portfolio of real
estate investment opportunities offered on our crowdfunding platform. This minimum investment amount is low enough to attract a wide
range of potential customers to the Company&#8217;s platform, from all ages from 18 years old and up. The Company has already seen a
steady increase in the number of customers who have participated in crowdfunding to purchase condominiums on our platform. Specifically,
from December 31, 2022 to December 31, 2023, the registered members on our platform have increased from 237,000 to 279,000. We will continue
to increase asset management opportunities by offering a variety of products on our platform while increasing the number of members by
utilizing our unique marketing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
of our Businesses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real
Estate Development and Sales Business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
estate development and sales business, primarily conducted by SYLA Co., Ltd., provides a one-stop service for the development, construction,
and sale of investment apartments for the purpose of asset management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
development of investment apartments is facilitated by our own information sourcing abilities, the wide network of real estate brokers
affiliated with our Group (2020: 4,388 people, 2021: 5,656 people, up 28.9% year-over-year, 2023: 7,383 people (as of December 31, 2023)),
in addition to our expertise and extensive experience in property development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aiming
to develop highly profitable real estate, we are developing real estate in the 23 wards of Tokyo and the central areas of Yokohama and
Kawasaki as our target areas. Among such real estate development, we are developing our own brand of condominiums entitled &#8220;SYFORME&#8221;
within a 10-minute walk of train stations in such wards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our strength is our ability to transform land and make it more valuable&#8212;we purchase land for which the asset value
is low, control rights in the surrounding area, and make full use of our skills and experience in construction. Furthermore, while many
real estate development companies typically outsource the construction of apartments on purchased land to third-party construction firms,
we handle the planning, design, and construction in-house. This allows us to reduce construction costs and serves as one of our key competitive
strengths.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rimawari-kun
Real Estate Crowdfunding Business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
real estate crowdfunding platform Rimawari-kun is engaged in a business centering on the real estate investment in order to provide a
wide range of investment products to individual investors, provide indirect financial functions to real estate venture companies, and
simplify and make transparent the online real estate investment process.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
real estate crowdfunding platform Rimawari-kun was launched in June 2021. This service allows customers to invest as little as &#165;10,000
(approximately US$70.96) in a real estate investment among a portfolio of real estate investment opportunities offered on our crowdfunding
platform and perform all investment-related procedures online. This process lowers the barriers to entry experienced by individual investors,
including requirements for large amounts of capital as well as lengthy and tedious borrowing procedures. The platform can also be used
to finance capital expenditures and real estate development through the use of real estate, which has been a challenge for many businesses.
Free registration is required to use the crowdfunding service, and all information will be available once registration is complete.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
concept of the platform is &#8220;contributing to society, revitalizing local communities, and supporting individuals in pursuing their
dreams and challenges,&#8221; and appeals to the empathy of individual investors interested in Environment, Social and Governance (&#8220;ESG&#8221;)
investment. The platform aims to promote investment in real estate that may have been passed over for investment in the past, and achieve
both economic and social returns. We have developed a wide range of investment products, from single residences to commercial buildings,
factories, and lodging facilities, and created a platform that allows any of our registered users to access the real estate investment
market, which has traditionally been very difficult for individuals to gain entry. There is no fee to become a registered user, although
registration as a user is required in order to use our products and services. As a result, we have over 270,000 registered members as
of December 31, 2023. According to a market survey titled Investigation to Prove and Verify No. 1 Market Share of the Japanese Real Estate
Crowdfunding Industry in June 2023 conducted by Japan Marketing Research Organization (which we engaged for a fee in the amount of &#165;1,900
thousand (approximately US$13 thousand) to conduct such survey), we have the largest membership among real estate crowdfunding services
in Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
largest real estate crowdfunding platform in the U.S., <i>FUNDRISE</i>, has 385 thousand members, according to its website as of
April 17, 2024. As of the end of December 2023, the real estate fundraising amount was &#165;5,071,800 thousand (approximately
US$35,991 thousand) and the platform had 279,029 members, up 42,025 and 17.7% year-on-year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset
Management Business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
asset management business focuses on rental income from real estate owned by the Company, as well as lease management, building management,
and operation and maintenance of solar power plant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Apartment
management</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
apartment management business provides apartment management services for properties managed by the Rimawari-kun Business, properties
owned by us, and properties leased under subleases. We currently manage approximately 3,328 units as of the end of December 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 301.5pt; width: 6in"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have introduced an application exclusively for tenants and owners. The application&#8217;s chat function and notification functions allow
for speedy communication. In addition, various kinds of attachments and images can be exchanged. All applications are also accepted online.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rooms are Internet of Things (&#8220;IoT&#8221;)-enabled, and many home appliances can be operated with a smartphone. In addition, a
dedicated application allows access to various services provided by partner companies, such as water servers, car rentals, restaurants,
and esthetic clinics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Building
maintenance and management</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
building maintenance and management business provides building maintenance and management services commissioned by the Rimawari-kun Business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to building maintenance and management, we also hold a construction business license, which enables us to receive orders for
large-scale repair and maintenance work, and allows us to reduce costs compared with outsourcing to other companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
apartment management and building maintenance and management, the number of units under management has reached 3,328 units as of December
31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rental
income from owned properties</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="5" style="font-weight: bold; text-align: justify">Assets held by the Company during the year ended December 31, 2023*</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">(Unit: thousand yen (&#165;))</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="padding-bottom: 1.5pt"/><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">5,527,177</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">380,536</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Residence</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">338,459</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Total</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,619,606</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">718,995</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>*</b>excludes
rental income of &#165;417,526 thousand (US$2,963 thousand) in the year ended December 31, 2023 from properties subleased by the Company
at a premium over the Company&#8217;s lease payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 413.25pt; width: 424.5pt"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Renewable
Energy Business - Solar Power Generation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a solar power generation business, we provide a one-stop service from land purchase to design, construction, operation, and maintenance
of solar power plants. Our solar power plant developments include low-voltage, high-voltage, roof-top, and agricultural combined-use,
and we are ready to design, construct, operate, and maintain all our power plants in-house. Power plants are sold to companies and individual
investors who purchase them as investment products. Buyers of power generated by the solar power plants include companies operating large-scale
manufacturing plants. Japan&#8217;s national policy is to increase the current ratio of renewable energy from 18% to 36% by 2030 (October
2021, Ministry of Economy, Trade and Industry Outline of Strategic Energy Plan, https://www.enecho.meti.go.jp/en/category/others/basic_plan/pdf/6th_outline.pdf).
The information contained in, or that can be accessed through the foregoing website is not incorporated by reference into, and is not
a part of, this Annual Report on Form 20-F. We have included this website address solely for informational purposes. Longer term, the
country has also announced its 2050 Carbon Neutral Declaration policy, the goal of which is to achieve a net zero carbon emission by
2050 by increasing the use of renewable energy, and the renewable energy market is expected to continue to grow. We will continue to
expand the purchase of land for solar power plants and accelerate the sale and marketing of power plants to investors and electricity
consumers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of solar power generation units sold in FY12/2023 was 21 units, and SYLA Solar&#8217;s sales were 916,089 thousand yen (approximately
US$6,501 thousand).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recently
Discontinued Businesses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no recently discontinued businesses to note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry
Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
prop-tech industry, of which we are a part, is affected by trends in the real estate transaction market due to changes in the economy,
interest rate levels, land price levels, and other factors. Therefore, trends in the real estate transaction market may affect buyers&#8217;
willingness to invest in real estate, which in turn may affect our business performance and financial position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past two decades, household financial assets have increased about 1.5 times in Japan and 3.3 times in the U.S., a gap of about two
times. The ratio of cash and deposits to total household financial assets is 54.2% in Japan and 13.7% in the U.S. This indicates that
Japanese households have strong trust in cash and deposits, while U.S. households have a high level of trust in investments. (*From the
Financial Services Agency&#8217;s &#8220;Financial Report for the Fiscal Year Ended March 31, 2016&#8221; (2017))</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real
Estate Development Industry</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the real estate development industry, the number of new housing starts in FY2023 was 819,623 units, a 4.6% decrease from the previous
year (according to the Ministry of Land, Infrastructure, Transport and Tourism, Policy Bureau, Construction Economics Statistics and
Research Office, Building Construction Starts Statistics Survey Report 2023 total). In December 2021, the Ministry of Land, Infrastructure,
Transport and Tourism (MLIT) reviewed its Environmental Action Plan, which includes securing ZEH and ZEB standards for new buildings,
and it is expected that future new buildings will be required to be built in consideration of the environment, including ZEH and ZEB
standards (Ministry of Land, Infrastructure, Transport and Tourism Policy Bureau, Environmental Action Environmental Action Plan (December
27, 2021)).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Building Lots and Buildings Transaction Business Act was revised on May 18, 2022, allowing for the digitization of important
item descriptions and other documents required for real estate transactions such as leasing and buying and selling and making it possible
to perform real estate transactions online.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real
Estate Crowdfunding Industry</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
there are many entrants in the two domains of &#8220;Asset Management&#8221; and &#8220;Technology Application,&#8221; both of which
are expected to expand due to the government&#8217;s support, the potential remains very high in terms of market growth. Therefore,
we believe that there is great potential for real estate crowdfunding on the real estate crowdfunding platform Rimawari-kun. The
global real estate crowdfunding market is expected to reach US$2,724.7 billion by the end of 2036, growing at a CAGR of 50.1% during
the forecast period of 2024-2036. The industry size of the real estate crowdfunding market in 2023 is over US$21.0 billion. The
major factors expected to propel the market growth during the forecast period are the global industrialization driving commercial
real estate activities and favorable regulations for real estate crowdfunding in several countries across the world.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Japanese real estate crowdfunding market is growing at a significant pace driven by massive construction activity in the country, contributing
more than 5.5% of Japan&#8217;s GDP in 2021. In Japan, crowdfunding requires the use of internet channels to collect small donations
from many people. Generating sales from their products, services, and creative initiatives has become a common strategy for Japanese
companies, both startups and established firms, leveraging a healthy market, cooperative local communities, and favorable regulatory
conditions. As of December 31, 2023, the Japanese crowdfunding industry had a transaction value of approximately US$170 million. The
average amount of funds raised per campaign in 2023 is expected to increase significantly, reaching US$45,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Global
Real Estate Crowdfunding Market Research, Size, Share and Forecast 2036 (researchnester.com).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Solar
Power Industry</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZEH
is an abbreviation for <i>net Zero Energy House</i>, meaning &#8220;a house with an energy balance of zero or less.&#8221; ZEB stands
for net Zero Energy Building, meaning &#8220;a building with an energy balance of zero or less.&#8221; In other words, the amount of
energy consumed per year is effectively reduced to zero or less by balancing the energy used in the home with the energy generated by
solar power generation and other means.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the solar power generation industry, of which SYLA Solar is a part, the introduction of solar power generation facilities increased significantly
with the start of the FIT (Feed-in Tariff) scheme in July 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to increase the ratio of renewable energy installations from solar power generation, the FIP system for renewable energy was launched
on April 1, 2022. The new FIP system is designed to encourage the integration of renewable energy into the variable electricity market
while providing public subsidies to encourage renewable energy producers. It also aims to reduce the burden on consumers through this
process. It is likely that carbon neutrality will become mandatory for many countries and companies in the future, and the development
and supply of electricity to companies that have committed to RE100 (Renewable Energy 100%) and to power plants is expected to expand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total amount of electricity generated from renewable energy sources, mainly solar power, has been increasing year by year, reaching 8,196
thousand kW at the end of FY2020, equivalent to 53% of the FY2030 target (15,405 thousand kW) of the 6th Basic Energy Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the competitive advantage of renewable energy power is increasing due to the soaring electricity prices caused by the weak
yen and high raw material prices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the growing need for renewable electricity on the demand side, power generation projects for the supply of renewable electricity are
expanding, and PPAs via electricity retailers are spreading as a new means of procuring renewable electricity to meet the needs of individual
customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ministry of Economy, Trade and Industry is promoting these efforts by providing subsidies for non-FIT/FIP customer-driven off-site PPAs
(a total of approximately 326 thousand kW* of projects were adopted in the FY2021 supplementary budget, FY2022 initial and supplementary
budgets, and FY 2023 initial budget).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real
Estate Management Industry</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the real estate management industry, of which the asset management business (property management) is a part, innovative approaches and
strategies are required to respond flexibly to changing market conditions and ensure sustainable profitability, and the following trends
are expected:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Leveraging technology: Advances in digital technology and IoT will streamline real estate operations and management. Data analysis and
artificial intelligence are expected to be used to optimize rental income and improve maintenance efficiency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Sustainability initiatives: Eco-friendly buildings and renewable energy will become more important as environmentally conscious real
estate investments are sought.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Globalization: Investments in overseas real estate and portfolios in different regions are expected to increase.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
Changing lifestyles: It will be important to develop and manage real estate to meet new demands, such as work vacations and co-working
spaces.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meanwhile,
in the building maintenance and management business, we believe that it is important to flexibly adapt to changing needs and technologies
and provide high-quality services. We believe that proactively incorporating the use of technology and sustainability initiatives will
help maintain competitiveness and improve customer satisfaction, including with respect to the following initiatives:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Smart technology implementation: Smart building management will advance through the use of IoT and sensor technology. Remote monitoring
and automated systems will enable efficient facility management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Green building promotion: Environmentally friendly buildings and renewable energy will be highly valued. Sustainability-conscious facility
management will be required, for instance, improving energy efficiency and reducing waste.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Importance of preventive maintenance: Regular inspection and maintenance of building equipment and structures will be important. Preventive
maintenance can avert breakdowns and problems before they occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
Improvement of tenant experience: Provide services and communication tailored to the needs and desires of the tenants. Tenant satisfaction
is required to be enhanced by providing a comfortable and safe environment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Products and Services</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Apartment
Building Development and Management</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the real estate development business, we position &#8220;create the real estate we want&#8221; as our philosophy and sell apartments
under the original brand &#8220;SYFORME&#8221; based on this philosophy. Apartments in the SYFORME series are designed with the customer&#8217;s
lifestyle in mind and are intended to be beautiful and comfortable to live in. The exterior design is a universal design that is not
influenced by trends, with a concrete, glass, stainless steel, and wood-grained exterior. The interior planning incorporates the opinions
of the rental management department, and we have created color schemes and layouts that make it easy to place furniture in any position.
In addition, the rooms are IoT-enabled, with many of the home appliances capable of being controlled via smartphone. In addition, a dedicated
app is provided to customers, allowing them to use chat and notification functions and view rent payment statements, as well as various
services provided by partner companies, such as water servers, car rental, restaurants, and esthetic clinics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, SYFORME series apartments boast an occupancy rate of over 99% throughout the year with the support of many customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we have received awards from the National Housing Industry Association three times in the past for our excellent business projects
in recognition of its manufacturing efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_003.jpg" alt="" style="height: 242.25pt; width: 6in"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real
Estate Crowdfunding Service</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
real estate crowdfunding service on the Rimawari-kun platform allows members to invest as little as &#165;10,000 (approximately US$70.96)
in a real estate investment among a portfolio of real estate investment opportunities offered on our crowdfunding platform and earn a
scheduled yield, based on the concept of &#8220;contributing to society, revitalizing local communities, and supporting individuals in
pursuing their dreams and challenges.&#8221; Everything from member registration to investment execution can be completed online. In
addition, in order to manage clients&#8217; assets in a sustainable, safe, and secure manner, we carefully select and screen all properties
to be exhibited, and the entire process from property management to sale can be entrusted to us, a professional real estate firm. This
allows investors to invest in and manage real estate without the need for time and advanced knowledge.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Solar
Power Plant Development and Maintenance</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Solar sells solar power plants (including ground mounted solar installations) and roof-mounted solar power generation equipment. We procure
materials from major domestic and overseas panel and power conditioner manufacturers and provide design, construction, and maintenance
services for solar power plants that meet the standards designated by the Ministry of Economy, Trade and Industry. In addition, the Chubu
region, where we are developing our business, has the highest power generation output in Japan under the climatic conditions, so the
revenues from electricity sales tend to be higher than in other regions. In terms of maintenance, we not only inspect and repair power
plants but also remotely monitor mowing, weeding, and other tasks that affect power generation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration
of Customers and Suppliers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Customers</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is the nature of our business that a high concentration of our revenue is in the real estate division and therefore when we sell buildings
and condominiums that we construct there is a tendency to have large customers who acquire such properties. Accordingly, in each year
there may be a small number of customer purchasers from whom we generate our revenue. These customers may not be repeat customers and
in each year it may be different single purchaser or small number of purchasers from which we generate a large percentage of our revenues.
We rely on these purchasers and there is a risk that these purchasers may be unable to make payment under their obligations to us thereby
affecting our revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2023, MOTOMACHI-CHUKAGAI PJ (total units: 95), TABATA PJ (total units: 51), and OJI II PJ (total units: 43) were constructed and sold
to a private fund managed by BlackRock&#8217;s Real Estate Division. The purchase price for each property is a lump-sum payment at the
time of property delivery. We had entered into an agreement on business collaboration with a private fund managed by BlackRock&#8217;s
Real Estate Division. In the Meguro PJ, land (651.72m<sup>2</sup>) was sold to ES-CON Japan, and the purchase price is a lump-sum payment
at the time of property delivery. There are no long-term contracts or arrangements. Sales of the four properties accounted for 39.68%
of total sales for 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
payment issues encountered by these large customers would likely harm our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Suppliers</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
we have relied to a material extent on certain suppliers. Although the Company has over 100 suppliers, certain suppliers are consistently
supplying over 10% of the Company&#8217;s total construction costs per year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our real estate business, we resell buildings and land that have been constructed and developed by general contractors, general
real estate companies or developers to third parties. In the case where we own the land, we engage a general contractor, general real
estate company or developer to construct and develop the building or land and we make progress payments towards the construction and
development of the building or land. In the case where we do not own the land (but rather the general contractor, general real estate
company or developer owns the land), we purchase the constructed building with the land or developed land from the general contractor,
general real estate company or developer upon completion. In Japan, we consider the general contractor, general real estate company or
developer in these types of arrangements to be that of a supplier of buildings and land. Of the several general contractors contracted
to build condominiums under this type of supply arrangement, about 30% of the contracts in 2023 were with Shin-Ei Kogyo Co., Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2023, Shin-Ei Kogyo Co., Ltd. accounted for 29.98%, Fuetsu Construction Corp. for 21.80%, MUGISHIMA GENERAL CONTRACTOR for 11.39%, Misakigumi
Co., Ltd. for 8.22%, and in-house construction for 7.68%, respectively, of our total construction costs. Payment was made by the Company within three months
after completion of construction. Subsequently, we resold the condominium to the client. We have no long-term contract or arrangement
with the above general contractors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we should encounter delays or difficulties in obtaining the building or land in these supply arrangements, our business related to these
supplies and our financial condition, results of operations and reputation could be adversely affected. In recent years, construction
costs, including construction materials and transportation labor costs, have been rising, and this has become a problem for the Japanese
construction industry as a whole. We have been partially affected by this trend.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real
Estate Sales</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
our real estate development and sales business, in order to attract an even wider range of customers, we conduct marketing sales through
inquiries from Rimawari-kun, marketing sales mainly to Rimawari-kun members, and referral sales through referrals from customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
marketing sales, we sell to Rimawari-kun members, and since advertising costs as little as &#165;1,000,000 (approximately US$7,096) per
month for apartment sales, we have extremely efficient marketing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
referral sales, we strive to improve customer satisfaction through Rimawari-kun and conclude partner agreements between us and clients,
whereby our affiliated partners introduce our services to new clients. Alongside marketing sales and referral sales, in addition to our
original brand SYFORME focusing on customers ranging from the semi-affluent bracket, middle class bracket, and lower-class bracket (brackets
defined below under &#8220;&#8211; Customers&#8221;), we will continue to offer only real estate with an asset quality that has been
objectively and highly evaluated under the scoring system of Rimawari-kun AI. As a result, as of December 31, 2023, we had 1,498 apartment
customers, and 3,328 units under management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rimawari-kun</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_004.jpg" alt="" style="height: 243pt; width: 6in"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
unique marketing initiatives include AI-based marketing by tier of financial asset holdings. In addition, we entered into a capital and
business alliance with Rakuten Group, Inc. in December 2021, and we are the exclusive provider in the real estate industry of data marketing
utilizing purchasing behavior to Rakuten members, which number over 100 million. As of December 31, 2023, 25,711 of the 279,029 members
were derived from the marketing program associated with Rakuten Group, Inc. Furthermore, we offer special incentives for influencers
and affiliates, and we provide close communication and hold many events to encourage outside marketers to recommend Rimawari-kun. We
believe that one of our strengths is that we provide unparalleled content through our network of various celebrities, creating a fan
community that is comfortable recommending the Rimawari-kun platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, as of December 31, 2023, our real estate crowdfunding platform membership reached 279,029. According to a market survey titled
Investigation to Prove and Verify No. 1 Market Share of the Japanese Real Estate Crowdfunding Industry in July 2023 conducted by Japan
Marketing Research Organization (which we engaged for a fee in the amount of &#165;1,900 thousand (approximately US$13 thousand) to conduct
such survey), we have the largest membership among real estate crowdfunding services in Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Solar
Power Plants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
low-voltage solar power plants handled by SYLA Solar are sold as investment products primarily to customers in the semi-affluent, middle
class, and lower-class brackets (brackets defined below under &#8220;&#8211; Customers&#8221;). *</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Customers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Customer
Brackets</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
customers that we serve are divided into five financial brackets based on the value of their financial asset holdings:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Super-affluent
                                            bracket&#8221; refers to individuals with financial asset holdings with a value of &#165;500,000
                                            thousand (US$3,548 thousand) or more.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Affluent
                                            bracket&#8221; refers to individuals with financial asset holdings with a value between &#165;100,000
                                            thousand (US$710 thousand) and &#165;500,000 thousand (US$3,548 thousand) or more.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Semi-affluent
                                            bracket&#8221; refers to individuals with financial asset holdings with a value between &#165;50,000
                                            thousand (US$355 thousand) and &#165;100,000 (US$710 thousand).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Middle
                                            class bracket&#8221; refers to individuals with financial asset holdings with a value between
                                            &#165;30,000 thousand (US$213 thousand) and &#165;50,000 thousand (US$355 thousand).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Lower
                                            class bracket&#8221; refers to individuals with financial asset holdings with a value lower
                                            than &#165;30,000 thousand (US$213 thousand)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 243.75pt; width: 6in"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Real
Estate Investment by Individual Investors</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
real estate development and sales customers are mainly semi affluent bracket and middle class bracket individual investors who are building
assets through real estate investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Crowdfunding</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
real estate crowdfunding customer base for the Rimawari-kun platform has more than 237,000 registered members who can invest for as little
as &#165;10,000 (approximately US$70.96) in a real estate investment among a portfolio of real estate investment opportunities offered
on the platform. The main customers are mainly people belonging to the lower-class bracket aged 20s-40s who benefit from the speedy online
contracting process.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Solar
Power Plants</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the majority of SYLA Solar&#8217;s clients are individuals, we plan to expand to corporate clients on the Rimawari-kun platform and cultivate
new clients throughout Japan through referrals from existing clients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
revenue-generating real estate market, of which we are a part, has a large number of competitors, ranging from major companies to new
entrants. In particular, the real estate crowdfunding industry is crowded with competitors, including many leading listed companies such
as Owner&#8217;s Book, Creal, and Rimple.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amidst
this environment, Rimawari-kun has surpassed 279,000 registered members. According to a market survey titled Investigation to Prove and
Verify No. 1 Market Share of the Japanese Real Estate Crowdfunding Industry in July 2023 conducted by Japan Marketing Research Organization
(which we engaged for a fee in the amount of &#165;1,900 thousand (approximately US$13 thousand) to conduct such survey), we have the
largest membership among real estate crowdfunding services in Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a growing customer base in addition to the diverse marketing methods and products tailored to various customer brackets. Furthermore,
we believe that we differentiate ourselves from our competitors by providing data-driven services that utilize AI.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are working to operate platforms that improve upon centralized real estate transactions previously left to real estate companies and
banks by making real estate information transparent online and providing diverse financing through indirect financial functions. We intend
to continue differentiating ourselves from other companies by improving the functionality of Rimawari-kun and other features.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Competitive Strengths</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that there are three major sources of our competitiveness: first, the use of AI and technology to bring the business processes
of companies online; second, the fusion of real and technology professionals; and third, a variety of marketing methods and content development
capabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an expert in AI and technology, SYLA Brain Co., Ltd.&#8217;s founder and Chief AI Officer, Tianqi Li, has developed a highly accurate
AI system, which is a competitive advantage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rimawari-kun
AI developed by SYLA Brain is based on a proprietary algorithm and has been recognized as the &#8220;most accurate price estimation model&#8221;
by the Japanese Society for Artificial Intelligence 2020 and MIPR 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
other AI services provided by SYLA Brain will be used to strengthen the business of each of our businesses and are not expected to be
directly affected by industry and market trends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rimawari-kun
facilitates the entry of individual investors into the real estate investment market with a minimum investment amount of &#165;10,000
(approximately US$70.96) per unit, and its system, which allows all processes from membership registration to completion to be performed
online, is promoting the online management of real estate investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have in-house system development capabilities, with our engineering team accounting for 11% of our total staff, in order to create and
offer new services, customer needs, in a speedy manner. In addition, with the expertise of professional staff from various real estate
businesses and the know-how of other companies that have participated in the Rimawari-kun concept, we offer a wide range of products
for various asset types, including residences, detached houses, commercial buildings, lodging facilities, factories, and others. The
service also provides investors with an easy and enjoyable way to take the first step toward asset management through the projects of
familiar and well-known personalities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
product design centered on the development of such content has allowed Rimawari-kun to appeal to a wide range of members and has led
to the stabilization of a growing customer base. In addition, the number of platform participants is consistently increasing, taking
advantage of our large market share in Japan, and we believe the stable supply of products is leading to an excellent reputation among
customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
mentioned above, our exclusive marketing initiatives through our capital and business alliance with Rakuten Group, as well as our unique
marketing initiatives and content development capabilities for the purpose of utilizing points, are the foundation of our large market
share in Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
by planning and developing products that go beyond real estate investment products, such as solar power plants, we are capable of further
broadening our customer base.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
our commercial and residential real estate construction is dependent on loans from financial institutions. We believe that there are
more than 40 financial institutions from which we can borrow, so we are not dependent solely on a unique financial institution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on subcontractors to perform 85% of the construction of our commercial and residential properties and to select and obtain raw materials.
In addition, orders are distributed among multiple companies so as not to rely on a specific subcontractor. Also, there are more than
140 contractors commissioning construction work, so there is no dependence on a specific contractor. The following general contractors
accounted for more than 10% of our construction projects (which we intend to own or resale) during 2023: Shin-Ei Kogyo Co., Ltd. accounted
for 29.98%, Fuetsu Construction Corp. for 21.80%, Mugishima Construction Co., Ltd. for 11.39%, respectively, of our 2023 construction
projects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to various risks as a result of such reliance on these subcontractors and their suppliers, including the possibility of defects
in our commercial and residential properties due to improper workmanship or materials used by such parties, which may require us to comply
with our warranty obligations and/or bring a claim under an insurance policy. The subcontractors we rely on to perform the actual construction
of our commercial and residential properties are also subject to a significant and evolving number of local and national governments,
including laws involving matters that are not within our control. If these subcontractors who construct our commercial and residential
properties fail to comply with all applicable laws, we can suffer reputational damage and may be exposed to liability. Subcontractors
are independent of the commercial and residential property builders that contract with them under normal management practices and the
terms of trade contracts and subcontracts within the commercial and residential property building industry. We do not have the ability
to control what these independent subcontractors pay to or the work rules they impose on their employees. However, various federal and
local governmental agencies have sought, and may in the future seek, to hold contracting parties like us responsible for our subcontractors&#8217;
violations of wage and hour laws, or workers&#8217; compensation, collective bargaining and/or other employment-related obligations related
to subcontractors&#8217; workforces. Governmental agency determinations or attempts by others to make us responsible for our subcontractors&#8217;
labor practices or obligations, whether under &#8220;joint employer&#8221; theories, specific prefecture laws or regulations, or otherwise,
could create substantial adverse exposure for us in situations that are not within our control and could be material to our business,
financial condition and results of operations. We can also suffer damage to our reputation, and may be exposed to possible liability,
if subcontractors fail to comply with applicable laws, including laws involving actions or matters that are not within our control. However,
regardless of the steps we take after we learn of practices that do not comply with applicable laws, rules or regulations, we can in
some instances be subject to fines or other governmental penalties, and our reputation can be injured, due to the practices having taken
place.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Growth Strategy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_006.jpg" alt="" style="height: 275.25pt; width: 475.5pt"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
aim to become a leading prop-tech company in Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Japanese revenue-generating real estate market, of which we are a part, is a market estimated to be worth &#165;289,500,000 million (approximately
US$2,054,357 million) and is expected to continue to expand significantly. (Source: Value Management Institute, Inc., July 18, 2023,
&#8220;Real Estate Investment Market Size in Japan (2023)&#8221;, kibo2023.pdf (vmi.co.jp))</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in May 2022, the law was amended to allow real estate transactions to be conducted online. In Japan, 66% of banking transactions
and 50% of brokerage transactions, respectively, are conducted online. Our mission is to protect our customers and increase convenience
and transparency in real estate online transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_007.jpg" alt="" style="height: 3in; width: 6in"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*<b>See
figures for 2021 from MyBoscom&#8217;s &#8220;Survey on Internet Banking&#8221; (2021).</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Refer
to 2021 figures from the Japan Securities Dealers Association&#8217;s &#8220;National Survey on Securities Investment (Summary of Survey
Results)&#8221; (2021).</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_008.jpg" alt="" style="height: 211.5pt; width: 6in"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
mentioned above, we already have a large share of the real estate crowdfunding market in Japan, and from here we aim to further evolve
into a real estate crowdfunding platform that handles a variety of investment products. We aim to surpass the 350,000 members of FUNDRISE,
the largest U.S. real estate crowdfunding company, to become the world&#8217;s leading platform in terms of market share by leveraging
our existing customer base, our diverse marketing methods, products tailored to various customer brackets, and data-driven services that
utilize AI. (see <span style="text-decoration: underline">https://fortune.com/2022/07/09/rental-property-homes-recession-proof-investment-fundrise-ben-miller/)</span>,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among
these, we believe that strengthening the technology field is a high priority. In order to become a service that provides world-class
user interface/experience design (UI/UX) that is highly evaluated by customers, it is necessary to hire tech personnel with diverse backgrounds,
including engineers, creators, and marketers. The number of technology personnel is 15 (11% of the total workforce) as of December 31,
2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
diversity of financing and increased options will allow for agile and flexible real estate development and accommodate investors&#8217;
diverse portfolio designs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real
Estate Investment and Acceleration of Investment</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into a business collaboration with a private fund managed by BlackRock&#8217;s Real Estate Division, as announced on December
11, 2023, with the aim of strengthening mutual collaboration, such as offering investment opportunities in the &#8220;SYFORME series&#8221;
and other properties developed in Japan by our wholly owned subsidiary, SYLA Co., Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2023, the three properties, SYFORME OJI II (Kita-ku, Tokyo), SYFORME MOTOMACHI-CHUKAGAI (Yokohama City, Kanagawa), and SYFORME TABATA
(Kita-ku, Tokyo), generated total sales of &#165;5,975 million (approximately US$42 million), and in January 2024, SYFORME OJI (Kita-ku,
Tokyo) was sold to the private fund managed by BlackRock&#8217;s Real Estate Division. Going forward, we aim to further accelerate real
estate development and investment in response to market needs, including consideration of collaboration in land acquisition through development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Trademark</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
names and marks SYLA, SYFORME, SYNEX, SENIOR TECH MANSION, Pet Tech Apartments, Rimawari-kun, Supportive Real Estate Crowdfunding &#8220;Rimawari-kun&#8221;,
MAISON LE REVE, Livers Apartments, and SYLA IoT Apartments appearing in this annual report are the property of the Company and are registered
tradenames and trademarks of the Company in Japan only. None of our names and marks appearing in this annual report are currently registered
in the United States. Solely for convenience, trademarks, trade names and service marks referred to in this annual report may appear
without the &#174;, &#8482; or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the
fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, trade names and service
marks. We do not intend any use or display by us of other parties&#8217; trademarks, trade names or service marks to imply, and such
use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Developments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real
Estate Investment and Acceleration of Investment</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into a business collaboration with a private fund managed by BlackRock&#8217;s Real Estate Division, as announced on December
11, 2023, with the aim of strengthening mutual collaboration, such as offering investment opportunities in the &#8220;SYFORME series&#8221;
and other properties developed in Japan by our wholly owned subsidiary, SYLA Co., Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
fiscal year 2023, the three properties, SYFORME OJI II (Kita-ku, Tokyo), SYFORME MOTOMACHI-CHUKAGAI (Yokohama City, Kanagawa), and SYFORME
TABATA (Kita-ku, Tokyo), generated total sales of &#165;5,975 million (approximately US$42), and in January 2024, SYFORME OJI (Kita-ku,
Tokyo) was sold to the private fund managed by BlackRock&#8217;s Real Estate Division.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Going
forward, we aim to further accelerate real estate development and investment in response to market needs, including consideration of
collaboration in land acquisition through development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>RIBERESUTE
Share Acquisition; Capital and Business Alliance with RIBERESUTE CORPORATION</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 15, 2023, the Company entered into a Share Transfer Agreement (the &#8220;Share Transfer Agreement&#8221;) among the Company,
Jun Planning Corporation (&#8220;Seller 1&#8221;), Nobukazu Kawai (&#8220;Seller 2&#8221;), Junji Kawai (&#8220;Seller 3&#8221;), and
Akie Kawai (&#8220;Seller 4&#8221; and collectively with Seller 1, Seller 2 and Seller 3, the &#8220;Sellers&#8221;) regarding the sale
of shares of RIBERESUTE CORPORATION (&#8220;Riberesute&#8221;) owned by the Sellers to the Company. Riberesute is a Japan-based developer
and seller of family-type condominiums and is listed on the Tokyo Stock Exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the Share Transfer Agreement, the Sellers agreed to sell to the Company, and the Company agreed to purchase from the
Sellers, an aggregate of 2,158,800 shares of Riberesute, representing approximately 20.39% of the outstanding shares of Riberesute excluding
treasury stock (10,589,800 shares), in exchange for an aggregate purchase price of &#165;1,988,254,800 (US$14,109,103) as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Seller</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage of Outstanding Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Purchase Price (&#165;)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">Seller 1</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">1,668,400</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">15.75</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">1,536,596,400</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Seller 2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">264,400</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.50</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">243,512,400</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Seller 3</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">224,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.12</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">206,304,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Seller 4</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,842,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,158,800</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20.39</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,988,254,800</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Share Transfer Agreement contains certain covenants, representations and warranties customary for an agreement of this type. The purchase
of the Riberesute shares from the Sellers, as contemplated by the Share Transfer Agreement, closed on January 12, 2024. As a result of
the closing, the Company believes that it is the largest Riberesute shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 23, 2024, the Company and Riberesute entered into a Capital and Business Alliance Agreement (the &#8220;Alliance Agreement&#8221;).
Pursuant to the terms of the Alliance Agreement, Riberesute agreed that it would not, without the Company&#8217;s prior consent and insofar
as it does not violate the principle of equality of shareholders, take any of the following actions or cause any third party to take
any of the following actions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
    alliance with other third parties, business alliance or cooperation involving activities that are equivalent or similar to all or
    part of the Business Alliance, and negotiation, provision of information, or communication related to any other activities that make
    the formation of the Business Alliance difficult.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introducing
    existing shareholders to third parties and other actions facilitating the purchase of shares of Riberesute Group companies by third
    parties.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Alliance Agreement provides that both companies will promote joint activities and other collaboration, including with respect
to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complementary
    products</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complementary
    geographic coverage</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expansion
    of real estate crowdfunding business</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promotion
    of internet marketing</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
    estate development</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Riberesute
also agreed not to enter into any business alliance or other cooperation with any other third party involving activities that are the
same as or similar to all or part of the activities of the Business Alliance without the Company&#8217;s prior written consent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Alliance Agreement contains certain covenants, representations and warranties customary for an agreement of this type.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Government
Regulation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
real estate development business conducted by the Company is regulated by the Building Standards Act, the Construction Business Act,
the Real Estate Brokerage Act, the City Planning Act, the Housing Quality Assurance Act, the Rental Real Estate Management Business
Optimization law, Act on Advancement of Proper Condominium Management, the Industrial Safety and Health Act, the Consumer Contract
Act, the Act against Unjustifiable Premiums and Misleading Representations, and many other laws, ordinances and municipal
regulations. However, in the event of a major revision of laws and regulations that could lead to stricter regulations or cost
burdens for vendors, or the revocation of licenses, registrations, or permissions for any reason, our business activities could be
significantly restricted, and we would be forced to take measures to ensure compliance. In the event of a major revision of laws and
regulations, which may result in tighter regulations or cost burdens, or the cancellation of licenses, registrations, or permits for
some reason, our business activities may be significantly restricted, which may affect our business performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
Relating to Real Estate Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Construction
of Buildings</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business involving the construction of buildings is generally subject to the Building Standards Act. Under this law, any entity that
constructs whether by itself or through a third-party contractor, any building that is larger than a certain size or that is located
in certain designated areas must obtain a certificate of prior confirmation for the planned construction as well as a certificate of
completion thereof from an inspector appointed by the local authorities. Such certificates confirm that the building conforms to the
standards prescribed by the Building Standards Act and relevant regulations. In addition, the local authorities may order the suspension
of construction or the demolition, reconstruction, remodeling, or repair of any building, or may prohibit or limit the use of any building,
if the building does not conform to the relevant building standards. Such standards include those relating to the use, height, and structure
of buildings, including the seismic design, the building-to-land area ratio, and fire prevention, security, and sanitation requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
relevant site may be subject to general restrictions under the City Planning Act, which designates areas where certain usage is not allowed.
If and when we intend to perform development activities in specified designated areas, we must firstly obtain permission from the relevant
governor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sales
and Brokerage of Real Estate</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business involving property sales and brokerage of real estate transactions is subject to the Real Estate Brokerage Act. Under this law,
any person who intends to engage in the business of the sale and purchase of buildings and building lots or the brokerage of sale and
purchase or leasing thereof, referred to by this law as a real estate trader, must firstly obtain a license from the Minister of Land,
Infrastructure, Transport, and Tourism or the relevant governor of the municipal government in Japan. The minister or the relevant governor
may revoke such license or order the suspension of business for a period of up to one year if the real estate trader enters into a transaction
that violates the Real Estate Brokerage Act or otherwise engages in substantially inappropriate conduct. This law also requires real
estate traders to employ, or otherwise enlist the services of, a certain number of qualified and registered real estate transaction managers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Real Estate Brokerage Act imposes various obligations on real estate traders in connection with their business. For instance, real estate
traders must ensure that their real estate transaction managers deliver to property purchasers, lessees and/or certain relevant parties
documents setting forth important matters relating to the property and provide sufficient explanations to these parties before entering
into real estate contracts. In addition, the Real Estate Brokerage Act places limits on the size of deposits that may be collected from
a purchaser and on liquidated damages payable to real estate traders and also provides restrictions on advertisements relating to the
business of real estate traders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2022, the amendments to the Real Estate Brokerage Act and related regulations came into effect, allowing documents that were previously
required to be delivered in writing, such as the documents setting forth important matters relating to the property, to be delivered
by electronic means, subject to the consent of the property purchasers, lessees, and/or certain relevant parties. The amendments, in
effect, allow real estate transactions to be completed entirely online.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lease
of Buildings</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases
of buildings in Japan are governed principally by the Civil Code and the Act on Land and Building Leases. In relation to building lease
transactions, the Act on Land and Building Leases generally takes priority over the Civil Code principally in terms of protection of
rights of lessees. Except where the Act on Land and Building Leases provides otherwise, its provisions are compulsorily applicable to
building leases, regardless of the terms of the relevant lease agreement, especially where the terms are less favorable to a lessee than
the provisions of the Act on Land and Building Leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lease
Term</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
building lease agreement may have either a fixed or an indefinite term. Under the Act on Land and Building Leases, however, a building
lease having a term of less than one year is deemed to have an indefinite term. Even if the building lease is for a fixed term of one
year or more, unless the landlord gives notice of its intention not to renew the lease generally six months prior to the expiration of
the term, the lease is automatically deemed to be renewed without a fixed term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Act on Land and Building Leases provides that a building lease may be terminated by the landlord on six months&#8217; notice, although
a longer notice period may be required if such longer period is provided for in the relevant lease agreement. However, in the case of
building leases having a fixed term of one year or more, the lease generally cannot be terminated prior to the end of that term unless
the lease agreement specifically provides otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, the landlord may not give notice of intention not to renew, or of termination of, a lease unless it has a justifiable
reason for not renewing or terminating the lease in light of a number of factors, including: each of the landlord&#8217;s and the lessee&#8217;s
need for the building for its own use; the history of the building lease; the present use of the building; the current condition of the
building; and the amount of money the landlord is offering to pay the lessee in consideration of vacating the building.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Adjustment
of Rent</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Act on Land and Building Leases provides that either party to a building lease agreement may demand that the rent be increased or decreased,
regardless of the provisions of the lease agreement, if the rent has become unreasonable (i) as a result of any increase or decrease
in taxes or other charges imposed on the leased building or the underlying land, (ii) as a result of any increase or decrease in the
price of such building or land or any other change in economic condition, or (iii) in light of the rents of comparable buildings in the
immediate area. This provision of the Act on Land and Building Leases, however, will not permit a landlord to demand an increase in rent
if the relevant lease agreement provides that the rent shall not increase for a specific period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
no agreement is reached between the parties with respect to an increase or decrease in the amount of the rent, either party may seek
a court order. In such case, the court will determine whether and to what extent the amount of the rent shall be adjusted taking into
consideration various factors, including those described in (i) through (iii) above. If the court determines that the rent should be
decreased, the landlord will be ordered to return any excess rent collected after the lessee&#8217;s initial demand and to pay interest
on such excess amount, if any, at a rate of 10% per annum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
Fixed-term Building Lease</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Act on Land and Building Leases provides that the rules regarding renewals of lease agreements do not apply to a type of special fixed-term
building lease known as <i>teiki tatemono chintaishaku</i>. Further, the landlord and the lessee may exclude the application of the rules
regarding adjustment of rent described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Environmental
Regulation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
leasing, development, and reconstruction operations are subject to the Soil Contamination Countermeasures Act. Under this law, if a local
governor finds that the level of soil pollution in a given area of land due to hazardous or toxic substances exceeds the standards prescribed
by the Ministry of the Environment of Japan and that area of land is polluted to such an extent that it has caused or may cause harm
to human health, the governor must designate the area of land as a polluted area and the governor may order the current owner of such
land to remove or remediate hazardous or toxic substances on or under the land in accordance with a plan for the removal and remediation,
in principle, whether or not the current owner knew of, or was responsible for, the presence of such hazardous or toxic substances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liability
for Defect of Warranty and Non-Conformity to the Contract</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with our property sales businesses, pursuant to the Civil Code or other certain laws, we may be subject to potential liabilities
for &#8220;defects&#8221; in relation to a contract for sale or work entered into on or before March 31, 2020 or &#8220;non-conformity
to the contract&#8221; in relation to a contract for sale or work entered into on and after April 1, 2020. On April 1, 2020, the Act
Partially Amending the Civil Code came into force and the provisions of the liability for defect of warranty were wholly amended such
that the concept of &#8220;defects&#8221; was replaced by the concept of &#8220;non-conformity to the contract&#8221; with clarification
of liabilities arising from such non-conformity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Civil Code, if there is any latent defect or any non-conformity to the contract in the subject matter of a sale or if there is any
defect or any non-conformity to the contract in the subject matter of work performed, the seller or the constructor of buildings or building
lots is statutorily liable for the defect of warranty or the non-conformity to the contract vis-&#224;-vis the purchaser or the contractee.
These statutory liabilities are generally available for one year from (i) the date on which the purchaser becomes aware of the latent
defect or the non-conformity to the contract with respect to the kind or quality, (ii) the time of the delivery of the subject matter
of work performed with defects, or (iii) the date on which the contractee becomes aware of the non-conformity to the contract with respect
to the kind or quality. In case of non-conformity to the contract, after the above-mentioned partial amendment to the Civil Code, these
statutory liabilities can be enforced by a cancellation of the underlying sale, by requesting deduction of sale price, by requesting
realization of conformity, or by requesting damages, which may include resale profit. The Real Estate Brokerage Act generally prohibits
real estate traders, as sellers of buildings or building lots, from modifying these liabilities unfavorably to the purchaser.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Housing Quality Assurance Act, imposes stricter liability against sellers of newly built houses including new condominium units and constructors
of new houses, under which a seller and a constructor of a new house is statutorily liable for a defect of the primary parts of the house
for 10 years from delivery of it under certain conditions, and any agreement which purports to modify these liabilities unfavorably to
the purchaser or the contractee is void.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
Relating to Real Estate Crowdfunding Business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
Estate Specified Joint Enterprise Act was enacted in 1995 to protect investors in &#8220;real estate specified joint enterprises&#8221;
and to develop real estate specified joint enterprises.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
real estate specified joint enterprise is a business in which an operator solicits investments from multiple investors through silent
partnership or voluntary partnership agreements, acquires, leases, and manages income-producing real estate with the money collected,
and distributes the profits earned through the acquisition to the investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
real estate crowdfunding business is licensed by the Governor of Tokyo under the Real Estate Specified Joint Enterprise Act, but the
crowdfunding market is still in its infancy and the Real Estate Specified Joint Enterprise Act may be revised in the future. In the event
of any such amendment, we will take immediate action to address the issue. However, if the tightening of regulations due to the amendment
of the law has a significant impact on our business operations, it may affect our business activities, financial position, and business
performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
the Real Estate Specified Joint Enterprise Act does not service operator&#8217;s capital must meet the amount required for licensing,
and the service operator must have the necessary financial basis to operate a real estate specified joint enterprise and the human resources
to properly carry out the business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
terms and conditions of the Real Estate Specified Joint Enterprise Agreement must meet the criteria. Each office must have a business
manager who meets specific requirements, including a licensed real estate transaction specialist.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establishing
a system for electronic transaction operations so that investors can obtain sufficient information when conducting pre-contract explanations
and concluding contracts over the Internet. The service provider is required to comply with the basic requirements for real estate specified
joint businesses, such as the following. In addition, when changing the workflow or documents to be used, it is necessary to apply to
the Tokyo Metropolitan Government each time and obtain permission. If a service provider violates this law, its license will be revoked,
and in serious cases, its business will be suspended. Any service providers violate this Act will lead to revocation of its license and,
in serious cases, shutdown of its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
Relating to Electricity Business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electricity
Business Act (Act No. 170 of July 11, 1964) is to protect the interests of electricity users and move toward achieving the sound development
of electricity business by realizing appropriate and reasonable management of electricity business, and assuring public safety and promoting
environmental preservation by regulating the construction, maintenance and operation of electric facilities. Especially, Act on Special
Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (Act No. 108 of August 30, 2011)
is an important act for renewable energy business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Act is to promote the use of renewable energy sources as energy sources for electricity by taking special measures for price, period,
etc. with regard to the procurement of electricity from renewable energy sources by electricity utilities, taking into consideration
that the use of renewable energy sources as energy sources is important in securing a stable and appropriate supply of energy in accordance
with the economic and social environment in Japan and abroad and in reducing the environmental load arising from energy supply, thereby
contributing to the strengthening of the international competitiveness of Japan and the sound development of the national economy, including
the promotion of Japanese industry and the revitalization of local communities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2024, based on the Act for Partial Revision of the Electricity Business Act and Other Acts for Establishing Electricity Supply
Systems for Realizing a Decarbonized Society, partial revision of the Electricity Business Act and the Act on Special Measures Concerning
Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (the &#8220;Act on Procurement of Renewable Electricity&#8221;)
came into effect. The revised law includes the following: the development of an environment for grid facilities conducive to the introduction
of renewable energy, the promotion of additional investment to maximize the use of existing renewable energy, and the strengthening of
business rules for the introduction of renewable energy in cooperation with the local community.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Act on Renewable Energy Special Measures is a key factor for the company as it is to encourage renewable energy generators to secure
their predictability for investment return and take market-conscious activities, the revised Act is to establish a Feed-in-Premium (FIP)
scheme in addition to the existing FIT scheme, a new scheme in which renewable energy generators are able to receive a certain level
of premium based on the market price, is to establish a system in which part of the expenditures for fortifying electricity grids necessary
for expanding the introduction of renewable energy into businesses, e.g., regional interconnection lines, which regional electricity
transmission/distribution businesses bear under the current Act, is to be supported based on the surcharge system across Japan, and is
to impose obligations on renewable energy generators to establish an external reserve fund for the expenditures for discarding their
facilities for generating renewable energy as a measure for addressing concerns over inappropriate discarding of PV facilities. Any service
providers violate this Act will lead to revocation of its license and, in serious cases, shutdown of its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electricity
Business Act (Act No. 170 of July 11, 1964) is to protect the interests of electricity users and move toward achieving the sound development
of electricity business by realizing appropriate and reasonable management of electricity business, and assuring public safety and promoting
environmental preservation by regulating the construction, maintenance and operation of electric facilities. Especially, Act on Special
Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (Act No. 108 of August 30, 2011)
is an important act for renewable energy business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Act is to promote the use of renewable energy sources as energy sources for electricity by taking special measures for price, period,
etc. with regard to the procurement of electricity from renewable energy sources by electricity utilities, taking into consideration
that the use of renewable energy sources as energy sources is important in securing a stable and appropriate supply of energy in accordance
with the economic and social environment in Japan and abroad and in reducing the environmental load arising from energy supply, thereby
contributing to the strengthening of the international competitiveness of Japan and the sound development of the national economy, including
the promotion of Japanese industry and the revitalization of local communities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 25, 2020, a cabinet decision was made on the Bill for the Act of Partial Revision of the Electricity Business Act and Other
Acts for Establishing Resilient and Sustainable Electricity Supply Systems. The bill will be submitted to the 201st ordinary session
of the Diet which consists of three sections, Partial revision of the Electricity Business Act, Partial revision of the Act on Special
Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (&#8220;Act on Renewable Energy
Special Measures&#8221;), and Partial revision of the Act on the Japan Oil, Gas and Metals National Corporation, Independent Administrative
Agency (&#8220;JOGMEC Act&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
Relating to Overall Business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are various labor-related laws in Japan, including the Labor Standards Act, the Industrial Safety and Health Act, and the Labor Contracts
Act. The Labor Standards Act regulates, among others, minimum standards for working conditions such as working hours, leave period, and
leave days. The Industrial Safety and Health Act requires, among others, the implementation of measures to secure employee safety and
protect the health of workers in the workplace. The Labor Contracts Act regulates, among others, the change of terms of employment contracts
and working rules, and dismissal and disciplinary action. We comply with these regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&#8220;Act on the Arrangement of Related Acts to Promote Work Style Reform,&#8221; which took effect in April 2019, sets maximum
limits on overtime work. In addition, the construction industry, which had been exempted from these regulations, <span style="text-decoration: line-through">will</span>
also became subject to them from April 2024, and our construction division <span style="text-decoration: line-through">will need to</span> responded to this change.
Violation of these regulations may affect our business performance and reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Act on the Protection of Personal Information and related guidelines impose various requirements on businesses, including our group companies,
that use databases containing personal information, such as appropriate custody of such information and restrictions on information sharing
with third parties. Non-compliance with any order issued by the Personal Information Protection Commission or any other relevant authorities
to take necessary measures to comply with the law could subject us to criminal and/or administrative sanctions. As a result of recent
amendments, anonymously processed information <i>(tokumei kako joho)</i>, pseudonymized information <i>(kamei kako joho)</i>, and individual-related
information <i>(kojin kanren joho)</i> are subject to the Personal Information Protection Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we are involved in various legal proceedings arising from the normal course of business activities. We are not presently
a party to any litigation the outcome of which, we believe, if determined adversely to us, would individually or taken together have
a material adverse effect on our business, operating results, cash flows or financial condition. Defending such proceedings is costly
and can impose a significant burden on management and employees. The results of any current or future litigation cannot be predicted
with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion
of management resources, and other factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Property, Plants and Equipment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Facilities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s head office is located on the 7th floor of Ebisu Prime Square Tower, 1-1-39, Hiroo, Shibuya-ku, Tokyo, where we lease
approximately 990.1 m2 of office space from an unrelated third party. The lease is due to expire on September 30, 2024, with an automatic
renewal for three additional years. The terms of the office lease provide for a base rent of &#165;7,787,896 (approximately US$55 thousand)
per month and a sales tax contribution of &#165;778,789 (approximately US$ 6 thousand) per month.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_001"></span>ITEM
4.A. UNRESOLVED STAFF COMMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_002"></span>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following discussion and analysis summarize the significant factors affecting our operating results, financial condition, liquidity,
and cash flows for the periods presented below. The following discussion and analysis should be read in conjunction with our consolidated
financial statements and related notes included elsewhere in this annual report. The forward-looking statements contained herein are
based on management&#8217;s judgment, assumptions made by management and information currently available to it. Actual results could
differ materially from those discussed or implied in the forward-looking statements as a result of various factors, including those described
below and elsewhere in this annual report, particularly in the sections entitled &#8220;Risk Factors&#8221; and &#8220;Cautionary Statement
Regarding Forward-Looking Statements.&#8221;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
primary mission is to democratize real estate investment around the world and we aim to enrich the 100-year life era with technology
and asset management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are engaged in four primary businesses:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 28%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
    Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Main
    Businesses</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
    Real Estate Development and Sales Business</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development,
    design, construction, and sales of real estate centered on the &#8220;SYFORME&#8221; series condominiums developed by the company.
    Includes land sales and income through Rimawari-kun Crowdfunding Business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
    Asset Management Business</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rental
management and building management. Includes income through Rimawari-kun Crowdfunding Business.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
    Renewable Energy Business (Solar Power Generation)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design,
    construction, maintenance of solar power generation facilities, sale of solar power plants, and sale of other renewable energy related
    products, sale of electricity</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
    Others</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mainly
    containerized data center business</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, the Company reported revenues of &#165;22,743,410 thousand (US$161,392 thousand), &#165;22,055,785
thousand and &#165;16,665,382 thousand, respectively, net income from continuing operations of &#165;749,361 thousand (US$5,318 thousand),
&#165;310,761 thousand and &#165;278,688 thousand, respectively, and net cash used in or provided by operating activities from continuing
operations to be &#165;6,338,698 thousand (US$44,981 thousand), &#165;3,401,712 thousand and &#165;25,098 thousand, respectively. As
stated in the consolidated financial statements, as of December 31, 2023, the Company had retained earnings of &#165;3,413,644 thousand
(US$24,224 thousand). During the year ended December 31, 2023, the Company generated revenues from sales of real estate, sales of land,
rental services, real estate management services, sales of solar power plants, solar power plants operation and maintenance services,
sales of electricity, sales of containers and containers operation and management services. The Company
started real estate crowdfunding business in June 2021 and generated minimal revenues from real estate crowdfunding for the years ended
December 31, 2023 and 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organizational
Structure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram reflects our current organizational structure as of the date of this annual report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_009.jpg" alt="" style="height: 228pt; width: 417pt"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Technologies Co., Ltd. (formerly known as SYLA Holdings Co., Ltd.) was incorporated in Japan on March 3, 2009.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Co., Ltd. (100% owned subsidiary of the Company) operations include real estate sales, apartment development, leasing, management and
brokerage, real estate crowdfunding, and solar power plant sales. SYLA Co., Ltd. was incorporated in Japan on September 1, 2006. On October
1, 2017, SYLA Technologies Co., Ltd. acquired 100% equity ownership of SYLA Co., Ltd. by shares exchange, which has been accounted for
as a recapitalization between entities under common control since the same controlling shareholders controlled these two entities before
and after the transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Solar Co., Ltd. (formerly known as Nihon Taiyoko Hatsuden Co., Ltd.) (100% owned subsidiary of the Company) is engaged in engineering,
procurement and construction (EPC) business (design and construction of solar power generation), O&amp;M business (maintenance and management
of solar power generation), IPP business (wholesale of electricity generated by the company), electricity retail business and sales of
other renewable energy-related products. SYLA Solar Co., Ltd. was incorporated in Japan in August 2013. In February 2022, SYLA Technologies
Co., Ltd. completed the acquisition of 100% equity interest of SYLA Solar Co., Ltd., and its wholly owned subsidiaries, SYLA O&amp;M
Co., Ltd. and SYLA Power Co., Ltd. SYLA O&amp;M Co., Ltd. (formerly known as ALMA Co., Ltd.) (previously wholly owned by SYLA Solar Co.,
Ltd.) was engaged in maintenance, management and sales of solar power generation. SYLA Power Co., Ltd. (formerly known as Aichi Electric
Power Co., Ltd.) (previously wholly owned by SYLA Solar Co., Ltd.) was engaged in electricity retailing, electricity brokerage, renewable
energy trading, and trade brokerage. On November 1, 2023, SYLA O&amp;M Co., Ltd. and SYLA Power Co., Ltd. merged into SYLA Solar Co.,
Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Brain Co., Ltd. (formerly known as DEVEL Co., Ltd.) (67%-owned subsidiary of the Company) develops a system that automatically collects
and analyzes all kinds of real estate data online, and develops real estate investment, machine learning algorithms, RPA, and business
systems using the system. The system is also engaged in consulting on business automation and AI system implementation for corporations,
and consulting on real estate investment and asset management. SYLA Brain Co., Ltd. was incorporated in Japan on November 15, 2019. On
December 27, 2021, SYLA Technologies Co., Ltd. completed an acquisition of 67% equity interest of SYLA Brain Co., Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Biotech Co., Ltd. (formerly known as RE100.com Co., Ltd.) (100% owned subsidiary of the Company) sells and maintains solar and
biomass power generation equipment. In April 2022, the Company co-established SYLA Biotech Co., Ltd. with Makoto Ariki, a 5%
shareholder of SYLA Brain Co., Ltd. The Company and Makoto Ariki each owned 50% equity interest of SYLA Biotech Co., Ltd. until
September 13, 2022 when the Company&#8217;s ownership interest in SYLA Biotech was further increased to 60% as a result of share
issuance on September 14, 2022, and eventually increased to 100% upon the acquisition of the remaining 40% equity interest from
noncontrolling shareholders on December 15, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA Co., Ltd. incorporated its wholly-owned subsidiaries, SYLA Asset Management
Co., Ltd., SYLA Realty Co., Ltd. and Rimawari-kun Co., Ltd. in Japan in March 2023, June 2023 and July 2023, respectively. There were
no significant transactions for SYLA Asset Management Co., Ltd. and Rimawari-kun Co., Ltd. during the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Developments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real
Estate Investment and Acceleration of Investment</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into a business collaboration with a private fund managed by BlackRock&#8217;s Real Estate Division, as announced on December
11, 2023, with the aim of strengthening mutual collaboration, such as offering investment opportunities in the &#8220;SYFORME series&#8221;
and other properties developed in Japan by our wholly owned subsidiary, SYLA Co., Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
fiscal year 2023, the three properties, SYFORME OJI II (Kita-ku, Tokyo), SYFORME MOTOMACHI-CHUKAGAI (Yokohama City, Kanagawa), and SYFORME
TABATA (Kita-ku, Tokyo), generated total sales of &#165;5,975 million (approximately US$42 million), and in January 2024, SYFORME OJI
(Kita-ku, Tokyo) was sold to the private fund managed by BlackRock&#8217;s Real Estate Division.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Going
forward, we aim to further accelerate real estate development and investment in response to market needs, including consideration of
collaboration in land acquisition through development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>RIBERESUTE
Share Acquisition: Capital and Business Alliance with RIBERESUTE CORPORATION</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 15, 2023, the Company entered into a Share Transfer Agreement (the &#8220;Share Transfer Agreement&#8221;) among the Company,
Jun Planning Corporation (&#8220;Seller 1&#8221;), Nobukazu Kawai (&#8220;Seller 2&#8221;), Junji Kawai (&#8220;Seller 3&#8221;), and
Akie Kawai (&#8220;Seller 4&#8221; and collectively with Seller 1, Seller 2 and Seller 3, the &#8220;Sellers&#8221;) regarding the sale
of shares of RIBERESUTE CORPORATION (&#8220;Riberesute&#8221;) owned by the Sellers to the Company. Riberesute is a Japan-based developer
and seller of family-type condominiums and is listed on the Tokyo Stock Exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the Share Transfer Agreement, the Sellers agreed to sell to the Company, and the Company agreed to purchase from the
Sellers, an aggregate of 2,158,800 shares of Riberesute, representing approximately 20.39% of the outstanding shares of Riberesute excluding
treasury stock (10,589,800 shares), in exchange for an aggregate purchase price of &#165;1,988,254,800 (US$14,109,103) as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Seller</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage of Outstanding Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">Seller 1</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">1,668,400</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">15.75</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">1,536,596,400</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Seller 2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">264,400</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.50</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">243,512,400</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Seller 3</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">224,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.12</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">206,304,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Seller 4</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,842,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Share Transfer Agreement contains certain covenants, representations and warranties customary for an agreement of this type. The purchase
of the Riberesute shares from the Sellers, as contemplated by the Share Transfer Agreement, closed on January 12, 2024. As a result of
the closing, the Company believes that it is the largest Riberesute shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 23, 2024, the Company and Riberesute entered into a Capital and Business Alliance Agreement (the &#8220;Alliance Agreement&#8221;).
Pursuant to the terms of the Alliance Agreement, Reberesute agreed that it would not, without the Company&#8217;s prior consent and insofar
as it does not violate the principle of equality of shareholders, take any of the following actions or cause any third party to take
any of the following actions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. Capital
alliance with other third parties, business alliance or cooperation involving activities that are equivalent or similar to all or part
of the Business Alliance, and negotiation, provision of information, or communication related to any other activities that make the formation
of the Business Alliance difficult.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. Introducing
existing shareholders to third parties and other actions facilitating the purchase of shares of Riberesute Group companies by third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Alliance Agreement provides that both companies will promote joint activities and other collaboration, including with respect
to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complementary
    products</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complementary
    geographic coverage</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
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    of real estate crowdfunding business</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
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    of internet marketing</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Riberesute
also agreed not to enter into any business alliance or other cooperation with any other third party involving activities that are the
same as or similar to all or part of the activities of the Business Alliance without the Company&#8217;s prior written consent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Alliance Agreement contains certain covenants, representations and warranties customary for an agreement of this type.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major
Factors Affecting Operating Results</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes that the following major factors could affect its financial position and results of operations:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Ability to Strengthen Our Competitive Advantage</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
there are many competitors in the real estate industry to which we belong, we differentiate ourselves from them by operating a platform
that uses technology to make it easy to start investing in real estate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are operating the platform to improve the centralized real estate transactions that have been left to real estate companies and banks,
by making real estate information transparent and achieving diverse procurement through financial inclusion. The Company intends to continue
to strengthen its differentiation from other companies by improving the functionality of &#8220;Rimawari-kun&#8221; and other features.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ability to control costs and expenses and improve operational efficiency</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had 279,029 members on our real estate crowdfunding platform Rimawari-kun. According to a market survey titled
Investigation to Prove and Verify No. 1 Market Share of the Japanese Real Estate Crowdfunding Industry in June 2023 conducted by Japan
Marketing Research Organization (which we engaged for a fee in the amount of &#165;1,900 thousand (approximately US$14 thousand) to conduct
such survey), we have the largest membership among real estate crowdfunding services in Japan. As of December 31, 2023, 25,711 of the
279,029 members were derived from the marketing program associated with Rakuten Group, Inc., who we have a business alliance with, in
order to attract members by focusing on banner advertisements and targeted mail magazines for Rakuten members. The number of Rakuten
members is now more than 100 million. This marketing initiative allows customers who come in through Rakuten to receive a variety of
point rewards, enabling the Rakuten Group and Rimawari-kun to send customers to each other. In addition, the Company is improving the
UX and investment performance through daily login point and birthday login point gifts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described above, we have developed a real estate crowdfunding platform that provides investment opportunities centering on various investment
educational content and group company products tailored to the attributes of each customer, by attracting a wide range of members not
only from the real estate investment market but also from the mass market through the &#8220;Rimawari-kun&#8221; real estate crowdfunding
platform, which allows individuals to invest in real estate in small amounts. By developing a real estate crowdfunding platform that
provides investment opportunities centered on various investment education content and our products tailored to the attributes of each
customer, we aim to increase customer satisfaction and lifetime customer value (&#8220;LTV&#8221;) while controlling customer acquisition
costs for each product.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
sales of investment condominiums, we attract customers through inquiries via the real estate crowdfunding platform &#8220;Rimawari-kun,&#8221;
marketing sales using online advertisements, and referrals from customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
severe or prolonged slowdown in the global or Japanese economy could have a material and adverse effect on our business and financial
condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recent years, Japanese economic indicators have shown a wide range of movements, and the future growth of the Japanese economy is subject
to a mixture of factors, many of which are beyond our control. The current administration of Prime Minister Kishida and the administration
of former Prime Minister Kan have put forward policies to combat deflation and promote economic growth. The Bank of Japan also introduced
quantitative and qualitative monetary easing measures in April 2013 and announced a negative interest rate policy in January 2016. However,
the long-term impact of these policy initiatives on the Japanese economy remains uncertain. Also uncertain are the short- and long-term
effects of Brexit on the Japanese economy and the value of the Japanese yen relative to the currencies of other countries from which
we derive revenues. In addition, the consumption tax rate increase implemented in April 2014 with a further tax hike in October 2019
could also have a negative impact on the Japanese economy and could affect consumer spending and corporate advertising spending. If the
Japanese economy or the global economy deteriorates in the future, consumption may decline, which could adversely affect the demand and
prices of our products and services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">A.
Operating Results</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Results
of Operations</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes our operating income as reflected in our audited consolidated statements of operations and comprehensive income
for the years ended December 31, 2023, 2022, and 2021, and presents information regarding amounts and percentages during those periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands, except % data)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In thousands, except % data)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>



<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
selling, general and administrative expenses consist of advertising expenses, promotion expenses, salaries and welfare expenses,
depreciation and amortization expenses, lease expenses, entertainment expenses, taxes and dues, service expenses, legal and
professional expenses, stock based compensation expense and other expenses.</span></p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In thousands, except % data)</b></span></p>



<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="26" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling,
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    <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 37%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising expenses</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.95</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,303</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
other income (expenses) includes interest income, interest expense on bank loans, bonds and leases, realized and unrealized gain (loss)
on investment securities, and other miscellaneous income (expenses).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">(In thousands, except % data)</p>



<p style="margin: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 69; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comparison
of Results of Operations for the Years Ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenues,
Net</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total revenues increased 3.12% from &#165;22,055,785 thousand for the year ended December 31, 2022 to &#165;22,743,410 thousand (US$161,392
thousand) for the year ended December 31, 2023, or an increase of &#165;687,625 thousand, due to development and expansion of our business.
The increase was mainly attributable to (1) an increase of &#165;1,865,457 thousand in land sales due to a sale of large development sites,
(2) an increase of &#165;373,604 thousand in containers sales due to the  development of new business, and offset by
(3) a decrease of &#165;1,947,746 thousand in real estate sales due to the numbers of units sold decreased from 588 units in the year
ended December 31, 2022 to 446 units in the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cost
of Revenues</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total cost of revenues decreased 6.75% from &#165;18,451,969 thousand for the year ended December 31, 2022 to &#165;17,205,966 thousand
(US$122,097 thousand) for the year ended December 31, 2023. The decrease was mainly attributable to (1) a decrease in real estate sales
due to the numbers of units sold decreased from 588 units in the year ended December 31, 2022 to 446 units in the year ended December
31, 2023, and offset by (2) an increase in land sales due to a sale of large development sites.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross
Profit</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
gross profit increased 53.66% from &#165;3,603,816 thousand for the year ended December 31, 2022 to &#165;5,537,444 thousand (US$39,295
thousand) for the year ended December 31, 2023, or an increase of &#165;1,933,628 thousand. The increase was mainly attributable to high-margin
transactions that we sold more lands and real estates for large scales and with lower cost and higher gross profits for the year ended
December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling,
General and Administrative Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
selling, general and administrative expenses increased 45.00% from &#165;2,825,104 thousand for the year ended December 31, 2022 to
&#165;4,096,346 thousand (US$29,069 thousand) for the year ended December 31, 2023, or an increase of &#165;1,271,242 thousand, as we
spent more efforts to expand business operations. The increase was mainly attributable to (1) an increase of &#165;450,994 thousand
in salaries and welfare expenses due to increase in personnel for management system development and (2) an increase of &#165; 333,556
thousand in legal and professional expenses due to increase in IPO-related costs and legal fees due to listing on the
NASDAQ.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Expenses, Net</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
expenses, net increased 246.79% from &#165;122,771 thousand for the year ended December 31, 2022 to &#165;425,758 thousand (US$3,021
thousand) for the year ended December 31, 2023, or an increase of &#165;302,987 thousand. The increase was mainly attributable to (1)
an increase of &#165;161,281 thousand in interest expenses and (2) a decrease of &#165;136,350 thousand in proceeds from redemption of corporate owned life insurances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
Tax Expense</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
tax expense decreased 22.94% from &#165;345,180 thousand for the year ended December 31, 2022 to &#165;265,979 thousand (US$1,887 thousand)
for the year ended December 31, 2023, or an decrease of &#165;79,201 thousand. The decrease was mainly because of the net loss position
of the holding company SYLA Technologies Co., Ltd. for the year ended December 31, 2023 due to more legal and professional expenses incurred
related to the listing on the NASDAQ market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Income from Continuing Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the above, net income from continuing operations increased by 141.14% from &#165;310,761 thousand for the year ended December
31, 2022 to &#165;749,361 thousand (US$5,318 thousand) for the year ended December 31, 2023, or an increase of &#165;438,600 thousand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
(Loss) from Discontinued Operations, Net of Income Taxes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, loss from discontinued operations, net of income taxes was &#165;6,742 thousand (US$48 thousand). During
the year ended December 31, 2022, income from discontinued operations, net of income taxes, was &#165;78,628 thousand as a result of the
disposition of the mining machine business, which was approved by the Board of Directors in December 2022 and closed
the transaction in January 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Income from Continuing Operations Attributable to Noncontrolling Interests</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, net income from continuing operations attributable to noncontrolling interests was &#165;61,187 thousand
(US$434 thousand), which consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Our non-managing members (noncontrolling equity holders) under real estate joint ventures of anonymous partnership are considered as
noncontrolling interests. As a result, &#165;35,399 thousand (US$251 thousand) of net income from continuing operations was attributable
to noncontrolling interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
During 2023, we held a 67% interest in SYLA Brain Co., Ltd. As a result, &#165;799 thousand (US$6 thousand) of net loss from continuing
operations was attributable to noncontrolling interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
On December 15, 2023, we completed an acquisition of an additional 40% equity interest of SYLA Biotech Co., Ltd. and increased our equity
interest ownership to 100%. As a result, &#165;26,587 thousand (US$189 thousand) of net income from continuing operations was attributable
to noncontrolling interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Loss from Discontinued Operations Attributable to Noncontrolling Interests</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
was no net income (loss) from discontinued operations attributable to noncontrolling interests during the year ended December 31, 2023.
During the year ended December 31, 2022, net loss from discontinued operations attributable to noncontrolling interests was &#165;9,895
thousand as a result of the disposition of mining machine business, which was approved by the Board of Directors in December 2022 and closed
the transaction in January 2023, and income from discontinued operations, which was, net of income
taxes was proportionally allocated to noncontrolling interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comparison
of Results of Operations for the Years Ended December 31, 2022 and 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenues,
Net</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total revenues increased 32.34% from &#165;16,665,382 thousand for the year ended December 31, 2021 to &#165;22,055,785 thousand for the
year ended December 31, 2022, or an increase of &#165;5,390,403 thousand, due to development and expansion of our business. The increase
was mainly attributable to (1) an increase of &#165;2,967,997 thousand in real estate sales due to the numbers of units sold increased
from 407 units in the year ended December 31, 2021 to 588 units in the year ended December 31, 2022, (2) an increase of &#165;1,430,630
thousand in land sales due to the number of land sold increased from 1 in the year ended December 31, 2021 to 4 in the year ended December
31, 2022, and (3) an increase of &#165;775,982 thousand in solar power related revenue as a result of acquisition of SYLA Solar Co., Ltd.
and its subsidiaries in February 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cost
of Revenues</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total cost of revenues increased 36.52% from &#165;13,516,293 thousand for the year ended December 31, 2021 to &#165;18,451,969 thousand
for the year ended December 31, 2022, or an increase of &#165;4,935,676 thousand, along with business expansion. The increase was mainly
attributable to (1) an increase of &#165;2,862,702 thousand in cost of revenues for real estate sales due to the number of units sold
increased to 588 during the year ended December 31, 2022, compared to 407 during the year ended December 31, 2021, (2) an increase of
&#165;1,450,759 thousand in land sales due to the number of land sold increased from 1 in the year ended December 31, 2021 to 4 in the
year ended December 31, 2022, and (3) an increase of &#165;463,340 thousand in solar power related cost of revenues as a result of acquisition
of SYLA Solar Co., Ltd. and its subsidiaries in February 2022. The increase in the Company&#8217;s total cost of revenues was in line
with the increase in total revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross
Profit</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
gross profit increased 14.44% from &#165;3,149,089 thousand for the year ended December 31, 2021 to &#165;3,603,816 thousand for the year
ended December 31, 2022, or an increase of &#165;454,727 thousand as business development and expansion. The increase was mainly attributable
to (1) an increase of &#165;105,295 thousand in the Company&#8217;s gross profit for real estate sales due to the numbers of units sold
increased from 407 units in the year ended December 31, 2021 to 588 units in the year ended December 31, 2022, and (2) an increase of
&#165;312,642 thousand in the Company&#8217;s gross profit as a result of acquisition of SYLA Solar Co., Ltd. and its subsidiaries in
February 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling,
General and Administrative Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
selling, general and administrative expenses increased 14.53% from &#165;2,466,731 thousand for the year ended December 31, 2021 to &#165;2,825,104
thousand for the year ended December 31, 2022, or an increase of &#165;358,373 thousand, as we spent more efforts to expand business operations.
The increase was mainly attributable to (1) an increase of &#165;14,883 thousand in depreciation and amortization expenses due to increased
property, plant and equipment, solar power systems and intangible assets arising from acquisition of subsidiaries, (2) an increase of
&#165;370,430 thousand in legal and professional expenses for public offering plan, partially offset by decreases of &#165;51,591 thousand
and of &#165;105,691 thousand in advertising expenses and promotion expenses, respectively, as we contributed more efforts for public
offering and reduced advertising and promotion activities accordingly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Expenses, Net</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
expenses, net decreased 32.65% from &#165;182,286 thousand for the year ended December 31, 2021 to &#165;122,771 thousand for the year
ended December 31, 2022, or a decrease of &#165;59,515 thousand. The decrease was mainly attributable to an increase of &#165;141,754 thousand
in proceeds from redemption of corporate owned life insurances, partially offset by an increase of &#165;72,808 thousand in interest expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
Tax Expense</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
tax expense increased 55.92% from &#165;221,384 thousand for the year ended December 31, 2021 to &#165;345,180 thousand for the year ended
December 31, 2022, or an increase of &#165;123,796 thousand, due to an increase in taxable income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Income from Continuing Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the above, net income from continuing operations increased by 11.51% from &#165;278,688 thousand for the year ended December
31, 2021 to &#165;310,761 thousand for the year ended December 31, 2022, or an increase of &#165;32,073 thousand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
from Discontinued Operations, Net of Income Taxes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, income from discontinued operations, net of income taxes, was &#165;78,628 thousand as a result of disposition
of mining machine business. There was no income (loss) from discontinued operations during the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Income from Continuing Operations Attributable to Noncontrolling Interests</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, net income from continuing operations attributable to noncontrolling interests was &#165;4,329 thousand,
which consisted of the following: (1) During the year ended December 31, 2021, we established a real estate crowdfunding platform, of
which our non-managing members (noncontrolling equity holders) under real estate joint ventures of anonymous partnerships are considered
as noncontrolling interests. As a result, &#165;5,437 thousand 5/10/2024of net income from continuing operations was attributable to noncontrolling
interests. (2) On December 27, 2021, we completed an acquisition of 67% equity interest of SYLA Brain Co., Ltd. As a result, &#165;6,678
thousand of net income from continuing operations was attributable to noncontrolling interests. (3) On September 14, 2022, we completed
an acquisition of an additional 10% equity interest of SYLA Biotech Co., Ltd. and increased our equity interest ownership to 60%. As
a result, &#165;7,786 thousand of net loss from continuing operations was attributable to noncontrolling interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Loss from Discontinued Operations Attributable to Noncontrolling Interests</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, net loss from discontinued operations attributable to noncontrolling interests was &#165;9,895 thousand
as a result of disposition of mining machine business and income from discontinued operations, net of income taxes, was proportionally
allocated to noncontrolling interests. There was no net income (loss) from discontinued operations attributable to noncontrolling interests
during the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">B.
Liquidity and Capital Resources</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Sources of Funds</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company had &#165;4,017,311 thousand (US$28,508 thousand) in cash and cash equivalents compared to &#165;2,542,795
thousand as of December 31, 2022. In addition, the Company had &#165;162,690 thousand (US$1,154 thousand) in accounts receivable, net
as of December 31, 2023 compared to &#165;67,776 thousand as of December 31, 2022. The Company&#8217;s accounts receivable, net includes
balances due from customers and services provided and accepted by customers, adjusted for allowance for credit losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company&#8217;s working capital balance was &#165;10,586,667 thousand (US$75,125 thousand). In assessing liquidity,
management monitors and analyzes the Company&#8217;s cash and cash equivalents, ability to generate sufficient future earnings, and operating
and capital investment commitments. The Company believes that its current cash and cash equivalents from operations, borrowings from
banks, and loans from major shareholders will be sufficient to meet its working capital needs for the next twelve months from the date
of issuance of the audited financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the next few years, the Company intends to consider other sources of financing to meet its cash needs, including raising additional capital
through equity issuances. While we face uncertainties regarding the size and timing of our fundraising, we are confident that we will
be able to continue to meet our business needs solely through the use of cash flows generated from operations and shareholder working
capital, as needed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Flows for the Years Ended December 31, 2023, 2022, and 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides a summary of our cash flows for the periods indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In thousands)</b></span></p>



<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Flows from Continuing Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
Activities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities from continuing operations was &#165;6,336,698 thousand (US$44,980 thousand) for the year ended
December 31, 2023, mainly due to net income from continuing operations of &#165;749,361 thousand (US$5,318 thousand), adjusted for
(1) depreciation and amortization expense of &#165;300,864 thousand (US$2,135 thousand), (2) revenue&#160;from
sales of inventories transferred from property, plant and equipment and
solar power systems of &#165;525,432 thousand (US$3,729 thousand), (3) non-cash lease expense of &#165;424,838
thousand (US$3,015 thousand), (4) deferred income tax benefit of &#165;373,969 thousand (US$2,654 thousand), (5) stock based
compensation expense of &#165;201,914 thousand (US$1,433 thousand) and (6) changes in working capital. Negative changes in working
capital consisted of (1) an increase of &#165;6,465,203 thousand (US$45,879 thousand) in inventories, (2) a decrease of &#165;575,304
thousand (US$ 4,082 thousand) in other current liabilities and (3) a decrease of &#165;423,483 thousand (US$3,005 thousand) in
operating lease liabilities, partially offset by (1) a decrease of &#165;232,617 thousand (US$1,651 thousand) in prepaid expenses,
net and (2) an increase of &#165;137,437 thousand (US$975 thousand) in accounts payable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities from continuing operations was &#165;3,401,712 thousand for the year ended December 31, 2022, mainly
due to net income from continuing operations of &#165;310,761 thousand, adjusted for (1) depreciation and amortization expense of &#165;307,456
thousand, (2) non-cash lease expense of &#165;463,926 thousand, (3) deferred income tax benefit of &#165;102,909 thousand and (4) changes
in working capital. Negative changes in working capital consisted of (1) an increase of &#165;4,861,251 thousand in inventories, (2) an
increase of &#165;235,249 thousand in other assets, net and (3) a decrease of &#165;462,569 thousand in operating lease liabilities, partially
offset by (1) an increase of &#165;252,754 thousand in accounts payable, (2) an increase of &#165;545,401 thousand in other current liabilities
and (3) an increase of &#165;293,787 thousand in income tax payables.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by operating activities from continuing operations was &#165;25,098 thousand for the year ended December 31, 2021, mainly
due to net income from continuing operations of &#165;278,688 thousand, adjusted for (1) depreciation and amortization expense of &#165;151,638
thousand, (2) non-cash lease expense of &#165;470,358 thousand and (3) changes in working capital. Negative changes in working capital
consisted of (1) an increase of &#165;270,399 thousand in inventories, (2) an increase of &#165;111,327 thousand in other assets, net,
(3) a decrease of &#165;136,279 thousand in other current liabilities, (4) a decrease of &#165;89,679 thousand in income tax payables and
(5) a decrease of &#165;471,005 thousand in operating lease liabilities, partially offset by (1) a decrease of &#165;84,397 thousand in
prepaid expenses, net, (2) an increase of &#165;79,910 thousand in accounts payable and (3) an increase of &#165;61,190 thousand in deferred
revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investing
Activities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities from continuing operations was &#165;1,677,709 thousand (US$11,905 thousand) for the year ended
December 31, 2023, mainly due to (1) purchase of property, plant and equipment of &#165;3,447,047 thousand (US$24,461 thousand), (2)
purchase of solar power systems of &#165;309,494 thousand (US$2,196 thousand), (3) purchase of term deposits of
&#165;266,564 thousand (US$1,892 thousand) and (4) purchase of long-term investments payments of &#165;178,755 thousand (US$1,268
thousand), partially offset by (1) proceeds from sales of inventories reclassified from property, plant and equipment and
solar power systems of &#165;2,325,454 thousand (US$16,502 thousand)
and (2) proceeds from maturity of term deposits of &#165;215,136 thousand (US$1,527 thousand).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities from continuing operations was &#165;2,635,751 thousand for the year ended December 31, 2022, mainly
due to (1) purchase of property, plant and equipment of &#165;2,059,724 thousand, (2) purchase of solar power systems of &#165;113,140
thousand, (3) purchase of investments in voluntary partnerships of &#165;153,320 thousand and (4) payments for acquisition of subsidiary,
net of cash acquired of &#165;553,284 thousand, partially offset by (1) proceeds from redemption of life insurance policies of &#165;141,754
thousand and (2) proceeds from maturity of term deposits of &#165;106,043 thousand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities from continuing operations was &#165;1,928,366 thousand for the year ended December 31, 2021, mainly
due to (1) purchase of property, plant and equipment of &#165;1,827,833 thousand, (2) purchase of term deposits of &#165;27,874 thousand,
(3) purchase of short-term and long-term investments of &#165;113,512 thousand and (4) payments for acquisition of subsidiary, net of
cash acquired of &#165;175,080 thousand, partially offset by (1) proceeds from disposal of property, plant and equipment of &#165;34,979
thousand and (2) proceeds from sales of short-term and long-term investments of &#165;189,553 thousand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financing
Activities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities from continuing operations was &#165;9,839,814 thousand (US$69,826 thousand) for the year ended
December 31, 2023, mainly due to (1) borrowings from short-term and long-term loans of &#165;15,160,700 thousand (US$107,584 thousand),
(2) capital contribution from anonymous partnerships of &#165;2,732,130 thousand (US$19,388 thousand), and (3) proceeds from initial public offering, net of issuance costs of &#165;1,720,031 thousand (US$12,206 thousand), partially offset by (1) repayments for short-term and long-term loans of &#165;8,902,079
thousand (US$63,171 thousand) and (2) capital return to anonymous partnerships of &#165;666,900 thousand(US$4,732 thousand).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities from continuing operations was &#165;5,736,278 thousand for the year ended December 31, 2022, mainly
due to (1) borrowings from short-term and long-term loans of &#165;13,545,020 thousand and (2) capital contribution from anonymous partnerships
of &#165;403,480 thousand, partially offset by repayments for short-term and long-term loans of &#165;8,230,964 thousand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities from continuing operations was &#165;1,736,189 thousand for the year ended December 31, 2021, mainly
due to (1) proceeds from issuance of corporate bonds of &#165;250,000 thousand, (2) borrowings from short-term and long-term loans of
&#165;7,554,250 thousand, (3) capital contribution from anonymous partnerships of &#165;132,560 thousand and (4) deemed contribution in
connection with reorganization of &#165;146,298 thousand, partially offset by repayments for short-term and long-term loans of &#165;6,313,702
thousand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Flows from Discontinued Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by operating activities from discontinued operations was &#165;550 thousand (US$3 thousand) for the year ended December
31, 2023. There were no cash flows from investing activities and financing activities from discontinued operations during the year ended
December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by operating activities from discontinued operations was &#165;243,471 thousand  for the year ended December
31, 2022. There were no cash flows from investing activities and financing activities from discontinued operations during the year ended
December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no cash flows from discontinued operations during the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual
Obligations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lease
Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has 399 leases classified as operating leases for office space, parking lots, condominium subleases that the Company has sold
and land leases. In addition, the Company has entered into 14 leases for office equipment and vehicles, which are classified as finance
leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
minimum lease payments under noncancelable leases at December 31, 2023 are as follows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-Term
Debt</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s long-term debt includes bonds and loans from banks and other financial institutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, future minimum borrowing principal amounts are as follows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="width: 64%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">7,353,022</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">39,647</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,587,029</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,680</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,505,032</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2027</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,516</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">495,533</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2028</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,568</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,066,540</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">40,832</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,754,002</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">154,422</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,761,158</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
Sheet Arrangements (Off-Balance Sheet Transactions)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no off-balance sheet arrangements as of December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Research and Development, Patents and Licenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, the Company&#8217;s research and development policies have been that we were mainly
engaged in research and development of Rimawari-kun related technology. We have also been developing to improve our services and UI/UX.
In addition, we have been focusing on research and development to improve operational efficiency by utilizing AI technology.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Trend Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trend
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the war in Ukraine and the imposition of broad economic sanctions against Russia, depreciation of the yen against the US
dollar and soaring prices of construction and other materials could lead to higher energy prices and disruptions in global markets. It
is unclear how the continued development and complexity of this situation will affect the Japanese economy and our business in the future.
In particular, there is a risk that changes related to the acquisition of new customers and additional purchases by existing customers
could adversely affect the Company&#8217;s results of operations; that deteriorating global economic conditions could have an adverse
effect on the Company&#8217;s industry, business and results of operations; and that many of the other risks listed under &#8220;Risk
Factors&#8221; could have an incremental effect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed in the consolidated financial statements, we are not aware of any other trends, uncertainties, demands, commitments
or events for the years ended December 31, 2021, 2022 and 2023 that are reasonably likely to have a material adverse effect on our net
revenues, income, profitability, liquidity or capital resources, or that caused the disclosed financial information to be not necessarily
indicative of future operating results or financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Critical Accounting Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Accounting Policies and Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
prepare our consolidated financial statements in conformity with U.S. GAAP, which requires us to make judgments, estimates and assumptions.
We continually evaluate these estimates and assumptions based on the most recently available information, our own historical experiences
and various other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component
of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates. Some of
our accounting policies require a higher degree of judgment than others in their application and require us to make significant accounting
estimates. We believe that critical accounting policies as disclosed in this annual report reflect the more significant judgements and
estimates used in preparation of our consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following descriptions of critical accounting policies and estimates should be read in conjunction with our consolidated financial statements
and other disclosures included in this annual report. When reviewing our consolidated financial statements, you should consider our selection
of critical accounting policies, the judgments and other uncertainties affecting the application of such policies and the sensitivity
of reported results to changes in conditions and assumptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principles
of Consolidation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On an ongoing basis, as circumstances indicate
the need for reconsideration, we evaluate each of our investments and contractual relationships to determine whether they meet the guidelines
for consolidation. Our evaluation considers all of our variable interests, including equity ownership, as well as fees paid to us for
our involvement in the management of each partially owned entity or structure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In June 2021, the Company launched its real estate
crowdfunding platform which allows investors to invest through joint venture arrangements. Our real estate joint ventures consist of anonymous
partnerships, which is a structure similar to a limited partnership, and voluntary partnerships, which is a structure similar to a general
partnership. For the arrangement structured as a limited partnership or a general partnership, our evaluation of whether the equity holders
(equity partners other than the general partner or the managing member of a joint venture) lack the characteristics of a controlling financial
interest includes the evaluation of whether the limited partners or non-managing members (the noncontrolling equity holders) lack both
substantive participating rights and substantive kick-out rights, defined as follows:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.5in"><span style="font-size: 10pt">(i)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating decisions made in the ordinary course of business that most significantly influence the entity&#8217;s economic performance.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">If we conclude that any of the three characteristics
of a variable interest entity (&#8220;VIE&#8221;) (i.e., insufficiency of equity, existence of non-substantive voting rights, or lack
of a controlling financial interest) are met, including that the equity holders lack the characteristics of a controlling financial interest
because they lack both substantive participating rights and substantive kick-out rights, we conclude that the entity or structure is a
VIE and evaluate it for consolidation under the variable interest model.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Variable
interest model</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an entity or structure is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis
is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits &#8211; that is, (i) we
have the power to direct the activities of a VIE that most significantly influence the VIE&#8217;s economic performance (power), and
(ii) we have the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to
the VIE (benefits). We consolidate VIEs whenever we determine that we are the primary beneficiary. If we have a variable interest in
a VIE but are not the primary beneficiary, we account for our investment using the equity method of accounting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Voting
model</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a legal entity fails to meet any of the three characteristics of a VIE, we then evaluate such entity under the voting model. Under the
voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares and
that other equity holders do not have substantive participating rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consolidate anonymous partnerships, which are determined to be VIEs and we are the primary beneficiary, and account for voluntary partnerships
using equity method. The assets and liabilities of the VIEs that are included in the accompanying consolidated financial statements as
of December 31, 2023 and 2022 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">617,631</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">91,069</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">646</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the accounts of SYLA Technologies Co., Ltd. and all of its subsidiaries. VIEs, for which SYLA
Technologies Co., Ltd. and its subsidiaries are the primary beneficiaries, are also included in the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
significant intercompany accounts and transactions have been eliminated in consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation
of Inventories</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
inventories mainly consist of real estate properties inventories and solar power plants inventories and containers inventories.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
estate properties inventories include real estate properties held for sale and real estate properties under development, the vast majority
of which are expected to be completed and disposed of within one year of the balance sheet date. Real estate properties held for sale
are recorded at the lower of cost or fair value less cost to sell. If an asset&#8217;s fair value less cost to sell, based on discounted
future cash flows, management estimates or market comparisons, is less than its carrying amount, an allowance is recorded against the
asset. Real estate properties under development are carried at cost less impairment, as applicable. The amount of the impairment loss,
if any, is calculated as the excess of the asset&#8217;s carrying value over its fair value, which is determined using a discounted cash
flow analysis, management estimates or market comparisons. The classification of cash flows associated with the purchase and sale of real estate properties is based on the
activity that is likely to be the predominant source or use of cash flows for the properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost basis of the real estate inventories includes all direct acquisition costs including but not limited to the property purchase price,
acquisition costs, construction costs, development costs, certain amenities, capitalized interest, capitalized real estate taxes and
other costs. Interests and real estate taxes are not capitalized unless active development or construction is underway. When acquiring
real estate with existing buildings, we allocate the purchase price between land, building and intangibles related to in-place leases,
if any, based on their relative fair values.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solar
power plants inventories include solar power panels and supplies, solar power plants held for sale and solar power plants under
construction, the vast majority of which are expected to be completed and disposed of within one year of the balance sheet date.
Solar power panels and supplies are stated at the lower of cost and net realizable value. Cost of solar power panels and supplies is
determined using the weighted average cost method. Adjustments are recorded to write down the cost of obsolete and excess
inventories to the estimated net realizable value based on historical and forecast demand, and promotional environment. Solar power
plants held for sale are recorded at the lower of cost or fair value less cost to sell. If an asset&#8217;s fair value less cost to
sell, based on discounted future cash flows, management estimates or market comparisons, is less than its carrying amount, an
allowance is recorded against the asset. Solar power plants under construction are carried at cost less impairment, as applicable.
The cost basis of solar power plants under construction includes acquisition costs, construction and installation costs, development
costs, interest and financing costs incurred on debt during the construction phase and other costs. The amount of the impairment
loss, if any, is calculated as the excess of the asset&#8217;s carrying value over its fair value, which is determined using a
discounted cash flow analysis, management estimates or market comparisons. The classification of cash flows associated with the purchase and sale of solar power plants is based on the activity
that is likely to be the predominant source or use of cash flows for the items.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Containers inventories represent containerized data centers powered by solar energy, which are stated at the lower
of cost and net realizable value. Cost of containers inventories is determined using the weighted average cost method. Adjustments are
recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving and obsolete inventories, which
is dependent upon factors such as historical and forecasted consumer demand, and promotional environment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lessee</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-02 Leases (ASC Topic 842), effective
for annual reporting periods (including interim periods) beginning after December 15, 2018, with early adoption permitted. The Company
adopted ASC Topic 842 on January 1, 2020 using the modified retrospective method. This requires us to make significant judgments in determining
the implicit rates to be used in calculating operating and finance right-of-use assets and lease liabilities as of the adoption date.
We use the incremental borrowing rate based on information available at the commencement date in determining the present value of lease
payments. When determining the incremental borrowing rate, we assess multiple variables such as lease term, collateral, economic conditions,
and its creditworthiness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
elect to apply the short-term lease recognition exemption of right-of-use assets and lease liabilities for all leases with a term of
twelve months or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue
Recognition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognize revenues from sales of real estate properties, sales of land, providing of real estate management services, sales of solar
power plants, providing of solar power plants operation and maintenance services and sales of electricity under ASC Topic 606, &#8220;Revenue
from Contracts with Customers&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
determine revenue recognition for contracts with customers, we performs the following five steps : (i) identify the contract(s) with
the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration
to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective
performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation. Revenue amount
represents the invoiced value, net of consumption tax and applicable local government levies, if any. The consumption tax on sales is
calculated at 10% of gross sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognize revenue from rental services under ASC Topic 842, &#8220;Leases&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently generate revenue from the following main sources:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from sales of real estate properties</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from the sales of real estate properties are recognized at the point in time when title to and possession of the property has transferred
to the customer and we have no continuing involvement with the property, which is generally upon the delivery of the real estate properties,
which generally coincides with the receipt of cash consideration from the customer. Our contracts with customers contain a single performance
obligation and we do not provide warranties for sold real estate properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from sales of land</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from land sales are recognized when the parties are bound by the terms of a contract, consideration has been exchanged, title and other
attributes of ownership have been conveyed to the buyer by means of a closing and we are not obligated to perform further significant
development of the specific property sold. In general, our performance obligation for each of these land sales is fulfilled upon the
delivery of the land, which generally coincides with the receipt of cash consideration from the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from rental services</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rental
income is generally recognized on a straight-line basis over the terms of the tenancy agreements. For real estate and land leases, these
contracts are treated as leases for accounting purpose, rather than contracts with customers subject to ASC Topic 606.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from real estate management services</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from real estate management services consist of property management services, brokerage services and value-added management services.
Property management services mainly include property management services provided to tenants or property owners with revenue recognized
during the period when services are rendered. Revenues from brokerage services are earned upon closing of brokerage transaction. Value-added
management services mainly consist of real estate consulting and registration services with revenue recognized when performance obligation
is satisfied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from sales of solar power plants</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from the sales of solar power plants are recognized at the point in time when performance obligation is satisfied, which is after the
solar power plants have been grid connected and the customers obtain control of the solar power plants. Our sales arrangements for solar
power plants do not contain any forms of continuing involvement that may affect the revenue recognition of the transactions, nor any
variable considerations for energy performance guarantees, minimum electricity end subscription commitments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from solar power plants operation and maintenance services</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from solar power plants operation and maintenance services are recognized over time when customers receive and consume the benefits provided
by our performances, which typically include system inspection, performance engineering analysis, corrective maintenance repair and environmental
services, under the terms of service arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from sales of electricity</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from the sales of electricity are generated by the Company&#8217;s solar power systems under the power purchase arrangements (&#8220;PPAs&#8221;)
with the power grid company based on the price stated in the PPAs when electricity has been generated and transmitted to the grid. The
Company also procures electricity from wholesale electricity providers or purchases on Japan Electric Power Exchange for some of its
customers who are charged based on the actual usage of electricity each month.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from sales of containers</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from the sales of containers are recognized at the point in time when the control of the products has transferred to
the customers. The transfer of control is considered complete when the customers accept the products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from containers operation and management services</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Revenues from containers operation and management services are recognized over time when customers receive and consume
the benefits provided by the Company&#8217;s performances, which typically include containerized data center inspection, performance engineering
analysis, maintenance, repair, environmental and security services, under the terms of service arrangements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Assets
of Discontinued Operations Held for Sale</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
are classified as &#8220;held for sale&#8221; when all of the following criteria for a plan of sale have been met: (1) management, having
the authority to approve the action, commits to a plan to sell the assets; (2) the assets are available for immediate sale, in their
present condition, subject only to terms that are usual and customary for sales of such assets; (3) an active program to locate a buyer
and other actions required to complete the plan to sell the assets have been initiated; (4) the sale of the assets is probable and is
expected to be completed within one year; (5) the assets are being actively marketed for a price that is reasonable in relation to their
current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will
be made or the plan will be withdrawn. When all of these criteria have been met, the assets are classified as &#8220;held for sale&#8221;
in the consolidated balance sheets. Assets classified as &#8220;held for sale&#8221; are reported at the lower of their carrying value
or fair value less costs to sell. Depreciation of assets ceases upon designation as &#8220;held for sale&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_003"></span>ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Directors and Senior Management</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Directors and Corporate Auditors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the names, ages and positions of the members of our board of directors and of our board of corporate auditors
as of the date of this annual report. The business address of all of persons identified below is Ebisu Prime Square Tower 7F, 1-1-39,
Hiroo, Shibuya-ku, Tokyo, Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 63%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Positions
    Held</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Officers
    and Directors</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hiroyuki
    Sugimoto</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Board of Directors, Chief Executive Officer (CEO), Co-President and Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yoshiyuki
    Yuto</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Operating Officer (COO), Co-President and Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Takahide
    Watanabe</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Takeshi
    Fuchiwaki</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Growth Officer (CGO) and Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tomoyoshi
    Uranishi</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ferdinand
    Groenewald</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keiji
    Torii</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yozo
    Tachibana</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stuart
    Gibson</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ikuo
    Yoshida</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
    Auditor (full-time)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yoshihide
    Sugimoto</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
    Auditor</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keiko
    Yokoyama</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
    Auditor</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Members of our statutory Board of Corporate Auditors are not members of our Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Biographical
Information</b></span></p>

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following is a summary of certain biographical information concerning our directors and corporate auditors.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Hiroyuki
Sugimoto</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Sugimoto has served as the Chief Executive Officer and Co-President of SYLA Technologies Co., Ltd. since July 2022 and a director of
SYLA Technologies Co., Ltd. since March 2017. He has also served as a director of SYLA Co., Ltd., a wholly owned subsidiary of SYLA Technologies
Co., Ltd., since April 2022. He graduated from Kawasaki Sogo High School of Science in 1996. Mr. Sugimoto does not and has not previously
served as a director of any reporting company.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Yoshiyuki
Yuto</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Yuto has served as the Chief Operating Officer and Co-President of SYLA Technologies Co., Ltd. since July 2022 and Chairman of the Board
of Directors of SYLA Technologies Co., Ltd. since August 2017. From August 2010 to July 2017, he served as a director of SYLA Technologies
Co., Ltd. From August 2010 to June 2022, Mr. Yuto served as the Chief Executive Officer and President of SYLA Technologies Co., Ltd.
since August 2010. Since 2010, he has also served as the Chief Executive Officer, President and director of SYLA Co., Ltd., a wholly
owned subsidiary of SYLA Technologies Co., Ltd. Mr. Yuto received a B.S. degree in Architecture from the Faculty of Engineering at National
Utsunomiya University in 2001. Mr. Yuto does not and has not previously served as a director of any reporting company.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Takahide
Watanabe</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Watanabe has served as a director of SYLA Technologies Co., Ltd. since March 2017. From April 2022 to April 2024, Mr. Watanabe also served
as Chief Strategy Officer of SYLA Technologies Co., Ltd. In April 2024, Mr. Watanabe was appointed as Director, Head of Administration
of RIBERSUTE CORPORATION. He has also been a director of SYLA Solar Co., Ltd. and SYLA Co., Ltd, each wholly owned subsidiary of SYLA
Technologies Co., Ltd., since February 2022 and October 2020, respectively. From March 2017 through April 2022, Mr. Watanabe served as
General Manager of SYLA Technologies Co., Ltd. Mr. Watanabe graduated from Waseda University School of Law in 2005. Mr. Watanabe does
not and has not previously served as a director of any reporting company.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Takeshi
Fuchiwaki</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Fuchiwaki has served as a director of SYLA Technologies Co., Ltd. since June 2023. From January 2022 to date. Mr. Fuchiwaki has also
served as the Chief Growth Officer of SYLA Technologies Co., Ltd. since January 2022. He has also served as the Chief Executive
Officer of SYLA Solar Co. Ltd., a wholly owned subsidiary of SYLA Technologies Co., Ltd., since February 2022. From August 2010 to
December 2021, Mr. Fuchiwaki held several positions with GE Healthcare. From October 2009 to July 2010, he was an Associate at
PricewaterhouseCoopers. Mr. Fuchiwaki received a degree in Supply Chain Management from the Pennsylvania State University in
2013.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Independent
Directors</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tomoyoshi
Uranishi</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Uranishi has served as an independent director of SYLA Technologies Co., Ltd. since April 2020. From December 2018 to June 2021, he served
as auditor (part-time) at fundbook Inc., a merger and acquisition advisor Japanese company. From July 2013 to November 2018, Mr. Uranishi
served as a Senior Executive Officer, Deputy Director General at Bic Camera Co. Ltd. in Japan. From April 1974 to June 2003, he served as Deputy Director General at the former
Ministry of Finance (now Ministry of Finance) in Japan. Mr. Uranishi graduated from the University of Tokyo in 1974 with a degree in
Economics. Mr. Uranishi does not and has not previously served as a director of any reporting company.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ferdinand
Groenewald</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Groenewald has been an independent member of our Board of Directors since December 1, 2022. Since July 31, 2022, Mr. Groenewald has served
in several capacities at the CFO Squad which provides outsourced accounting and consulting services. From January 2, 2022 to July 31,
2022, Mr. Groenewald had served as the Chief Accounting Officer of Muscle Maker, Inc., a Nasdaq listed company. From September 2018 to
January 2, 2022, Mr. Groenewald served as the Chief Financial Officer of Muscle Maker, Inc. From January 25, 2018 through May 29, 2018,
Mr. Groenewald served as the Vice President of Finance, Principal Financial Officer and Principal Accounting Officer of Muscle Maker,
Inc., Muscle Maker Development, LLC and Muscle Maker Corp., LLC. In addition, from October 2017 through May 29, 2018, he served as the
controller of Muscle Maker, Inc. Mr. Groenewald is a certified public accountant with significant experience in finance and accounting.
From July 2018 through August 2018, he served as senior financial reporting accountant of Wrinkle Gardner &amp; Company, a full-service
tax, accounting and business consulting firm. From February 2017 to October 2017, Mr. Groenewald served as Senior Financial Accounting
Consultant at Pharos Advisors, Inc. serving a broad range of industries. From November 2013 to February 2017, he served as a Senior Staff
Accountant at Financial Consulting Strategies, LLC where he provided a broad range of accounting, financial reporting, and pre-auditing
services to various industries. From August 2015 to December 2015, Mr. Groenewald served as a Financial Reporting Analyst at Valley National
Bank. Mr. Groenewald holds a Bachelor of Science in accounting from the University of South Africa. Mr. Groenewald is a Certified Public
Account. Mr. Groenewald serves as a member of the Board of Directors of HeartCore Enterprises, Inc., a publicly reporting company that
is listed on the Nasdaq Capital Market, since January 24, 2022.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Keiji
Torii</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Torii has served as an independent director of SYLA Technologies Co., Ltd. since July 2023. He has served as a corporate auditor of SYLA
Technologies Co., Ltd. since April 2018 to June 2023. Since April 2015, he has served as an advisor to SYLA Technologies Co., Ltd. Mr.
Torii graduated from the Faculty of Economics at Keio University in 1971.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Yozo
Tchibana</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Tachibana has served as an independent director of SYLA Technologies Co., Ltd. since July 2023. He served as President and Representative
Director of Rakuten Baseball, Inc. since 2012. President and Representative Director of PROSPER Inc. (to present), President and Representative
Director of Shiogama Port (to present) since 2022. Mr. Tachibana graduated from the Policy Studies at Keio University in 1971.</span></p>

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Gibson</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Gibson has served as an independent director of SYLA Technologies Co., Ltd. since July 2023. Appointed as Director in 2016 and re-designated
as Executive Director in February 2019, Mr.&#160;Stuart Gibson is a co-founder of ESR Group and has been the co-CEO of the Group since
January&#160;2016. He was also the co-founder and CEO of the Redwood group from July 2006 until the 2016 merger.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Auditors</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ikuo
Yoshida</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Yoshida has served as a full-time corporate auditor of SYLA Technologies Co., Ltd. since April 2021. From October 2004 to July 2017,
he served as a Corporate Auditor of Toshiba Digital Solutions Corporation. Mr. Yoshida received his Master&#8217;s degree from Tokyo
Institute of Technology in 1983.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Yoshihide
Sugimoto</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Sugimoto has served as a corporate auditor of SYLA Technologies Co., Ltd. and SYLA Co., Ltd. since April 2022. He has served as an independent
director of Avex Inc., NATTY SWANKY holdings Co., Ltd. and Brangista Inc. since June 2020, September 2018, and December 2015, respectively.
He has also served as a corporate auditor of GROWTH POWER Inc. and Ai Robotics Inc. since January 2022 and January 2021, respectively.
Mr. Sugimoto graduated from Waseda University School of Law in 2003.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Keiko
Yokoyama</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Yokoyama has served as a corporate auditor of SYLA Technologies Co., Ltd. Since July 2023. She has served as an independent director
(Member of the Audit Committee) of Karadanote Inc. since 2021. Ms. Yokoyama graduated from Tokyo Woman&#8217;s Christian University in
1994.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hiroyuki
Sugimoto, Chief Executive Officer of SYLA Technologies Co., Ltd., and Takahide Watanabe, Director and Chief Strategy Officer of SYLA
Technologies Co., Ltd., are cousins.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Diversity</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 6, 2021, the SEC approved NASDAQ&#8217;s proposal to amend its listing standards to encourage greater board diversity and to require
board diversity disclosures for NASDAQ-listed companies. Pursuant to the amended listing standards, our Company, as a &#8220;foreign
private issuer&#8221; with a board of directors of five or fewer members, is required to have at least one diverse board member or explain
the reasons for not meeting this objective by the end of 2022. The table below provides certain demographic information regarding our
current board of directors:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td colspan="9" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
    Diversity Matrix (As of May 13, 2024)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Country
    of Principal Executive Offices</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Japan</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
    Private Issuer</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Yes</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
    Prohibited under Home Country Law</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Female</b></span></td>
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    <td style="border-bottom: black 1.5pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Male</b></span></td>
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    <td style="border-bottom: black 1.5pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Binary</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td colspan="9" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td colspan="9" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
    II: Demographic Background</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underrepresented
    Individual in Home Country Jurisdiction</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Did
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we have not adopted a formal board diversity policy, we are mindful of the benefit that diversity can provide in maximizing the effectiveness
and decision-making abilities of our board. In this regard, we are committed to increasing diversity on our board. In searches for new
director candidates, we will consider the level of diversity, including representation of underrepresented individuals and female representation,
on the board, which will be one of several factors used in the search process. Further, we will continuously monitor the level of diversity
and recruit qualified diverse candidates, including underrepresented individuals and/or female candidates, as part of our overall recruitment
and selection process to fill openings, as the need arises, through vacancies, growth or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
of our Executive Officers, Directors and Corporate Auditors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remuneration
to our executive officers is comprised of base compensation. In the fiscal year ended December 31, 2023, we paid an aggregate of approximately
&#165;249,336,000 (US$1,769,344.3) to our executive officers who were paid over US$100,000 in 2023, namely Hiroyuki Sugimoto, Yoshiyuki
Yuto, Takahide Watanabe, Takeshi Fuchiwaki, who were paid &#165;138,840,000 (US$985,239.85), &#165;69,936,000 (US$496,281.57), &#165;18,480,000
(US$131,138.23), &#165;22,080,000 (US$156,684.64), respectively. We paid an aggregate of approximately &#165;225,144,500 (US$1,708,098)
to our executive officers who were paid over US$100,000 in 2022, namely Hiroyuki Sugimoto, Yoshiyuki Yuto, Takahide Watanabe, Takeshi
Fuchiwaki who were paid &#165;129,290,000 (US$980,882), &#165;64,612,000 (US$490,190), &#165;14,540,000 (US$110,310), &#165;16,702,500 (US$126,716),
respectively. In the fiscal year ended December 31, 2021, we paid an aggregate of approximately &#165;165,990,000 to our executive officers
who were paid over US$100,000 in 2021, namely Hiroyuki Sugimoto, Yoshiyuki Yuto, and Masaaki Kawakami, who were paid &#165;101,880,000,
&#165;49,380,000, and &#165;14,730,000, respectively. The Company did not grant any stock options and did not provide discretionary bonuses
during the fiscal years ended December 31, 2022 and 2021. We have not set aside pension, retirement, or other benefits for our executive
officers.]</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Companies Act and our articles of incorporation, the amount of compensation for our directors and corporate auditors
is decided by first setting the maximum amount of total compensation for all of our directors and corporate auditors through a resolution
adopted by our shareholders at a shareholders meeting. The representative director authorized by our board of directors and our board
of directors then decide on the amount of compensation for each director based on certain criteria established by our Company, and the
amount of compensation for each corporate auditor is decided through discussions among the corporate auditors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of compensation for executive officers, excluding directors, is determined by the Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022, our shareholders approved an aggregate compensation allowance of no more than &#165;300,000,000 per year for our directors. In 2021,
our shareholders also approved an aggregate compensation allowance of no more than &#165;20,000,000 per year for our corporate auditors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the total amount of remuneration paid to each category of our directors and corporate auditors in fiscal year
2023, including by the type of remuneration and the number of persons in each category.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in thousands, except stock options and number of persons in category)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category of directors and corporate auditors</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">Executive directors (1)</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">4</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Independent directors (2)</td><td>&#160;</td>
    <td style="text-align: left">&#165;</td><td style="text-align: right">17,871</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#165;</td><td style="text-align: right">17,871</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Full-time outside corporate auditor (3)</td><td>&#160;</td>
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    <td style="text-align: left">&#165;</td><td style="text-align: right">6,660</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Outside corporate auditors (4)</td><td>&#160;</td>
    <td style="text-align: left">&#165;</td><td style="text-align: right">7,200</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#165;</td><td style="text-align: right">7,200</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Consist of Messrs. Hiroyuki Sugimoto, Yoshiyuki Yuto, Takahide Watanabe and Takeshi Fuchiwaki</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Consist of Messrs. Tomoyoshi Uranishi. Ferdinand Groenewald, Yozo Tachibana, Stuart Gibson and Keiji Torii.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
Our full-time outside corporate auditor is Ikuo Yoshida.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
Consists of Yoshihide Sugimoto, and Keiko Yokoyama.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Independent
Director Agreement - Ferdinand Groenewald</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ferdinand
Groenewald is an independent director of our Company. Ferdinand Groenewald entered into an Independent Director Agreement with our Company
as of December 5, 2022. Pursuant to the terms of the Independent Directors Agreement, Mr. Groenewald will be paid the sum of &#165;4,070,700
(US$28,887) annually for director&#8217;s service as a director of the Company, to be paid &#165;339,225 (US$2,407) per month, payable
within five business days of the end of each month, and with such amount for any partial calendar month being appropriately prorated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the term of the agreement, the Company will reimburse Mr. Groenewald for all reasonable out-of-pocket expenses incurred by Mr. Groenewald
in attending any in-person meetings, provided that he complies with the generally applicable policies, practices and procedures of the
Company for submission of expense reports, receipts or similar documentation of such expenses. Any reimbursements for allocated expenses
(as compared to out-of-pocket expenses of the applicable director in excess of US$500) must be approved in advance by the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreement contains customary confidentiality provisions, and customary provisions related to Company ownership of intellectual property
conceived or made by Mr. Groenewald in connection with the performance of his duties under the agreement (i.e., a &#8220;work-made-for-hire&#8221;
provision).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreement provides that, during the term (which continues as long as he is serving as a director of the Company), he will be entitled
to indemnification and insurance coverage for officers&#8217; liability, fiduciary liability and other liabilities arising out of Mr.
Groenewald&#8217;s position with the Company in any capacity, in an amount not less than the highest amount available to any other director,
and such coverage and protections, with respect to the various liabilities as to which Mr. Groenewald has been customarily indemnified
prior to termination of employment, shall continue for at least six years following the end of the term. Any indemnification agreement
entered into between the Company and the Mr. Groenewald will continue in full force and effect in accordance with its terms following
the termination of this agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreement contains customary representations and warranties by Mr. Groenewald, relating to the agreement, and contains other customary
miscellaneous provisions relating to waivers, assignments, third party rights, survival of provisions following termination, severability,
notices, waiver of jury trials and other provisions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreement is governed by and construed and enforced in accordance with the laws of Japan, and for all purposes shall be construed in
accordance with the laws of Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
Options and Stock Acquisition Right</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
May 2014 to September 2023, the Company granted stock options for the purchase of shares of the Company&#8217;s common shares to directors,
auditors and Company employees 10 times as shown in the table below. The purpose is to strengthen a corporate culture in which the directors,
auditors and employees of the Company share in mutual success and reconcile the interests of the employees with those of the shareholders.
The Company&#8217;s grant of stock options prohibits the transfer of options. If a holder of stock options ceases to be a director, auditor
or employee of the Company, such stock options will be forfeited except under limited circumstances or if the Board of Directors of the
Company decides otherwise. The following table provides a summary of stock options issued by the Company since 2014.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Of
the stock options granted as per the above table, stock options to acquire 1,619<span style="text-decoration: line-through"></span> shares of the Company&#8217;s common
shares have forfeited and stock options to acquire 53,278<span style="text-decoration: line-through"></span> shares of the Company&#8217;s common shares remain outstanding
as of December 31, 2023<span style="text-decoration: line-through"></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
balance of stock options with respect to common shares granted to the directors and auditors of the Company is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: justify">05/31/2027</td><td>&#160;</td>
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    <td style="text-align: justify">10/01/2017</td><td>&#160;</td>
    <td style="text-align: justify">10/01/2017</td><td>&#160;</td>
    <td style="text-align: justify">04/30/2024</td><td>&#160;</td>
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    <td style="text-align: justify">03/30/2018</td><td>&#160;</td>
    <td style="text-align: justify">03/13/2020</td><td>&#160;</td>
    <td style="text-align: justify">02/28/2028</td><td>&#160;</td>
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    <td style="text-align: justify">11/30/2020</td><td>&#160;</td>
    <td style="text-align: justify">08/26/2022</td><td>&#160;</td>
    <td style="text-align: justify">07/31/2030</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Each stock option is exercisable for one common share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
Recovery Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 28, 2023, the Board approved the Compensation Recovery Policy (the &#8220;Clawback Policy&#8221;), which complies with the SEC&#8217;s
newly adopted clawback rules as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Clawback Policy provides
that in the event we are required to prepare a financial restatement, we shall, subject to certain limited exceptions as described in
the Clawback Policy, recover certain incentive-based compensation from certain covered executives. Compensation that shall be recovered
under the Clawback Policy generally includes incentive-based compensation received during the three-year period prior to the applicable
restatement date that exceeds the amount that otherwise would have been received by such covered executive had such compensation been
determined based on the restated amounts in the financial restatement. A copy of the Clawback Policy is attached hereto as Exhibit 97.1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Board Practices</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Governance Practices</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;foreign private issuer&#8221; as defined under the federal securities laws of the United States and the Nasdaq listing standards.
Under the federal securities laws of the United States, foreign private issuers are subject to different disclosure requirements than
U.S.-domiciled public companies. We intend to take all actions necessary for us to maintain our status as a foreign private issuer under
the applicable corporate governance requirements of the Sarbanes-Oxley Act, the Exchange Act and other applicable rules adopted by the
SEC, and the Nasdaq listing standards. Under the SEC rules and the Nasdaq listing standards, a foreign private issuer is subject to less
stringent corporate governance requirements. Subject to certain exceptions, the SEC and the Nasdaq permit a foreign private issuer to
follow its home country practice in lieu of their respective rules and listing standards. In general, our articles of incorporation and
the Companies Act govern our corporate affairs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
particular, as a foreign private issuer, we will follow Japanese law and corporate practice in lieu of the corporate governance provisions
set out under Nasdaq Rule 5600, the requirement in Nasdaq Rule 5250(b)(3) to disclose third party director and nominee compensation,
and the requirement in Nasdaq Rule 5250(d) to distribute annual and interim reports. Of particular note, the following rules under Nasdaq
Rule 5600 from Japanese law requirements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
    Rule 5605(b)(1) require that at least a majority of a listed company&#8217;s board of directors be independent directors, and Nasdaq
    Rule 5605(b)(2) requires that independent directors regularly meet in executive session, where only independent directors are present.
    Under our current corporate structure, the Companies Act does not require independent directors. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
    Rule 5605(c)(2)(A) require a listed company to have an audit committee composed entirely of not less than three directors, each of
    whom must be independent. Under Japanese law, a company may have a statutory auditor or a board of auditors. We have a three-member
    Board of Corporate Auditors, each member of which will meet the requirements of Rule 10A-3 under the Exchange Act. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
    Rule 5605(d) require, among other things, that a listed company&#8217;s compensation committee be comprised of at least two members,
    each of whom is an independent director as defined under such rule. Our board of directors will collectively participate in the discussions
    and determination of compensation for our executive and directors (subject to the maximum aggregate compensation amount resolved
    by our shareholders meetings), and other compensation related matters. Likewise, our corporate auditors discuss and determine compensation
    of each corporate auditor (subject to the maximum aggregate compensation amount resolved by our shareholders meetings) without involvement
    of our board of directors.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
    Rule 5605(e) require that a listed company&#8217;s nomination and corporate governance committee be comprised solely of independent
    directors. Our board of directors will not have a standalone nomination and corporate governance committee. Our board of directors
    will collectively participate in the nomination process of potential directors and corporate auditors (in the cases of corporate
    auditors, consent of board of corporate auditors is required) and oversee our corporate governance practices.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
    Rule 5620(c) provide a one-third quorum requirement applicable to shareholder meetings. In accordance with Japanese law and generally
    accepted business practices, our articles of incorporation provide that there is no quorum requirement for a general resolution of
    our shareholders. However, under the Companies Act and our articles of incorporation a quorum of not less than one-third or more
    of the total number of voting rights is required in connection with the election of directors, corporate auditors and certain other
    matters.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has the ultimate responsibility for the administration of our affairs. Our board of directors meets no less than once
every three months. Under the Companies Act and our articles of incorporation, our Company shall have no more than ten, directors on
our board of directors. Our board of directors is currently comprised of nine directors. Directors are typically nominated at the board
level and are elected at general meetings of the shareholders. The term of office of any director expires at the close of the ordinary
general meeting of shareholders held with respect to the last fiscal year ended within one year after such director&#8217;s election
to office. Our directors may, however, serve any number of consecutive terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors appoints from among its members one or more representative directors, who serve as head administrator(s) over our
Company&#8217;s affairs and represent our Company in accordance with the resolutions of our board of directors. Our board of directors
may appoint from among its members a chairman, a president or one or more deputy presidents, senior managing directors, or managing directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our Company&#8217;s current corporate structure, the Companies Act does not require our board of directors to have any independent directors.
Our board of directors is currently comprised of nine directors, four of whom (Hiroyuki Sugimoto, Yoshiyuki Yuto, Takahide Watanabe and
Takeshi Fuchiwaki) are considered non-independent directors and five of which (Tomoyoshi Uranishi, Ferdinand Groenewald, Keiji Torii,
Yozo Tachibana and Stuart Gibson), are considered &#8220;independent&#8221;, as determined in accordance with the Nasdaq rules, and also
satisfy the requirements for an outside (or independent) director under the Companies Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Corporate Auditors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
permitted under the Companies Act, we have elected to structure our corporate governance system as a company with a separate board of
corporate auditors instead of an audit committee of our board of directors. Our articles of incorporation provide for not more than five
corporate auditors. Corporate auditors are typically nominated at the board level and are elected at general meetings of shareholders
by a majority of shareholders entitled to vote, where a quorum is established by shareholders holding one-third or more of the voting
rights of those who are entitled to vote are present at the shareholders&#8217; meeting. The normal term of office of any corporate auditor
expires at the close of the annual general meeting of shareholders held with respect to the last fiscal year ended within four years
after such corporate auditor&#8217;s election to office. Our corporate auditors may, however, serve any number of consecutive terms.
Corporate auditors may be removed by a special resolution of a general meeting of shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate auditors are not required to be certified public accountants. Our corporate auditors may not concurrently serve as directors,
employees or accounting advisors (<i>kaikei sanyo</i>) of our Company or any of our subsidiaries or serve as corporate officers of our
subsidiaries. Under the Companies Act, at least one-half of the corporate auditors of a company must be persons who satisfy the requirements
for an outside corporate auditor under the Companies Act, and at least one of the corporate auditors must be a full-time corporate auditor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
function of our board of corporate auditors and each corporate auditor is similar to that of independent directors, including those who
are members of the audit committee of a U.S. public company. Each corporate auditor has a statutory duty to supervise the administration
by the directors of our affairs, to examine our financial statements and business reports to be submitted by a representative director
at the general meetings of shareholders, and to prepare an audit report. Our corporate auditors are obligated to participate in meetings
of our board of directors and, if necessary, to express their opinion at such meetings, but are not entitled to vote. Our corporate auditors
must inspect the proposals, documents and any other materials to be submitted by our board of directors to the shareholders at the shareholders&#8217;
meeting. If a corporate auditor finds a violation of statutory regulations or our articles of incorporation, or another significant improper
matter, such auditor must report those findings to the shareholders at the shareholders&#8217; meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
if a corporate auditor believes that a director has engaged in, or is likely to engage in, misconduct or acts that are significantly
improper, or that there has been a violation of statutory regulations or our articles of incorporation, the corporate auditor: (i) must
report that fact to our board of directors; (ii) can demand that a director convene a meeting of our board of directors; and (iii) if
no such meeting is convened in response to the demand, can convene the meeting under the corporate auditor&#8217;s own authority. If
a director engages in, or is likely to engage in, an activity outside the scope of the objectives of our Company or otherwise in violation
of laws or regulations or our articles of incorporation, and such act is likely to cause significant damage to our Company, then a corporate
auditor can demand that the director cease such activity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of corporate auditors has a statutory duty to prepare an audit report based on the audit reports issued by the individual corporate
auditors and, in the case of audit reports related to financial statements, the independent auditors of our Company each year, and submit
such audit reports to a relevant director. A corporate auditor may note an opinion in an audit report issued by our board of corporate
auditors, if the opinion expressed in such corporate auditor&#8217;s individual audit report is different from the opinion expressed
in the audit report issued by our board of corporate auditors. Our board of corporate auditors is empowered to establish the audit principles,
the method of examination by our corporate auditors of our affairs and financial position, and any other matters relating to the performance
of our corporate auditors&#8217; duties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
our corporate auditors must represent our Company in: (i) any litigation between our Company and a director; (ii) dealing with shareholders&#8217;
demands seeking a director&#8217;s liability to our Company; and (iii) dealing with notices of litigation and settlement in a derivative
suit seeking a director&#8217;s liability to our Company. A corporate auditor can file court actions relating to our Company within the
authority of our corporate auditors, such as an action to nullify the incorporation of our Company, the issuance of shares, or a merger,
or to cancel a resolution at a shareholders&#8217; meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Differences
in Corporate Governance from Nasdaq Capital Market Listing Rules</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
listed on the Nasdaq Capital Market must comply with certain standards regarding corporate governance under Rule 5605 of the Nasdaq Listing
Rules. However, listed companies that are foreign private issuers, such as we will be, are permitted to follow home country practice
in lieu of certain provisions of Rule 5605 of the Nasdaq Listing Rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the significant differences between the corporate governance practices followed by U.S. listed companies under
Rule 5605 of the Nasdaq Listing Rules and those followed by SYLA Technologies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
                                            Governance Practices</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Followed
    by Nasdaq-listed U.S. Companies</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
                                            Governance Practices</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Followed
    by SYLA Technologies </b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    A Nasdaq-listed U.S. company must have a majority of directors meeting the independence requirements under Rule 5605(a)(2) of the
    Nasdaq Listing Rules.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            Japanese companies, including SYLA Technologies, which employ a corporate governance system
                                            based on a board of corporate auditors (the board of corporate auditor system), the Companies
                                            Act has no independence requirement with respect to directors. The task of overseeing management
                                            and independent auditors is assigned to the members of the board of corporate auditors, who
                                            are separate from SYLA Technologies&#8217; management.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    members of board of corporate auditors must meet certain independence requirements under the Companies Act.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    Japanese companies with a board of corporate auditors, including SYLA Technologies, at least half of the members of such board must
    be &#8220;outside&#8221; corporate auditors. Such &#8220;outside&#8221; corporate auditors of the board of corporate auditors must
    meet additional independence requirements under the Companies Act. An &#8220;outside&#8221; corporate auditor of the board of corporate
    auditors means a member of the board of corporate auditors who, among other things, (i) has not been a director or employee, including
    a manager, of SYLA Technologies or any of its subsidiaries within 10 years prior to assuming the position of a member of the board
    of corporate auditors, (ii) (in case of a person who has formerly served as a member of the board of corporate auditors of SYLA Technologies
    or any of its subsidiaries within 10 years prior to assuming the position of a member of the board of corporate auditors) has not
    been a director or employee, including a manager, of SYLA Technologies or any of its subsidiaries within 10 years prior to assuming
    such former position of a member of the board of corporate auditors and (iii) is not currently spouse or relative within two degrees
    of a director or important employee, including a manager, of SYLA Technologies.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31, 2023, SYLA Technologies had three members of the board of corporate auditors, all of whom were &#8220;outside&#8221;
    members of the board of corporate auditors.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
                                            Governance Practices</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Followed
    by Nasdaq-listed U.S. Companies</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
                                            Governance Practices</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Followed
    by SYLA Technologies</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
    A Nasdaq-listed U.S. company must have an audit committee composed entirely of independent directors, and the audit committee must
    have at least three members.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
                                            Technologies employs the board of corporate auditor system as described above. Under this
                                            system, the board of corporate auditors is a legally separate and independent body from the
                                            board of directors. The main function of the board of corporate auditors is similar to that
                                            of independent directors, including those who are members of the audit committee of a U.S.
                                            company: to monitor the performance of the directors, and review and express opinions on
                                            the method of auditing by SYLA Technologies&#8217; independent auditors and on such independent
                                            auditors&#8217; audit reports, for the protection of SYLA Technologies&#8217; shareholders.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31, 2023, SYLA Technologies had three members of the board of corporate auditors. Each member of the board of corporate
    auditors serves a four-year term of office. In contrast, the term of office of each director of SYLA Technologies is one year.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
    respect to the requirements of Rule 10A-3 under the U.S. Securities Exchange Act of 1934 relating to listed company audit committees,
    SYLA Technologies relies on an exemption under that rule which is available to foreign private issuers with board of corporate auditors
    meeting certain requirements.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
    A Nasdaq-listed U.S. company must have a nominating/corporate governance committee composed of entirely independent directors and
    the compensation committee must have at least two members.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
    Technologies&#8217; directors are elected at a general meeting of shareholders. Its board of directors does not have the power to
    fill vacancies thereon. The members of the board of corporate auditors are also elected at a general meeting of shareholders of SYLA
    Technologies. A proposal by SYLA Technologies&#8217; board of directors to elect a member to the board of corporate auditors must
    be approved by a resolution of its board of corporate auditors. The board of corporate auditors is empowered to adopt a resolution
    requesting that SYLA Technologies&#8217; directors submit a proposal for election of a member of the board of corporate auditors
    to a general meeting of shareholders. The members of the board of corporate auditors have the right to state their opinions concerning
    election of a member of the board of corporate auditors at the general meeting of shareholders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
                                            Governance Practices</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Followed
    by Nasdaq-listed U.S. Companies</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
                                            Governance Practices</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Followed
    by SYLA Technologies</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
                                            A Nasdaq-listed U.S. company must have a compensation committee composed entirely of independent
                                            directors and the compensation committee must have at least three members. Compensation committee
                                            members must satisfy the additional independence requirements under Rule 5605(d)(2)(A) of
                                            the Nasdaq Listing Rules.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    compensation committee must also have authority to retain or obtain the advice compensation and other advisers, subject to prescribed
    independence criteria that the committee must consider prior to engaging any such adviser.</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            total amount of compensation for SYLA Technologies&#8217; directors and the total amount
                                            of compensation for the members of the SYLA Technologies&#8217; board of corporate auditors
                                            are proposed to, and voted upon by, a general meeting of shareholders. Once the proposal
                                            for each of such total amount of compensation is approved at the general meeting of shareholders,
                                            each of the board of directors and board of corporate auditors allocates the respective total
                                            amount among its respective members.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    are no procedural or disclosure requirements with respect to the use of compensation to consultants, independent legal counsel or
    other advisors.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Management</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
of the key functions of our board of directors is informed oversight of our risk management process. Our board of directors has a standing
risk management committee. In particular, our risk management committee is responsible for monitoring and assessing strategic risk exposure,
including risks associated with cybersecurity and data protection, and our board of corporate auditors is responsible for overseeing
and evaluating our major financial risk exposures and the steps our management has taken to monitor and control these exposures, including
guidelines and policies to govern the process by which risk assessment and management is undertaken. Our board of corporate auditors
also reviews legal, regulatory and compliance matters that could have a significant impact on our financial statements. While each standing
committee of our board of directors will be responsible for evaluating certain risks and overseeing the management of such risks, our
entire board of directors will be regularly informed through committee reports about such risks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Code
of Business Conduct</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has adopted a written code of business conduct that applies to our directors, corporate auditors, officers, and employees
(including our principal executive officer, principal financial officer, principal accounting officer or controller, and other persons
performing similar functions), and our agents</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limitation
of Liability of Directors and Corporate Auditors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with our articles of incorporation, and pursuant to the provisions of Article 427 of the Companies Act, we are authorized
to enter into agreements with our non-executive directors and corporate auditors, respectively, to limit his or her liability to our
Company for any losses or damages arising from the conduct specified under Article 423 of the Companies Act; provided, that, the amount
of such limited liability is the amount stipulated in applicable laws and regulations, whichever is higher. Tomoyoshi Uranishi, Ferdinand
Groenewald, Keiji Torii, Yozo Tachibana and Stuart Gibson are considered independent, non-executive directors within the meaning of the
Companies Act. We have entered into limitation of liability agreements with our non-executive director or corporate auditors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation include limitation of liability provisions for independent directors and corporate auditors, pursuant to which
our board of directors can authorize our Company to exempt the independent directors and corporate auditors from liabilities arising
in connection with any failure to execute their respective duties in good faith or due to simple negligence (excluding gross negligence
and willful misconduct), within the limits stipulated by applicable laws and regulations, including Article 426, Paragraph 1 of the Companies
Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of May 15, 2024, SYLA Technologies Co., Ltd. and its subsidiaries had in aggregate 138 full-time employees and 2part-time employees as
follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Function</td><td style="text-align: left; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Full-Time Employees</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: left; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Part-Time Employees</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Technologies</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">14</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sales and Marketing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Development</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">31</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Construction</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Solar</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Management (Finance, HR, General Admin)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">22</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of our employees is represented by a union. We consider our relations with our employees to be good.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Share ownership</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
information regarding the share ownership of our directors and executive officers, please see &#8220;Item 7.A. Major Shareholders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_004"></span>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Major Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table and accompanying footnotes set forth certain information with respect to the beneficial ownership of our common shares,
as of December 31, 2023, by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of our named executive officers, directors, and corporate auditors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    of our named executive officers, directors, and corporate auditors as a group; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person or entity (or group of affiliated persons or entities) known by us to be the beneficial owner of 5% or more of our common
    shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
our knowledge, each shareholder named in the table has sole voting and investment power with respect to all of our common shares shown
as &#8220;beneficially owned&#8221; (as determined by the rules of the SEC) by such shareholder, except as otherwise set forth in the
footnotes to the table. The SEC has defined &#8220;beneficial&#8221; ownership of a security to mean the possession, directly or indirectly,
of voting power and/or investment power.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">The percentages reflect beneficial
ownership (as determined in accordance with Rule 13d-3 under the Exchange Act) as of December 31, 2023, based on 260,891
 common shares outstanding and 48,787<span style="text-decoration: line-through"></span> common shares subject to options that are currently exercisable, which are
deemed to be outstanding and to be beneficially owned by the person holding the options for the purpose of computing the percentage ownership
of that person but are not treated as outstanding for the purpose of computing the percentage ownership of any other person.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as noted in the footnotes to the table below, the address for all of the shareholders in the table below is c/o SYLA Technologies Co.,
Ltd., Ebisu Prime Square Tower 7F, 1-1-39, Hiroo, Shibuya-ku, Tokyo, Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#8239;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name of Beneficial Owner</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Tomoyoshi Uranishi</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Ferdinand Groenewald</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left">Keiji Torii</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Yozo Tachibana</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,700</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Stuart Gibson</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Ikuo Yoshida</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Yoshihide Sugimoto</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Keiko Yokoyama</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">All named directors, and corporate auditors as a group (twelve persons)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;212,608</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">5% or more Shareholders:</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">SY Co., Ltd. (4)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;113,620</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Japan Investment Inc. (5)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;20,250</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;6.53</span></td><td style="text-align: left">%</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Represents less than 1% of the number of common shares outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Beneficial ownership is determined in accordance with Rule 13d-3 under the Exchange Act. A person is deemed to be the beneficial owner
of any common shares if that person has or shares voting power or investment power with respect to those shares or has the right to acquire
beneficial ownership at any time within 60 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Represents: (i) 24,935 common shares directly beneficially owned by Hiroyuki Sugimoto; (ii) 113,620 common shares held by SY Co., Ltd.,
which is 53.82% owned by Hiroyuki Sugimoto, our Chairman of the Board, Chief Executive Officer and Co-President, and 46.18% owned by
Yoshiyuki Yuto, Co-President and Chief Operating Officer. Since Mr. Sugimoto holds a controlling interest (over 50%) in SY Co., Ltd.,
he may unilaterally vote and dispose of these shares and, therefore, may be deemed to be the beneficial owner of all of 113,620 common
shares. Notwithstanding, Mr. Sugimoto disclaims beneficial ownership of 46.18% of these common shares (52,469 shares) as they are attributable
to Yoshiyuki Yuto&#8217;s ownership interest in SY Co., Ltd.; and (iii) represents 3,880 common shares held by SY Consulting Co., Ltd.,
which is 100% owned by Hiroyuki Sugimoto, our Chief Executive Officer and Co-President. As Mr. Sugimoto has sole voting and dispositive
power over these shares, he may be deemed to be the beneficial owner of these common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
Represents 24,783 common shares directly beneficially owned by Yoshiyuki Yuto. Although Yoshiyuki Yuto, our Co-President and Chief Operating
Officer, has a 46.18% ownership interest in SY Co., Ltd., which holds 113,620 common shares, since Mr. Sugimoto has a controlling interest
(53.82%) in SY Co., Ltd., Mr. Sugimoto (rather than Yoshiyuki Yuto) will be deemed to have beneficial ownership over all of the shares
as he has sole voting and dispositive power over these common shares (including the 52,469 shares attributable to Yoshiyuki Yuto).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
Represents 113,620 common shares held by SY Co., Ltd., which is 53.82% owned by Hiroyuki Sugimoto, our Chief Executive Officer and Co-President,
and 46.18% owned by Yoshiyuki Yuto, our Co-President and Chief Operating Officer. Since Mr. Sugimoto holds a controlling interest (over
50%) in SY Co., Ltd., he may unilaterally vote and dispose of these shares and, therefore, may be deemed to be the beneficial owner of
all of 113,620 common shares. Notwithstanding, Mr. Sugimoto disclaims beneficial ownership of 46.18% of these common shares (52,469 shares)
as they are attributable to Yoshiyuki Yuto&#8217;s ownership interest in SY Co., Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)
Japan Investment Inc. is owned by Mr. Nobuyuki Matsukura. Mr. Matsukura has sole voting and dispositive power over these common shares
and thus is deemed to beneficially own these common shares. Japan Investment Inc.&#8217;s address is at Sumitomo Fudosan Toranomon Tower
20F, 2-2-1 Toranomon, Minato-ku, Tokyo 105-0001, Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Related Party Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to Part III. NOTE 18, RELATED PARTY TRANSACTIONS for more information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hiroyuki
Sugimoto, CEO of the Company, and Takahide Watanabe, CSO of the Company, are cousins.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Interests of Experts and Counsel</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_005"></span>ITEM
8. FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Consolidated Statements and Other Financial Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
the Consolidated Financial Statements and the Notes to the Consolidated Financial Statements and Financial Statements Schedules in Item
18 of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Significant Changes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 23 to the Consolidated Financial Statements in Item 18 for a disclosure of events subsequent to year end and prior to the date of
filing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_006"></span>ITEM
9. THE OFFER AND LISTING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Offer and Listing Details</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ADSs began trading on the Nasdaq Capital Market on March 31, 2023, under the symbols &#8220;SYT.&#8221; Prior to that date, there was
no public trading market for our ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Plan of Distribution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Markets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 9.A. Offer and Listing Details&#8221; above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Selling Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Dilution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.
Expenses of the Issue</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SL_007"></span>ITEM
10. ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Share Capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Articles of Incorporation of SYLA Technologies Co., Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information set forth in Exhibits 1.1, 1.2 and 2.3 to this annual report are incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Material Contracts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Loans</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period from January 1, 2022 through May 15, 2024, the Company entered into various loans with banks and financial institutions for
working capital purpose and for the purpose of purchasing and constructing real estate properties and solar power plants and systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leases</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period from January 1, 2022 through May 15, 2024, the Company entered into various lease agreements for the purpose of subleasing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Independent
Director Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 30, 2022, Mr. Ferdinand Groenewald was appointed as an independent director of the Board of Directors of the Company as of December
1, 2022. Ferdinand Groenewald entered into an Independent Director Agreement with the Company dated as of December 5, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Withdrawal
from Mining Machine Business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 30, 2022, in light of the deterioration of the crypto and mining machine market conditions in 2022, the Board of Directors of
the Company decided to withdraw from the mining machine business by (i) discontinuing the manufacture and sale of computers (with mining
machine capabilities) as of December 30, 2022, (ii) selling the computer maintenance and management services business and manufacture
and sale of computers business to Getworks, which closed on January 23, 2023, pursuant to the terms of a Business Transfer Agreement,
dated as of January 20, 2023, between the Company and Getworks, which is included with this annual report as Exhibit 4.6, and (iii) discontinuing
the development of the AI switch system as of December 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 4, 2023, the Company issued to Boustead Securities a warrant to purchase 131,200 ADSs (the &#8220;Representative&#8217;s Warrant&#8221;)
representing 7% of the 1,875,000 ADSs sold in the Offering. The Representative&#8217;s Warrant will be exercisable beginning on April
4, 2023 until March 30, 2028. The initial exercise price of Representative&#8217;s Warrant will be $10.00 per ADS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consulting
Services Agreement with FMW Media Works LLC</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 28, 2023, the Company entered into a Consulting Services Agreement (the &#8220;Consulting Agreement&#8221;) with FMW Media Works
LLC, (&#8220;Consultant&#8221;) a Wyoming corporation. The Consultant is an independent consulting firm providing business consulting
services to private and publicly held companies. Pursuant to the Consulting Agreement, the Company agreed to engage the Consultant to
perform certain business development, and general consulting services for the Company in accordance with the Consulting Agreement for
a term of twelve (12) months (the &#8220;Term&#8221;). As compensation for the services under the Consulting Agreement, the Company agreed
to pay the Consultant a non-refundable monthly retainer fee of US$20,000 and to issue warrants to purchase 45,000 ADS. Each 100 ADSs
represent one common share of the Company. The Term is divided into four (4) three (3)-month periods (&#8220;Renewal Periods&#8221;),
and at the end of every Renewal Period the Company may terminate the Consulting Agreement without renewal by ten (10) days prior written
notice to the end of a Renewal Period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Consulting Agreement can be terminated by the Company in writing upon 30 days&#8217; notice by the Company for any reason, and may be
terminated by the Company, upon breach by Consultant of a material term of the Consulting Agreement, provided Company notifies Consultant
of its breach and allows Consultant ten (10) days to cure said breach. The Consultant can terminate the agreement immediately if: (a)
the Company fails to make when due any payments to Consultant under the Consulting Agreement; (b) Consultant determines, in its sole
discretion, that Company has failed to provide complete and accurate information necessary for Consultant to perform the services, or
that Company is acting or has acted in a manner that damages or could potentially damage Consultant&#8217;s reputation in the business
community, or (c) if Company (i) becomes insolvent; (ii) fails to pay its debts or perform its obligations in the ordinary course of
business as they mature; (iii) is declared insolvent or admits in writing its insolvency or inability to pay its debts or perform its
obligations as they mature; (iv) becomes the subject of any voluntary or involuntary proceeding in bankruptcy, liquidation, dissolution,
receivership, attachment or composition or general assignment for the benefit of creditors, provided that, in the case of an involuntary
proceeding, the proceeding is not dismissed with prejudice within sixty (60) days after the institution thereof; or (v) if Company becomes
the subject of a Federal, State, SEC or FINRA investigation into its business practices, accounting or officers and directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Consulting Agreement, the Consultant agreed to indemnify the Company (and its and their directors, officers, employees, and agents)
against any and all damages, costs, expenses, settlements and other liabilities (including reasonable attorneys&#8217; fees and costs)
arising out of or relating to any claim, suit, action or proceeding to the extent based on any claim that the services provided by the
Consultant to the Company under the Consulting Agreement infringe, misappropriate or violate any U.S. copyright or U.S. trade secret,
or that result from Consultant&#8217;s bad faith or criminal act, or contain any untrue statement that is not based upon and in conformity
with information provided by Company. Pursuant to the Consulting Agreement, the Company agreed to indemnify the Consultant (and its and
their directors, officers, employees, and agents) against any and all damages, costs, expenses, settlements and other liabilities (including
reasonable attorneys&#8217; fees and costs) arising out of or relating to any claim, suit, action or proceeding (including, without limitation,
reasonable attorneys&#8217; fees) arising from or relating to any use of the provided by the Consultant to the Company under the Consulting
Agreement, or that results from Company&#8217;s bad faith, willful negligence or delivery of untrue information or statements to Consultant.
The Consulting Agreement also contains ownership of work product and confidentiality provisions, as well as representations and warranties
typically included in such agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share
Transfer Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 15, 2023, the Company entered into a Share Transfer Agreement (the &#8220;Share Transfer Agreement&#8221;) among the Company,
Jun Planning Corporation (&#8220;Seller 1&#8221;), Nobukazu Kawai (&#8220;Seller 2&#8221;), Junji Kawai (&#8220;Seller 3&#8221;), and
Akie Kawai (&#8220;Seller 4&#8221; and collectively with Seller 1, Seller 2 and Seller 3, the &#8220;Sellers&#8221;) regarding the sale
of shares of RIBERESUTE CORPORATION (&#8220;Riberesute&#8221;) owned by the Sellers to the Company. Riberesute is a Japan-based developer
and seller of family-type condominiums and is listed on the Tokyo Stock Exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the Share Transfer Agreement, the Sellers agreed to sell to the Company, and the Company agreed to purchase from the
Sellers, an aggregate of 2,158,800 shares of Riberesute, representing approximately 20.39% of the outstanding shares of Riberesute, in
exchange for an aggregate purchase price of &#165;1,988,254,800 (US$14,109,103) as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Seller</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage of Outstanding Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Purchase Price (&#165;)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: justify">Seller 1</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">1,668,400</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">15.75</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">1,536,596,400</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Seller 2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">264,400</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.50</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">243,512,400</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Seller 3</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">224,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.12</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">206,304,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Seller 4</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,842,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Total</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,158,800</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20.39</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,988,254,800</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Share Transfer Agreement contains certain covenants, representations and warranties customary for an agreement of this type. The purchase
of the Riberesute shares from the Sellers, as contemplated by the Share Transfer Agreement, closed on January 12, 2024. As a result of
the closing, the Company believes that it is the largest Riberesute shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
and Business Alliance Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 23, 2024, the Company and Riberesute entered into a Capital and Business Alliance Agreement (the &#8220;Alliance Agreement&#8221;).
Pursuant to the terms of the Alliance Agreement, Riberesute agreed that it would not, without the Company&#8217;s prior consent and insofar
as it does not violate the principle of equality of shareholders, take any of the following actions or cause any third party to take
any of the following actions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
                                            alliance with other third parties, business alliance or cooperation involving activities
                                            that are equivalent or similar to all or part of the Business Alliance, and negotiation,
                                            provision of information, or communication related to any other activities that make the
                                            formation of the Business Alliance difficult.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introducing
                                            existing shareholders to third parties and other actions facilitating the purchase of shares
                                            of Riberesute Group companies by third parties.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Alliance Agreement provides that both companies will promote joint activities and other collaboration, including with respect
to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complementary
                                            products</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complementary
                                            geographic coverage</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expansion
                                            of real estate crowdfunding business</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promotion
                                            of internet marketing</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
                                            estate development</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Riberesute
also agreed not to enter into any business alliance or other cooperation with any other third party involving activities that are the
same as or similar to all or part of the activities of the Business Alliance without the Company&#8217;s prior written consent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Alliance Agreement contains certain covenants, representations and warranties customary for an agreement of this type.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basic
Agreement on Collaboration</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 8, 2023, the Company entered into a Basic Agreement on Collaboration (&#8220;BlackRock Collaboration Agreement&#8221;) with
BlackRock Japan Co., Ltd. (&#8220;BlackRock&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the BlackRock Collaboration Agreement, the Company agreed to refer to BlackRock such condominiums developed and sold
by the Company that it determines, in its sole discretion are suitable for acquisition by an affiliate of BlackRock. The Company is not
obligated to introduce properties to BlackRock, nor is it obligated to secure referred properties for acquisition by a BlackRock affiliate.
BlackRock agreed to have its affiliate acquire the referred land that it, in its sole discretion, determines to be suitable for acquisition
by one of the BlackRock affiliates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the BlackRock Collaboration Agreement, the Company agreed to refer to BlackRock such land for which the Company has obtained
a development permit under the City Planning Law that it determines, in its sole discretion, to be suitable for acquisition by an affiliate
of BlackRock. The Company is not obligated to introduce such properties to BlackRock, nor is it obligated to secure referred properties
for acquisition by a BlackRock affiliate. BlackRock agreed to have its affiliate acquire the referred land that it, in its sole discretion,
determines to be suitable for acquisition by one of the BlackRock affiliates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BlackRock Collaboration Agreement has a term of one year, and will be extended for another one year on the same terms and conditions
unless either party notifies the other of its refusal to renew at least one month prior to the end of the term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Exchange Controls</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Foreign Exchange and Foreign Trade Act and related regulations (which we refer to as &#8220;FEFTA&#8221;) regulate certain transactions
involving a &#8220;Non-Resident of Japan&#8221; or a &#8220;Foreign Investor&#8221;, including &#8220;inward direct investments&#8221;
by Foreign Investors, and payments from Japan to foreign countries or by residents of Japan to Non-Residents of Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Non-Residents
of Japan&#8221; are defined as individuals who are not residents in Japan and corporations whose principal offices are located outside
of Japan. Generally, branches and other offices of Japanese corporations which are located outside of Japan are regarded as Non-Residents
of Japan, and branches and other offices of non-resident corporations which are located within Japan are regarded as residents of Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Foreign
Investors&#8221; are defined as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">individuals
    who are Non-Residents of Japan;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entities
    which are organized under the laws of foreign countries or whose principal offices are located outside of Japan;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">companies
    of which 50% or more of their voting rights are held by individuals who are Non-Residents of Japan and/or corporations which are
    organized under the laws of foreign countries or whose principal offices are located outside of Japan; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">partnerships
    engaging in investment activities and investment limited partnerships (including partnerships formed under the laws of foreign countries)
    which satisfy one of the following conditions: </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%
    or more of contributions to the partnership were made by (i) individuals who are Non-Residents of Japan, (ii) entities which are
    organized under the laws of foreign countries or whose principal offices are located outside of Japan, (iii) companies of which 50%
    or more of their voting rights are held by individuals who are Non-Residents of Japan and/or corporations which are organized under
    the laws of foreign countries or whose principal offices are located outside of Japan, (iv) entities a majority of whose officers,
    or officers having the power of representation, are individuals who are Non-Residents of Japan, or (v) partnerships a majority of
    whose executive partners fall within items (i) through (iv) above; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    majority of the executive partners of the partnership are (A) any persons or entities who fall within items (i) through (v) above,
    (B) any partnerships to which 50% or more of contribution were made by persons or entities who fall within items (i) through (v)
    above, or (C) limited partnerships a majority of whose executive partners fall within Non-Residents of Japan, persons or entities
    who fall within (A) or (B), or any officers of entities which fall within (A) or (B); and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entities,
    a majority of whose officers are individuals who are Non-Residents of Japan. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
FEFTA, among other triggering events, a Foreign Investor who desires to acquire shares in a Japanese company which is not listed on any
stock exchange in Japan, is subject to a prior filing requirement, regardless of the acquired amount of shares, if such Japanese company
engages any business in certain industries related to the national security. Such industries include, among other things, manufacturing
in relation to weapons, aircraft, space, and nuclear power, as well as agriculture, fishery, mining, and utility service. Additionally,
due to today&#8217;s growing awareness of cybersecurity, the recent amendment to FEFTA expanded the scope of the prior filing requirement,
broadly covering industries related to data processing businesses and information and communication technologies service. Since our operations
could potentially involve the processing of data by collecting, processing, and retaining customers&#8217; health information, direct
acquisition of our common shares, rather than ADSs, by a Foreign Investor could be subject to the prior filing requirement under FEFTA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Foreign Investor wishing to acquire or hold our common shares directly will be required to make a prior filing with the relevant government
authorities through the Bank of Japan and wait until clearance for the acquisition is granted by the applicable governmental authorities.
Without such clearance, the Foreign Investor will not be permitted to acquire or hold our common shares directly. Once clearance is obtained,
the Foreign Investor may acquire shares in the amount and during the period indicated in the filing. While the standard waiting period
to obtain clearance is 30 days, the waiting period could be expedited to two weeks, at the discretion of the applicable governmental
authorities, depending on the level of potential impact to national security.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the prior filing requirement above, when a Foreign Investor who completed a prior filing and received clearance has acquired
shares in accordance with the filed information, such Foreign Investor will be required to make a post-acquisition notice filing to report
the completed purchase. Such post-acquisition notice filing must be made no later than 45 days after the acquisition of the shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
FEFTA, in each case where a resident of Japan receives a single payment of more than JPY30 million from a Non-Resident of Japan for a
transfer of shares in a Japanese company, such resident of Japan is required to report each receipt of payment to the Minister of Finance
of Japan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following description is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition
of our common shares, including the ADSs. You should consult your own tax advisor concerning the tax consequences of your particular
situation, as well as any tax consequences that may arise under the laws of any local, state, foreign, including Japan, or other taxing
jurisdiction.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
in Japan</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
a non-resident of Japan or non-Japanese entity (which we refer to as a &#8220;Non-Resident Holder&#8221;) is subject to Japanese withholding
tax on dividends paid by Japanese corporations. Stock splits are not subject to Japanese income tax. A conversion of retained earnings
or legal reserve (but not additional paid-in capital, in general) into stated capital (whether made in connection with a stock split
or otherwise) is not treated as a deemed dividend payment to shareholders for Japanese tax purposes. Thus, such a conversion does not
trigger Japanese withholding taxation (Article 2(16) of the Japanese Corporation Tax Law and Article 8(1)(xiii) of the Japanese Corporation
Tax Law Enforcement Order).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Convention Between the Government of the United States of America and the Government of Japan for the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with Respect to Taxes on Income (which we refer to as the &#8220;Treaty&#8221;), dividend payments
made by a Japanese corporation to a U.S. resident or entity, unless the recipient of the dividend has a &#8220;permanent establishment&#8221;
in Japan, and the common shares or ADSs with respect to which such dividends are paid are effectively connected with such &#8220;permanent
establishment&#8221;, are generally subject to a withholding tax at rate of: (i) 10% for portfolio investors who are qualified U.S. residents
eligible for benefits of the Treaty; and (ii) 0% (<i>i.e.</i>, no withholding) for pension funds which are qualified U.S. residents eligible
for benefits of the Treaty, provided that the dividends are not derived from the carrying on of a business, directly or indirectly, by
such pension funds. Japan is a party to a number of income tax treaties, conventions and agreements, (which we refer to collectively
as the &#8220;Tax Treaties&#8221;), whereby the maximum withholding tax rate for dividend payments is set at, in most cases, 15% for
portfolio investors who are Non-Resident Holders. Specific countries with which such Tax Treaties have been entered into include Canada,
Denmark, Finland, Germany, Ireland, Italy, Luxembourg, New Zealand, Norway, and Republic of Singapore. Japan&#8217;s income tax treaties
with Australia, Belgium, France, The Netherlands, Sweden, Switzerland and the United Kingdom have been amended to generally reduce the
maximum withholding tax rate to 10%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the other hand, unless one of the applicable Tax Treaties reducing the maximum rate of withholding tax applies, the standard tax rate
applicable to dividends paid with respect to listed shares, such as those paid by our Company on shares or ADSs, to Non-Resident Holders
is 15% under the Japanese Income Tax Law, except for dividends paid to any individual shareholder who holds 3% or more of the issued
shares, in which case the applicable rate is 20% (Article 182(2) of the Japanese Income Tax Law and Article 9-3(1)(i) of the Japanese
Special Tax Measures Law, including its relevant temporary provision for these withholding rates). On December 2, 2011, the &#8220;Special
measures act to secure the financial resources required to implement policy on restoration of the East Japan&#8221; (Act No. 117 of 2011)
was promulgated and special surtax measures on income tax and withholding tax were introduced thereafter to fund the restoration effort
for the earthquake. Income tax and withholding tax payers need to pay a surtax, calculated by multiplying the standard tax rate by 2.1%
for 25 years starting from January 1, 2013 (which we refer to as &#8220;Surtax&#8221;). As a result, the withholding tax rate applicable
to dividends paid with respect to listed shares to Non-Resident Holders increased to 15.315% (which we refer to as &#8220;Withholding
Tax Rate&#8221;) which is applicable for the period from January 1, 2014 until December 31, 2037.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taking
this Withholding Tax Rate into account, the treaty rates such as the 15% rate (or 10% for eligible U.S. residents subject to the Treaty
and/or eligible residents subject to other similarly renewed treaties mentioned above) apply, in general, except for dividends paid to
any individual holder who holds 3% or more of the total issued shares, in which case the applicable rate is 20.42% (standard tax rate
of 20% imposed by Surtax). The treaty rate normally overrides the domestic rate, but due to the so-called &#8220;preservation doctrine&#8221;
under Article 1(2) of the Treaty, and/or due to Article 3-2 of the Special Measures Law for the Income Tax Law, Corporation Tax Law and
Local Taxes Law with respect to the Implementation of Tax Treaties, if the tax rate under the domestic tax law is lower than that promulgated
under the applicable income tax treaty, then the domestic tax rate is still applicable. Currently, the tax rate under the applicable
tax treaty is lower than that under the domestic tax law and thus the treaty override treatment applies. As such, the tax rate under
the Treaty applies for most holders of shares or ADSs who are U.S. residents or entities. In the case where the treaty rate is applicable,
no Surtax is imposed, but in order to enjoy the lower treaty rate, the taxpayer must file a treaty application in advance with the Japanese
National Tax Agency through our Company. Gains derived from the sale outside Japan of a Japanese corporation&#8217;s shares or ADSs by
Non-Resident Holders, or from the sale of a Japanese corporation&#8217;s shares or ADSs within Japan by a non-resident of Japan as an
occasional transaction or by a non-Japanese entity not having a permanent establishment in Japan, are generally not subject to Japanese
income or corporation taxes, provided that the seller is an investor who is a qualified U.S. resident eligible for benefit of the Treaty.
Japanese inheritance and gift taxes at progressive rates may apply to an individual who has acquired a Japanese corporation&#8217;s shares
or ADSs as a distributee, legatee or donee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
U.S. Federal Income Tax Considerations for U.S. Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of
our common shares or ADSs by a U.S. holder (as defined below) that acquires our common shares or ADSs. This summary is for general information
purposes only and does not purport to be a complete discussion of all potential tax considerations that may be relevant to a particular
person&#8217;s decision to acquire common shares or ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary is based on the U.S. Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), the regulations promulgated under the
Code (the &#8220;U.S. Treasury Regulations&#8221;), the income tax treaty between Japan and the United States (the &#8220;Treaty&#8221;),
published rulings of the U.S. Internal Revenue Service (the &#8220;IRS&#8221;), published administrative positions of the IRS, and U.S.
court decisions that are applicable and, in each case, as in effect and available, as of the date hereof. Any of the authorities on which
this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied on a retroactive
or prospective basis which could affect the U.S. federal income tax considerations described in this summary. We have not requested a
ruling from the IRS with respect to any of the U.S. federal income tax considerations described below and, as a result, the IRS could
disagree with portions of this discussion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &#8220;U.S. holder&#8221; is a beneficial owner of the common shares or that is, for U.S. federal income
tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual who is a citizen or resident of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized in or under
    the laws of the United States, any state thereof, or the District of Columbia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate the income of which is includable in gross income for U.S. federal income tax purposes regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust (i) the administration of which is subject to the primary supervision of a court within the United States and which has one
    or more U.S. persons who have the authority to control all substantial decisions of the trust, or (ii) that has validly elected to
    be treated as a U.S. person under the Code.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds the common shares or ADSs, the
U.S. federal income tax consequences to such partnership and its partners of the ownership and disposition of the common shares or ADSs
generally will depend in part on the activities of the partnership and the status of such partners. This summary does not address the
tax consequences to any such partner or partnership. Partners of entities or arrangements that are classified as partnerships for U.S.
federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences of the ownership
and disposition of the common shares or ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion applies only to a U.S. holder that holds common shares or ADSs as &#8220;capital assets&#8221; under the Code (generally,
property held for investment). Unless otherwise provided, this summary does not discuss reporting requirements. In addition, this discussion
does not address any tax consequences other than U.S. federal income tax consequences, such as U.S. state and local tax consequences,
U.S. estate and gift tax consequences, and non-U.S. tax consequences, and does not describe all of the U.S. federal income tax consequences
that may be relevant in light of a U.S. holder&#8217;s particular circumstances, including alternative minimum tax consequences, the
Medicare tax on certain net investment income, and tax consequences to holders that are subject to special provisions under the Code,
including, but not limited to, holders that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    involving more than one position;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">are
    required to accelerate the recognition of any item of gross income with respect to the common shares as a result of such income being
    recognized on an applicable financial statement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">hold
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    establishment or other fixed place of business outside of the United States; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">are
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
U.S. holder is urged to consult its tax advisor regarding the application of U.S. federal taxation to its particular circumstances, and
the state, local, non-U.S. and other tax considerations of the ownership and disposition of our common shares or ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Treatment
of ADSs</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
U.S. federal income tax purposes, a U.S. holder of ADSs generally will be treated as the beneficial owner of the underlying shares represented
by the ADSs. The remainder of this discussion assumes that a U.S. holder of our ADSs will be treated in this manner. Accordingly, deposits
or withdrawals of common shares for ADSs generally will not be subject to U.S. federal income tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Company Considerations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. corporation, such as our Company, is classified as a passive foreign investment company (&#8220;PFIC&#8221;) for any taxable
year in which, after applying relevant look-through rules with respect to the income and assets of its subsidiaries, either: (i) 50%
or more of the value of the corporation&#8217;s assets either produce passive income or are held for the production of passive income,
based on the quarterly average of the fair market value of such assets; or (ii) at least 75% of the corporation&#8217;s gross income
is passive income. &#8220;Passive income&#8221; generally includes, for example, dividends, interest, certain rents and royalties, certain
gains from the sale of stock and securities, and certain gains from commodities transactions. In determining the value and composition
of our assets, the cash we raised in our initial public offering will generally be considered to be held for the production of passive
income and thus will be considered a passive asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination of whether a corporation is a PFIC for a taxable year depends, in part, on the application of complex U.S. federal income
tax rules that are subject to differing interpretations. In addition, the determination of whether a corporation will be a PFIC for any
taxable year can only be made after the close of such taxable year. Our PFIC status depends, in part, on the amount of cash that we raised
in our initial public offering and how quickly we utilize the cash in our business. Furthermore, because we may value our goodwill based
on the expected market price of the ADSs in the initial public offering, a decrease in the market price of our ADSs may also cause us
to be classified as a PFIC for the current or any future taxable year. Based upon the foregoing, it is uncertain whether we will be a
PFIC for our current taxable year or any future taxable year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must make a separate determination each year as to whether we are a PFIC. As a result, our PFIC status may change. If we are a PFIC for
any year during which you hold the common shares or ADSs, we will generally continue to be treated as a PFIC for all succeeding years
during which you hold such common shares or ADSs. However, if we cease to be a PFIC, provided that you have not made a mark-to-market
election, as described below, you may avoid some of the adverse effects of the PFIC regime by making a deemed sale election with respect
to the common shares or ADSs, as applicable. We believe we were not a PFIC in prior taxable year 2022 because less than 75% of our gross
income was passive income and less than 50% of the average value of our assets consisted of assets that would produce passive income
in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion below under &#8220;&#8212;<i>Distributions on the Common Shares or ADSs</i>&#8221; and &#8220;&#8212;<i>Sale or Other Disposition
of the Common Shares or ADSs</i>&#8221; is written on the basis that we will not be classified as a PFIC for U.S. federal income tax
purposes. The U.S. federal income tax rules that generally would apply if we are treated as a PFIC are discussed below under &#8220;&#8212;<i>Passive
Foreign Investment Company Rules</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Distributions
on the Common Shares or ADSs</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
gross amount of any distributions paid on our common shares or ADSs will generally be included in the gross income of a U.S. holder as
dividend income on the date actually or constructively received by the U.S. holder, in the case of common shares, or by the depositary,
in the case of ADSs, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (computed
on the basis of U.S. federal income tax principles). Because we do not intend to determine our earnings and profits on the basis of U.S.
federal income tax principles, we expect that distributions will generally be reported to U.S. holders as dividends. Dividends received
on our common shares or ADSs generally will not be eligible for the dividends received deduction allowed to corporations in respect of
dividends received from U.S. corporations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individuals
and other non-corporate U.S. holders will be subject to tax on any such dividends at the lower capital gains tax rate applicable to &#8220;qualified
dividend income,&#8221; provided that certain conditions are satisfied, including that (i) the common shares or ADSs on which the dividends
are paid are readily tradable on an established securities market in the United States or we are eligible for the benefits of the Treaty,
(ii) we are not a PFIC nor treated as such with respect to a U.S. holder (as discussed below) for either our taxable year in which the
dividend was paid or for the preceding taxable year, and (iii) certain holding period requirements are met. For this purpose, ADSs listed
on the Nasdaq will generally be considered to be readily tradable on an established securities market in the United States. You should
consult your tax advisor regarding the availability of the lower rate for dividends paid with respect to our common shares or ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
U.S. foreign tax credit purposes, dividends paid on our common shares or ADSs generally will be treated as foreign source income and
generally will constitute passive category income. The amount of a dividend will include any amounts withheld by us in respect of Japanese
income taxes. Subject to applicable limitations, some of which vary depending upon the U.S. holder&#8217;s particular circumstances,
Japanese income taxes withheld from dividends on the common shares or ADSs, at a rate not exceeding any reduced rate pursuant to the
Treaty, will be creditable against the U.S. holder&#8217;s U.S. federal income tax liability. In lieu of claiming a foreign tax credit,
U.S. holders may, at their election, deduct foreign taxes, including any Japanese income taxes, in computing their taxable income, subject
to generally applicable limitations under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies
to all foreign taxes paid or accrued in the taxable year. The rules governing foreign tax credits are complex and U.S. holders should
consult their tax advisers regarding the creditability or deductibility of foreign taxes in their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of any dividend paid in Japanese yen will equal the U.S. dollar value of the Japanese yen received, calculated by reference to
the exchange rate in effect on the date the dividend is received by you, in the case of common shares, or by the depositary, in the case
of ADSs, regardless of whether the Japanese yen are converted into U.S. dollars. If the Japanese yen received as a dividend are converted
into U.S. dollars on the date of receipt, a U.S. holder generally will not be required to recognize foreign currency gain or loss in
respect of the dividend income. If the Japanese yen received as a dividend are not converted into U.S. dollars on the date of receipt,
a U.S. holder will have a basis in the Japanese yen equal to their U.S. dollar value on the date of receipt. Any gain or loss realized
on a subsequent conversion or other disposition of the Japanese yen will be treated as U.S. source ordinary income or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sale
or Other Disposition of the Common Shares or ADSs</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. holder will recognize gain or loss on the sale or other disposition of a common share or ADS equal to the difference between the
amount realized for the common share or ADS and the holder&#8217;s tax basis in the common share or ADS. Such gain or loss will generally
be capital gain or loss and will be long-term capital gain or loss if the U.S. holder&#8217;s holding period for such common share or
ADS was more than one year as of the date of the sale or other disposition. Long-term capital gain recognized by a non-corporate U.S.
holder is subject to U.S. federal income tax at rates lower than the rates applicable to ordinary income and short-term capital gains,
while short-term capital gains are subject to U.S. federal income tax at the rates applicable to ordinary income. The deductibility of
capital losses is subject to various limitations. Any gain or loss recognized will generally be U.S. source gain or loss for foreign
tax credit purposes. Consequently, a U.S. holder may not be able to use the foreign tax credit arising from any Japanese tax imposed
on the disposition of the common share or ADS unless such credit can be applied (subject to applicable limitations) against tax due on
other income treated as derived from non-U.S. sources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Company Rules</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which you hold our common shares or ADSs, you will be subject to special tax rules with respect
to any &#8220;excess distribution&#8221; that you receive and any gain you realize from a sale or other disposition (including a pledge)
of the common shares or ADSs, unless you make a mark-to-market election as discussed below. Distributions you receive from us in a taxable
year that are greater than 125% of the average annual distributions you received from us during the shorter of the three preceding taxable
years or your holding period for the common shares or ADSs will be treated as an excess distribution. Under these special tax rules:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    excess distribution or gain will be allocated ratably over your holding period for the common shares or ADSs,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we became a PFIC, will
    be treated as ordinary income, and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to each of the other taxable years will be subject to tax at the highest rate of tax in effect for you for such
    year and will be increased by an additional tax calculated as an interest charge on the resulting tax deemed deferred with respect
    to each such other taxable year at the rates generally applicable to underpayments of tax payable in those years.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which a U.S. holder holds our common shares or ADSs and any of our subsidiaries or other corporate
entities in which we own equity interests is also a PFIC, such U.S. holder would be treated as owning a proportionate amount (by value)
of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. holders are urged to consult their tax advisors
regarding the application of the PFIC rules to any of our subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an alternative to the foregoing rules, a U.S. holder may make a mark-to-market election with respect to our common shares or ADSs, provided
such common shares or ADSs are treated as &#8220;marketable stock.&#8221; The common shares or ADSs generally will be treated as marketable
stock if the common shares or ADSs are regularly traded on a &#8220;qualified exchange or other market,&#8221; as defined in applicable
U.S. Treasury Regulations. Our ADSs will be marketable stock as long as they remain listed on the Nasdaq, which is a qualified exchange
for this purpose, and are regularly traded. We anticipate that our ADSs should qualify as being regularly traded but no assurances can
be given in this regard. Only the ADSs and not the common shares will be listed on the Nasdaq. Consequently, a U.S. holder of common
shares that are not represented by ADSs generally will not be eligible to make the mark-to-market election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. holder makes a valid mark-to-market election with respect to the ADSs, the holder generally will (i) include as ordinary income
for each taxable year that we are a PFIC the excess, if any, of the fair market value of ADSs held at the end of the taxable year over
the adjusted tax basis of such ADSs and (ii) deduct as an ordinary loss in each such taxable year the excess, if any, of the adjusted
tax basis of the ADSs over the fair market value of such ADSs held at the end of the taxable year, but such deduction will only be allowed
to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. holder&#8217;s adjusted
tax basis in the ADSs would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. holder makes
a mark-to-market election in respect of our ADSs and we cease to be classified as a PFIC, the holder will not be required to take into
account the gain or loss described above during any period that we are not classified as a PFIC. If a U.S. holder makes a mark-to-market
election, any gain such U.S. holder recognizes upon the sale or other disposition of our ADSs in a year when we are a PFIC will be treated
as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of
the net amount previously included in income as a result of the mark-to-market election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. holder may continue to be subject to the general
PFIC rules described above with respect to such U.S. holder&#8217;s indirect interest in any investments held by us that are treated
as an equity interest in a PFIC for U.S. federal income tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not determined whether, if we were to be classified as a PFIC for a taxable year, we will provide information necessary for a U.S.
holder to make a &#8220;qualified electing fund&#8221; election which, if available, would result in tax treatment different from (and
generally less adverse than) the general tax treatment for PFICs described above. Accordingly, U.S. holders should assume that they will
not be able to make a qualified electing fund election with respect to the common shares or ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. holder owns common shares or ADSs during any year in which we are a PFIC, the holder generally must file an annual report containing
such information as the U.S. Treasury may require on IRS Form 8621 (or any successor form). A failure to file this report generally will
suspend the statute of limitations with respect to any tax return, event, or period to which such report relates (potentially including
with respect to items that do not relate to a U.S. holder&#8217;s investment in common shares or ADSs).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PFIC rules are complex, and each U.S. holder should consult its own tax advisor regarding the PFIC rules, the elections which may be
available to it, and how the PFIC rules may affect the U.S. federal income tax consequences relating to the ownership and disposition
of common shares or ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Information
Reporting and Backup Withholding</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
of dividends or sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries may be
subject to information reporting and backup withholding, unless (i) the U.S. holder is a corporation or other exempt recipient, or (ii)
in the case of backup withholding, the U.S. holder provides a correct U.S. taxpayer identification number and certifies that it is not
subject to backup withholding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding rules will be allowed as a credit against
a U.S. holder&#8217;s U.S. federal income tax liability, if any, or will be refunded, if such U.S. holder furnishes required information
to the IRS in a timely manner. Each U.S. holder should consult its own tax advisor regarding the information reporting and backup withholding
rules in their particular circumstances and the availability of and procedures for obtaining an exemption from backup withholding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reporting
Obligations for Certain Owners of Foreign Financial Assets</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. holders may be required to file information returns with respect to their investment in common shares or ADSs. For example, U.S.
return disclosure obligations (and related penalties) are imposed on individuals who are U.S. holders that hold certain specified foreign
financial assets in excess of certain thresholds. The definition of &#8220;specified foreign financial assets&#8221; includes not only
financial accounts maintained in non-U.S. financial institutions, but also, unless held in accounts maintained by a financial institution,
any stock or security issued by a non-U.S. person, any financial instrument or contract held for investment that has an issuer or counterparty
other than a U.S. person, and any interest in a non-U.S. entity. U.S. holders may be subject to these reporting requirements unless their
common shares or ADSs are held in an account at certain financial institutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion of reporting obligations set forth above is not intended to constitute an exhaustive description of all reporting obligations
that may apply to a U.S. holder. A failure to satisfy certain reporting obligations may result in an extension of the period during which
the IRS can assess a tax, and under certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied
reporting obligation. Penalties for failure to comply with these reporting obligations are substantial. U.S. holders should consult with
their own tax advisors regarding their reporting obligations under these rules, including the requirement to file an IRS Form 8938.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Holders should consult their tax advisors regarding any reporting obligations that may arise with respect to the acquisition, ownership
or disposition of our common shares or the ADSs. Failure to company with applicable reporting requirements could result in substantial
penalties.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
foregoing discussion of certain U.S. federal income tax considerations is for general information only and is not intended to constitute
a complete analysis of all tax consequences relating to the acquisition, ownership and disposition of our common shares or the ADSs.
U.S. Holders should consult their own tax advisors concerning the tax consequences applicable to their particular situations.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.
Dividends and Paying Agents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.
Statement by Experts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.
Documents on Display</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have previously filed with the SEC our registration statement on Form F-1 (File No. 333-268420), as amended, and a prospectus under the
Securities Act with respect to our ordinary shares represented by our ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers and under those requirements
will file reports with the SEC. Those reports may be inspected without charge on the websites described below. As a foreign private issuer,
we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors
and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange
Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently
or as promptly as United States companies whose securities are registered under the Exchange Act. Nevertheless, we will file with the
SEC an Annual Report on Form 20-F containing financial statements that have been examined and reported on, with an opinion expressed
by an independent registered public accounting firm.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain a corporate website at https://syla-tech.jp/. We intend to post our Annual Report on our website promptly following it being
filed with the SEC. Information contained on, or that can be accessed through, our website does not constitute a part of this Annual
Report. We have included our website address in this Annual Report solely as an inactive textual reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file
electronically with the SEC. Our filings with the SEC are available to the public without charge through the SEC&#8217;s website at http://www.sec.gov.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to references made in this Annual Report to any contract or other document relating to the Company, such references are not necessarily
complete and you should refer to the exhibits attached or incorporated by reference to this Annual Report for copies of the actual contract
or document.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.
Subsidiary Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_007"></span>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk
and commodity risk. Financial instruments affected by market risk include borrowings and other financial liabilities. The
sensitivity analyses in the following sections relate to our positions as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the
debt and derivatives, and the proportion of financial instruments in foreign currencies are all constant, and on the basis of the hedge
designations in place as of December 31, 202. The analyses exclude the impact of movements in market variables on provisions. The analyses
also assume that the sensitivity of the relevant statement of profit or loss item is the effect of the assumed changes in respective
market risks. This is based on the financial assets and financial liabilities held on December 31, 2023, including the effect of hedge
accounting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. Our exposure to the risk of changes in market interest rates relates primarily to our long-term debt obligations with
floating interest rates. We manage our interest rate risk by having a balanced portfolio of fixed and variable rate borrowings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Japanese
interest rates have been at historically low levels during the past two decades. We operate our business under the stimulus monetary
policy. We do not expect dramatic changes to such low interest rates in the near future. In addition, with respect to most of our borrowings,
our interest rates have been fixed to mitigate interest rate risk. Therefore, we believe that our present exposure to interest rate risk
is manageable, as is reflected in the sensitivity analysis below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
borrowings of JPY23,243,757 thousand (US$164,943 thousand) as of December 31, 2023 consist of fixed interest rate loans of JPY7,003,273 thousand (US$49,697 thousand) and variable interest
rate loans of JPY16,240,484 thousand (US$115,246 thousand). An increase of interest rates by 100 basis points on our variable interest
rate loans would increase our interest expense by JPY149,199 thousand (US$1,059 thousand). If the increase were applied to all the fixed
interest rate loans, the total impact to our interest expense would be JPY58,941 thousand (US$418 thousand).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Exchange Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
foreign currency exposures give rise to market risk associated with exchange rate movements of the Japanese yen mainly against the U.S.
dollar, and vice versa, because most of our expenses are denominated in Japanese yen. Our Japanese yen expenses consist principally of
compensation, subcontractor expenses, and rent. We anticipate that a sizable portion of our expenses will continue to be denominated
in Japanese yen. Our financial position, results of operations and cash flow are subject to fluctuations due to changes in foreign currency
exchange rates. Our results of operations and cash flow are, therefore, subject to fluctuations due to changes in foreign currency exchange
rates and may be adversely affected in the future due to changes in foreign currency exchange rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have not engaged in hedging our foreign currency exchange risk. In the future, we may enter into formal currency hedging transactions
to decrease the risk of financial exposure from fluctuations in the exchange rates of our principal operating currencies. These measures,
however, may not adequately protect us from the adverse effects of such fluctuations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. We are exposed to credit risk from our operating activities (primarily trade receivables) and from our financing activities, including
deposits with banks and financial institutions, and other financial instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
credit risk is managed by each business unit subject to our established policies, procedures and controls relating to customer credit
risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard, and individual credit limits
are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment analysis is performed at each reporting date for major accounts on an individual basis. The maximum exposure to credit risk
at the reporting date is the carrying value of each class of financial assets disclosed in Note 2 to our audited consolidated financial
statements as of and for the years ended December 31, 2023, 2022 and 2021 included elsewhere in this annual report. We do not hold collateral
as security. We believe that the concentration of risk with respect to trade receivables is minimal. This is because we believe that
nearly all of our receivable from consumers are collectable since cash receipts and performance obligation satisfaction occurred almost
simultaneously. In 2021, we constructed and sold two buildings to a single customer, Mitsui &amp; Co. Digital Asset Management, which
accounted for 24.12% of our total revenues in 2021. In 2022, we constructed and sold seven buildings to a single customer, Mitsui &amp;
Co. Digital Asset Management, which accounted for 34.59% of our total revenues in 2022. In 2023, we constructed and sold three buildings
to the private fund managed by BlackRock&#8217;s Real Estate Division, which accounted for 26.27% of our total revenues in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial
instruments and cash deposits</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
manage credit risk with respect to balances with banks and financial institutions in accordance with our policies. Investments of surplus
funds are made only with approved counterparties and within credit limits assigned to each counterparty. The limits are set to minimize
the concentration of risks, and therefore mitigate financial loss through a counterparty&#8217;s potential failure to make payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_008"></span>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Debt Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: left; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Warrants and Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: left; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Other Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: left; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
American Depositary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon, as depositary, will register and deliver American Depositary Shares, also referred to as ADSs. 100 ADSs will
represent one common share (or a right to receive one common share) deposited with MUFG Bank Ltd., as custodian for the depositary in
Japan. Each ADS will also represent any other securities, cash or other property that may be held by the depositary. The deposited shares
together with any other securities, cash or other property held by the depositary are referred to as the deposited securities. The depositary&#8217;s
office at which the ADSs will be administered and its principal executive office are located at 240 Greenwich Street, New York, New York
10286.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may hold ADSs either (A) directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing
a specific number of ADSs, registered in your name, or (ii) by having uncertificated ADSs registered in your name, or (B) indirectly
by holding a security entitlement in ADSs through your broker or other financial institution that is a direct or indirect participant
in The Depository Trust Company, also called DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an
ADS holder. This description assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your
broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker
or financial institution to find out what those procedures are.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
holders of uncertificated ADSs will receive statements from the depositary confirming their holdings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an ADS holder, we will not treat you as one of our shareholders and you will not have shareholder rights. Japanese law governs shareholder
rights. The depositary will be the holder of our common shares underlying your ADSs. As a registered holder of ADSs, you will have ADS
holder rights. A deposit agreement among us, the depositary, ADS holders and all other persons indirectly holding or beneficially owning
ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and
the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
form of deposit agreement for the ADSs and the form of ADRs that represents an ADS have been incorporated by reference as exhibits to
this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees
and Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Persons
    depositing or withdrawing common shares or ADS holders must pay:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For:
    </b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5.00
    (or less) per 100 ADSs (or portion of 100 ADSs)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
                                            of ADSs, including issuances resulting from a distribution of shares or rights or other property</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation
    of ADSs for the purpose of withdrawal, including if the deposit agreement terminates</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$.05
    (or less) per ADS</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    cash distribution to ADS holders </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    fee equivalent to the fee that would be payable if securities distributed to you had been common shares and the common shares had
    been deposited for issuance of ADSs</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
    of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$.05
    (or less) per ADS per calendar year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depositary
    services </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
    or transfer fees</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer
    and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw
    shares </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
    of the depositary</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cable
                                            (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement)</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Converting
    foreign currency to U.S. dollars</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    and other governmental charges the depositary or the custodian has to pay on any ADSs or common shares underlying ADSs, such as stock
    transfer taxes, stamp duty or withholding taxes</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    necessary </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    charges incurred by the depositary or its agents for servicing the deposited securities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    necessary </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry
system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency
dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary may convert currency itself or through any of its affiliates, or the custodian or we may convert currency and pay U.S. dollars
to the depositary. Where the depositary converts currency itself or through any of its affiliates, the depositary acts as principal for
its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation,
transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the
exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate
receives when buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used
or obtained by it or its affiliate in any currency conversion under the deposit agreement will be the most favorable rate that could
be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to
the depositary&#8217;s obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency
conversions made by the depositary is available upon request. Where the custodian converts currency, the custodian has no obligation
to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined
will be the most favorable to ADS holders, and the depositary makes no representation that the rate is the most favorable rate and will
not be liable for any direct or indirect losses associated with the rate. In certain instances, the depositary may receive dividends
or other distributions from the us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from
foreign currency at a rate that was obtained or determined by us and, in such cases, the depositary will not engage in, or be responsible
for, any foreign currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the
most favorable rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payment
of Taxes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited securities represented by any
of your ADSs. The depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented
by your ADSs until those taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented
by your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will,
if appropriate, reduce the number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property,
remaining after it has paid the taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_009"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_010"></span>ITEM
13. DEFAULTS, DIVIDENDS ARREARAGES AND DELINQUENCIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_011"></span>ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
Modifications to the Rights of Security Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_012"></span>ITEM
15. CONTROLS AND PROCEDURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
Controls and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management, with the participation of our chief executive officer and chief financial officer has performed an evaluation of the effectiveness
of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by
this report, as required by Rule 13a-15(b) under the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon that evaluation, our management has concluded that, as of December 31, 2023, our disclosure controls and procedures were not effective
in certain respects, primarily due to the material weakness in our internal controls, as discussed below, to ensure that the information
required to be disclosed by us in the reports that we file and furnish under the Exchange Act was recorded, processed, summarized and
reported, within the time periods specified in the SEC&#8217;s rules and forms, and that the information required to be disclosed by
us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our chief
executive officer and chief financial officer, to allow timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s
Annual Report on Internal Control over Financial Reporting and Attestation Report of the Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report does not include a report of management&#8217;s assessment regarding internal control over financial reporting or an attestation
report of the Company&#8217;s independent registered public accounting firm due to a transition period established by rules of the SEC
for newly public companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Internal
Control over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f)
under the Exchange Act. Our management evaluated the effectiveness of our internal control over financial reporting, as required by Rule
13a-15(c) of the Exchange Act, as of December 31, 2023, based on criteria established in the Internal Control-Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on this evaluation, our management has
concluded that our internal control over financial reporting was not effective as of December 31, 2023 due to the existence of material
weaknesses, as described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections
of any evaluation of effectiveness of our internal control over financial reporting to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of the company&#8217;s financial statements will not be prevented or detected on
a timely basis. Our material weaknesses are that (1) we did not have sufficient financial reporting and accounting personnel to formalize,
design, implement and operate key controls over financial reporting process in order to report financial information in accordance with
U.S. GAAP and SEC reporting requirements; and (2) lack of control procedures implemented to ensure the Company&#8217;s related party transactions are approved in accordance with the established policy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the identified material weaknesses, management, including our chief executive officer and chief financial officer, believes the consolidated
financial statements included in this annual report on Form 20-F present fairly, in all material respects, our financial condition, results
of operations and cash flows in conformity with U.S. GAAP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
in Internal Control over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently in the process of remediating the material weaknesses described above. In 2024, we will continue to implement additional
measures to remediate the existing material weakness as discussed above. However, we cannot assure you that we will remediate our material
weakness in a timely manner. Other than as described above, there were no changes in our internal controls over financial reporting that
occurred during the period covered by this annual report on Form 20-F that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_013"></span>ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Act, we have elected to structure our corporate governance system as a company with a separate board of corporate auditors
and therefore do not have an audit committee. The function of our board of corporate auditors and each corporate auditor is similar to
that of independent directors, including those who are members of the audit committee of a U.S. public company. Our board of corporate
auditors is comprised of three corporate auditors, each member of which will meet the requirements of Rule 10A-3 under the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_014"></span>ITEM
16B. CODE OF ETHICS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has adopted a written code of ethics and business conduct that applies to our directors, corporate auditors, officers,
and employees (including our principal executive officer, principal financial officer, principal accounting officer or controller, and
other persons performing similar functions), and our agents. Our Code of Ethics and Business Conduct is attached to this annual report
as Exhibit 11.1 and is also available on our website at https://syla-tech.jp/en/business_conduct. The information contained in, or that
can be accessed through the foregoing website is not incorporated by reference into, and is not a part of, this Annual Report on Form
20-F. We have included this website address solely for informational purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_015"></span>ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MaloneBailey,
LLP (which we refer to as &#8220;MaloneBailey&#8221;) has served as our independent registered public accounting firm for the years ended
December 31 2023 and 2022. The following table sets out the aggregate fees for professional audit services and other services rendered
by MaloneBailey for each of the years ended December 31, 2023 and 2022. The engagement of the auditor was approved by the Board of the
Company&#8217;s Corporate Auditors with consideration of the auditor&#8217;s independence, capabilities, understanding of our business
and Japanese commercial customs, and audit and other audit-related service fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Year ended December 31</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">(in thousands)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 60%; text-align: left">Audit Fees (1)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#165;</td><td style="width: 16%; text-align: right">105,059</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#165;</td><td style="width: 16%; text-align: right">104,743</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Audit-Related Fees (2)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Tax Fees (3)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#165;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">143,884</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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    financial statements and the reviews of our interim condensed consolidated financial statements.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    Fees consist of fees for tax compliance, tax advice and tax planning. No such services were incurred in 2023 or 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    Other Fees include any fees billed that are not audit, audit-related or tax fees. No such services were incurred in 2023 or 2022.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_016"></span>ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Act, we have elected to structure our corporate governance system as a company with a separate board of corporate auditors
and therefore do not have an audit committee. For foreign private issuers, use of a board of corporate auditors in compliance with home
country rules is permitted under Rule 10A-3(c)(3) of the Exchange Act. Our reliance on Rule 10A-3(c)(3) does not, in our opinion, materially
adversely affect the ability of our board of corporate auditors to act independently and to satisfy the other requirements of Rule 10A-3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_017"></span>ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_018"></span>ITEM
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_019"></span>ITEM
16G. CORPORATE GOVERNANCE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;foreign private issuer&#8221; as defined under the federal securities laws of the United States and the NASDAQ listing standards.
Under the federal securities laws of the United States, foreign private issuers are subject to different disclosure requirements than
U.S.-domiciled public companies. We intend to take all actions necessary for us to maintain our status as a foreign private issuer under
the applicable corporate governance requirements of the Sarbanes-Oxley Act, the Exchange Act and other applicable rules adopted by the
SEC, and the NASDAQ listing standards. Under the SEC rules and the NASDAQ listing standards, a foreign private issuer is subject to less
stringent corporate governance requirements. Subject to certain exceptions, the SEC and the NASDAQ permit a foreign private issuer to
follow its home country practice in lieu of their respective rules and listing standards. In general, our articles of incorporation and
the Companies Act govern our corporate affairs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
particular, as a foreign private issuer, we will follow Japanese law and corporate practice in lieu of the corporate governance provisions
set out under NASDAQ Rule 5600, the requirement in NASDAQ Rule 5250(b)(3) to disclose third party director and nominee compensation,
and the requirement in NASDAQ Rule 5250(d) to distribute annual and interim reports. Of particular note, the following rules under NASDAQ
Rule 5600 differ from Japanese law requirements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ
    Rule 5605(b)(1) requires that at least a majority of a listed company&#8217;s board of directors be independent directors, and NASDAQ
    Rule 5605(b)(2) requires that independent directors regularly meet in executive session, where only independent directors are present.
    Under our current corporate structure, the Companies Act does not require independent directors. However, our board of directors
    is currently comprised of five directors, two of which are considered &#8220;independent&#8221;, as determined in accordance with
    the applicable NASDAQ rules. We expect our independent directors to regularly meet in executive sessions, where only the independent
    directors are present.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ
    Rule 5605(c)(2)(A) requires a listed company to have an audit committee composed entirely of not less than three directors, each
    of whom must be independent. Under Japanese law, a company may have a statutory auditor or a board of auditors. We have a three-member
    Board of Corporate Auditors, each member of which will meet the requirements of Rule 10A-3 under the Exchange Act. See &#8220;-Board
    of Corporate Auditors&#8221; below for additional information.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ
    Rule 5605(d) requires, among other things, that a listed company&#8217;s compensation committee be comprised of at least two members,
    each of whom is an independent director as defined under such rule. Our board of directors will collectively participate in the discussions
    and determination of compensation for our executive, directors and corporate auditors, and other compensation related matters.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ
    Rule 5605(e) requires that a listed company&#8217;s nomination and corporate governance committee be comprised solely of independent
    directors. Our board of directors will not have a standalone nomination and corporate governance committee. Our board of directors
    will collectively participate in the nomination process of potential directors and corporate auditors and oversee our corporate governance
    practices.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    Rule 5620(c) sets out a quorum requirement of 331&#8725;3% applicable to meetings of shareholders. In accordance with Japanese law
    and generally accepted business practices, our articles of incorporation provide that there is no quorum requirement for a general
    resolution of our shareholders. However, under the Companies Act and our articles of incorporation a quorum of not less than one-third
    of the total number of voting rights is required in connection with the election of directors, statutory auditors and certain other
    matters.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has the ultimate responsibility for the administration of our affairs. Our board of directors meets no less than once
every three months. Under the Companies Act and our articles of incorporation, our Company shall have no more than ten, directors on
our board of directors. Our board of directors is currently comprised of nine directors. Directors are typically nominated at the board
level and are elected at general meetings of the shareholders. The term of office of any director expires at the close of the ordinary
general meeting of shareholders held with respect to the last fiscal year ended within one year after such director&#8217;s election
to office. Our directors may, however, serve any number of consecutive terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors appoints from among its members one or more representative directors, who serve as head administrator(s) over our
Company&#8217;s affairs and represent our Company in accordance with the resolutions of our board of directors. Our board of directors
may appoint from among its members a chairman, a president or one or more deputy presidents, senior managing directors, or managing directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our Company&#8217;s current corporate structure, the Companies Act does not require our board of directors to have any independent directors.
Our board of directors is currently comprised of nine directors, four of whom (Hiroyuki Sugimoto, Yoshiyuki Yuto, Takahide Watanabe and
Takeshi Fuchiwaki) are considered non-independent directors and five of which (Tomoyoshi Uranishi, Ferdinand Groenewald, Keiji Torii,
Yozo Tachibana and Stuart Gibson), are considered &#8220;independent&#8221;, as determined in accordance with the Nasdaq rules, and also
satisfy the requirements for an outside (or independent) director under the Companies Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Corporate Auditors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
permitted under the Companies Act, we have elected to structure our corporate governance system as a company with a separate board of
corporate auditors instead of an audit committee of our board of directors. Our articles of incorporation provide for not more than five
corporate auditors. Corporate auditors are typically nominated at the board level and are elected at general meetings of shareholders
by a majority of shareholders entitled to vote, where a quorum is established by shareholders holding one-third or more of the voting
rights of those who are entitled to vote are present at the shareholders&#8217; meeting. The normal term of office of any corporate auditor
expires at the close of the annual general meeting of shareholders held with respect to the last fiscal year ended within four years
after such corporate auditor&#8217;s election to office. Our corporate auditors may, however, serve any number of consecutive terms.
Corporate auditors may be removed by a special resolution of a general meeting of shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate auditors are not required to be certified public accountants. Our corporate auditors may not concurrently serve as directors,
employees or accounting advisors (<i>kaikei sanyo</i>) of our Company or any of our subsidiaries or serve as corporate officers of our
subsidiaries. Under the Companies Act, at least one-half of the corporate auditors of a company must be persons who satisfy the requirements
for an outside corporate auditor under the Companies Act, and at least one of the corporate auditors must be a full-time corporate auditor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
function of our board of corporate auditors and each corporate auditor is similar to that of independent directors, including those who
are members of the audit committee of a U.S. public company. Each corporate auditor has a statutory duty to supervise the administration
by the directors of our affairs, to examine our financial statements and business reports to be submitted by a representative director
at the general meetings of shareholders, and to prepare an audit report. Our corporate auditors are obligated to participate in meetings
of our board of directors and, if necessary, to express their opinion at such meetings, but are not entitled to vote. Our corporate auditors
must inspect the proposals, documents and any other materials to be submitted by our board of directors to the shareholders at the shareholders&#8217;
meeting. If a corporate auditor finds a violation of statutory regulations or our articles of incorporation, or another significant improper
matter, such auditor must report those findings to the shareholders at the shareholders&#8217; meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
if a corporate auditor believes that a director has engaged in, or is likely to engage in, misconduct or acts that are significantly
improper, or that there has been a violation of statutory regulations or our articles of incorporation, the corporate auditor: (i) must
report that fact to our board of directors; (ii) can demand that a director convene a meeting of our board of directors; and (iii) if
no such meeting is convened in response to the demand, can convene the meeting under the corporate auditor&#8217;s own authority. If
a director engages in, or is likely to engage in, an activity outside the scope of the objectives of our Company or otherwise in violation
of laws or regulations or our articles of incorporation, and such act is likely to cause significant damage to our Company, then a corporate
auditor can demand that the director cease such activity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of corporate auditors has a statutory duty to prepare an audit report based on the audit reports issued by the individual corporate
auditors and, in the case of audit reports related to financial statements, the independent auditors of our Company each year, and submit
such audit reports to a relevant director. A corporate auditor may note an opinion in an audit report issued by our board of corporate
auditors, if the opinion expressed in such corporate auditor&#8217;s individual audit report is different from the opinion expressed
in the audit report issued by our board of corporate auditors. Our board of corporate auditors is empowered to establish the audit principles,
the method of examination by our corporate auditors of our affairs and financial position, and any other matters relating to the performance
of our corporate auditors&#8217; duties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
our corporate auditors must represent our Company in: (i) any litigation between our Company and a director; (ii) dealing with shareholders&#8217;
demands seeking a director&#8217;s liability to our Company; and (iii) dealing with notices of litigation and settlement in a derivative
suit seeking a director&#8217;s liability to our Company. A corporate auditor can file court actions relating to our Company within the
authority of our corporate auditors, such as an action to nullify the incorporation of our Company, the issuance of shares, or a merger,
or to cancel a resolution at a shareholders&#8217; meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Differences
in Corporate Governance from Nasdaq Capital Market Listing Rules</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
listed on the Nasdaq Capital Market must comply with certain standards regarding corporate governance under Rule 5605 of the Nasdaq Listing
Rules. However, listed companies that are foreign private issuers, such as we will be, are permitted to follow home country practice
in lieu of certain provisions of Rule 5605 of the Nasdaq Listing Rules. There are certain significant differences between the corporate
governance practices followed by U.S. listed companies under Rule 5605 of the Nasdaq Listing Rules and those followed by SYLA Technologies.
See Item 6.C., &#8220;Board Practices,&#8221; including the table showing such significant differences, which table is incorporated herein
by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_020"></span>ITEM
16H. MINE SAFETY DISCLOSURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_021"></span>ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_022"></span>ITEM
16J. INSIDER TRADING POLICIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted an Insider Trading Policy governing the purchase, sale, and other dispositions of our securities by directors, management,
and employees that is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations and listing
standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_023"></span>ITEM
16K. CYBERSECURITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have implemented cybersecurity risk management measures intended to protect the confidentiality, integrity, and availability of our critical
systems and information, primarily by the Information System Unit. We have not identified risks from known cybersecurity threats, including
as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including
our operations, business strategy, results of operations, or financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cybersecurity
Governance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consider cybersecurity risk through our Risk Compliance Committee as part of its risk oversight function. In addition, our management
updates our board of directors, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact
potential.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management team is responsible for assessing and managing our material risks from cybersecurity threats. The Information System Unit
has primary responsibility for our overall cybersecurity risk management program. Our management team supervises efforts to prevent,
detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security
personnel, threat intelligence and other information obtained from governmental, public or private sources, and alerts and reports produced
by security tools deployed in the IT environment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_024"></span>PART
III.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_025"></span>ITEM
17. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Item 18 of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_026"></span>ITEM
18. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements required by this item are found at the end of this annual report, beginning on page F-1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SYLA
Technologies Co., Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_001">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID <span id="xdx_90A_edei--AuditorFirmId_c20230101__20231231_zPKT8lqwXQFd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:AuditorFirmId">206</ix:nonNumeric></span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_002">Consolidated Balance Sheets as of December 31, 2023 and 2022</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_003">Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_004">Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_005">Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Na_006">Notes to Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and Board of Directors of</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Technologies Co., Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Opinion
on the Financial Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of SYLA Technologies Co., Ltd. and its subsidiaries (the &#8220;Company&#8221;)
as of December 31, 2023 and 2022, and the related consolidated statements of operations and comprehensive income, changes in equity,
and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as
the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
for Opinion</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
<span id="xdx_900_edei--AuditorName_c20230101__20231231_zUlDdfZ7WwFd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000052" name="dei:AuditorName">MaloneBailey, LLP</ix:nonNumeric></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.malonebailey.com</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_edei--AuditorLocation_c20230101__20231231_ztqQAswU09ab"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000053" name="dei:AuditorLocation">Tokyo,
Japan</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
15, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_002"></span>SYLA
TECHNOLOGIES CO., LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts
in thousands of Japanese Yen (&#8220;JPY&#8221;), except for share data)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr id="xdx_406_eus-gaap--AccountsReceivableNetCurrent_i02I_maACzL70_zmUh9UkAyKT8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--AssetsCurrent_i02TI_mtACzL70_maAzr36_zfHfTeCm16Bd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--AssetsNoncurrentAbstract_i01B_zZk8CIZQtX91" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--RestrictedCashNoncurrent_i02I_maANzdaG_zEhZRz2wbrnc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_eus-gaap--DepositsAssetsNoncurrent_i02I_maANzdaG_zX4U1caiu7Uk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    deposits</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DepositsAssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact000097" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">9,300</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DepositsAssetsNoncurrent" contextRef="AsOf2022-12-31" id="Fact000098" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">30,511</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--LongTermInvestments_i02I_maANzdaG_zbWI9pKMkbc4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2022-12-31" id="Fact000101" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">413,805</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_i02I_maANzdaG_z5eiR2YiIeXc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
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  <tr id="xdx_400_ecustom--SolarPowerSystemsNetNonCurrent_i02I_maANzdaG_zNrxuR7cifs3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solar
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
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  <tr id="xdx_409_eus-gaap--Goodwill_i02I_maANzdaG_zJR9flLjo1M1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_maANzdaG_zaSjdJNkbuSd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eus-gaap--AssetsNoncurrent_i02TI_mtANzdaG_maAzr36_zwOcaXb6SlPi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--Assets_i01TI_mtAzr36_zaaDbQPKsMLg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zdGyFXKbBgga" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--LongtermTransitionBondCurrent_i02I_maLCzsKY_zJGmGgTDH6Ld" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--DeferredRevenueCurrent_i02I_maLCzsKY_zz6lO5brakq6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredRevenueCurrent" contextRef="AsOf2022-12-31" id="Fact000152" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">228,426</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr id="xdx_405_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maLCzsKY_zDtAgGZ6DJL7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
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  <tr id="xdx_402_eus-gaap--FinanceLeaseLiabilityCurrent_i02I_maLCzsKY_zuzHTMIyJ9td" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
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  <tr id="xdx_40C_eus-gaap--OtherLiabilitiesCurrent_i02I_maLCzsKY_zXvnecWHTof5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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  <tr id="xdx_404_eus-gaap--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent_i02I_maLCzsKY_zbOiLKIXzzll" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzsKY_maLzE4j_zt63mUY7x7od" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--ConstructionLoanNoncurrent_i02I_maLNzPi6_zva3JMvaJlAh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
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  <tr id="xdx_409_eus-gaap--LongTermTransitionBond_i02I_maLNzPi6_zdSzSySgEUud" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    bonds</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LongTermTransitionBond" contextRef="AsOf2023-12-31" id="Fact000178" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">97,549</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LongTermTransitionBond" contextRef="AsOf2022-12-31" id="Fact000179" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">205,769</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_maLNzPi6_zWMuey96Gcwj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    lease liabilities, non-current</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000181" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">1,958,689</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact000182" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">2,175,786</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--FinanceLeaseLiabilityNoncurrent_i02I_maLNzPi6_zftak1XPljK7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
    lease liabilities, non-current</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000184" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">8,040</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact000185" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">6,795</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--OtherLiabilitiesNoncurrent_i02I_maLNzPi6_zbvDmqngltV4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact000187" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">534,228</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_409_eus-gaap--LiabilitiesNoncurrent_i02TI_mtLNzPi6_maLzE4j_zFdoERapqb5k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    non-current liabilities</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--Liabilities_i01TI_mtLzE4j_maLASEzoFu_zyHNWtK0An4l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--StockholdersEquityAbstract_i01B_zRxr461FDr1k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--CommonStockValue_i02I_maSEzL0l_zjujWXO4XD5j" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-12-31" id="Fact000230" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">5,916,376</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Noncontrolling
    interests</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
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    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2023-12-31" id="Fact000238" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">40,084,427</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2022-12-31" id="Fact000239" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">29,792,974</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_003"></span>SYLA
TECHNOLOGIES CO., LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts
in thousands of JPY, except for share and per share data)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_300_113_pn3n3_zfGscr0uTPV3" summary="xdx: Statement -  Consolidated Statements of Operations and Comprehensive Income" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross profit</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_403_eus-gaap--OperatingExpensesAbstract_iB_zHASgUS8GBqd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--SellingGeneralAndAdministrativeExpense_i01N_di_maOEz6jz_zqqVFFtAZEAl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_zVjsCEGIoUui" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--OtherNonoperatingIncome_i01_maNIEzxql_zGMBIG68Kqvb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--IncomeLossFromEquityMethodInvestments_i01_maNIEzxql_zCrgXgTtORae" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000277" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">1,689</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2022-01-012022-12-31" id="Fact000278" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">748</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2021-01-012021-12-31" id="Fact000279" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">109</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--OtherNonoperatingExpense_i01N_di_msNIEzxql_zRRTn4zb4pIb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OtherNonoperatingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000281" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">570,856</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OtherNonoperatingExpense" contextRef="From2022-01-012022-12-31" id="Fact000282" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">323,977</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40E_eus-gaap--NonoperatingIncomeExpense_i01T_mtNIEzxql_maILFCOzYc9_zG5eUWqI2932" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2022-01-012022-12-31" id="Fact000286" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">122,771</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_409_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_mtILFCOzYc9_maILFCOzRtJ_zAU7MSCPiwMh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_004"></span>SYLA
TECHNOLOGIES CO., LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts
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  <tr id="xdx_407_eus-gaap--AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_zkedU8KK5a0h" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_ecustom--ReclassificationBetweenCapitalStockAndCapitalSurplus_zJSFM9bnNxVa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0465">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0466">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0467">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--AdjustmentsToAdditionalPaidInCapitalMarkToMarket_zrRerOFP2I3a" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0472">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0473">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0474">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_eus-gaap--NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_z9fUkxvMFXs" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Noncontrolling interests arising from acquisition of subsidiary</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0478">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0479">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0480">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0481">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40B_ecustom--CapitalContributionFromAnonymousPartnerships_zFK1OPsC6xqb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Capital contribution from anonymous partnerships</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0486">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0487">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0488">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0489">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_402_eus-gaap--Dividends_iN_di_zG8xsRoRE007" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Declaration of dividend</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0494">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0495">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0498">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_432_c20220101__20221231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iS_zLXteaWTczfb" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_ecustom--DeemedContributionInConnectionWithReorganization_zin0UukO3ELg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deemed contribution in connection with reorganization</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:DeemedContributionInConnectionWithReorganization" contextRef="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000510" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">264,827</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--ProfitLoss_zm7FNTlBdQN5" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_z89o3eiyi4w" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0527">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0528">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0529">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zpwC0YkpESqe" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0535">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0536">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0537">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0538">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_zyUqu1dyMw58" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Noncontrolling interests arising from acquisition of subsidiary</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0542">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0543">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0544">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0545">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--CapitalContributionFromAnonymousPartnerships_zueLVjlQ9196" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Capital contribution from anonymous partnerships</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0549">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0550">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0551">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0552">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0553">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:CapitalContributionFromAnonymousPartnerships" contextRef="From2022-01-012022-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000554" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">403,480</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:CapitalContributionFromAnonymousPartnerships" contextRef="From2022-01-012022-12-31" id="Fact000555" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">403,480</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_iN_di_zMei7NvdVRY2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Distribution to anonymous partnerships</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0557">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0558">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0559">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0560">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0561">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" contextRef="From2022-01-012022-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000562" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">79,851</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" contextRef="From2022-01-012022-12-31" id="Fact000563" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">79,851</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_407_ecustom--CapitalReturnToAnonymousPartnerships_z3q2T3nkjVnk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Capital return to anonymous partnerships</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0565">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0566">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0567">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0568">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0569">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:CapitalReturnToAnonymousPartnerships" contextRef="From2022-01-012022-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000570" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">3,340</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:CapitalReturnToAnonymousPartnerships" contextRef="From2022-01-012022-12-31" id="Fact000571" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">3,340</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--Dividends_iN_di_zfvrk0w3H8cc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Declaration of dividend</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0574">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0575">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:Dividends" contextRef="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember" id="Fact000576" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">11,894</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0577">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0578">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:Dividends" contextRef="From2022-01-012022-12-31" id="Fact000579" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">11,894</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_432_c20230101__20231231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iS_zQfkmRAibW97" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Balance as of December 31, 2022</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0583">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_RetainedEarningsMember" id="Fact000584" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">2,767,001</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0585">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000586" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">650,314</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31" id="Fact000587" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">6,566,690</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_43F_c20230101__20231231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iS_zm4fj85M4Fmj" style="display: none; vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Balance </td><td style="font-weight: bold">&#160;</td>
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<tr id="xdx_40E_eus-gaap--StockIssuedDuringPeriodValueOther_zZWsmYEhVQ98" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Share issuance upon initial public offering, net of issuance costs</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0599">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0600">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0601">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0602">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--ProfitLoss_ztYeTcvBWHvg" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0606">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0607">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0609">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--ProfitLoss_zHEQsjY4DIp2" style="display: none; vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0614">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0615">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember" id="Fact000616" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">681,432</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0617">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-012023-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000618" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">61,187</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_407_eus-gaap--AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_zCM1Gve8jYD3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Stock based compensation</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000622" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">167,523</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0623">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0624">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0625">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0626">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2023-01-01to2023-12-31" id="Fact000627" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">201,914</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zFXbS9mcFVs8" style="vertical-align: bottom; background-color: White">
    <td>Exercise of stock options</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000630" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">6,001</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0631">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0632">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0633">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0634">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2023-01-01to2023-12-31" id="Fact000635" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">12,002</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--StockIssuedDuringPeriodValuePurchaseOfNoncontrollingInterests_zQSn49iDNxbi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Purchase of noncontrolling interests</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0637">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:StockIssuedDuringPeriodValuePurchaseOfNoncontrollingInterests" contextRef="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000638" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">4,804</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0639">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0640">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0641">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:StockIssuedDuringPeriodValuePurchaseOfNoncontrollingInterests" contextRef="From2023-01-012023-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000642" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">20,804</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:StockIssuedDuringPeriodValuePurchaseOfNoncontrollingInterests" contextRef="From2023-01-01to2023-12-31" id="Fact000643" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">16,000</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--StockRepurchasedDuringPeriodValue_iN_di_zZKmq2u9CVA1" style="vertical-align: bottom; background-color: White">
    <td>Repurchase of common shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0645">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0646">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodValue" contextRef="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000647" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">13,631</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0648">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0649">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0650">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodValue" contextRef="From2023-01-01to2023-12-31" id="Fact000651" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">13,631</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_401_ecustom--ReclassificationBetweenCapitalStockAndCapitalSurplus_zsOXRuVcdsoe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Reclassification between capital stock and capital surplus</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:ReclassificationBetweenCapitalStockAndCapitalSurplus" contextRef="From2023-01-012023-12-31_us-gaap_CommonStockMember" id="Fact000653" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">1,002,789</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:ReclassificationBetweenCapitalStockAndCapitalSurplus" contextRef="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000654" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">1,002,789</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0655">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0656">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0657">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0658">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0659">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--CapitalContributionFromAnonymousPartnerships_zz7xbtVnok08" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Capital contribution from anonymous partnerships</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0661">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0662">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0663">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0664">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0665">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:CapitalContributionFromAnonymousPartnerships" contextRef="From2023-01-012023-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000666" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">2,732,130</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:CapitalContributionFromAnonymousPartnerships" contextRef="From2023-01-01to2023-12-31" id="Fact000667" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">2,732,130</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_iN_di_zG2ht5g8PDZ1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Distribution to anonymous partnerships</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0669">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_005"></span>SYLA
TECHNOLOGIES CO., LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts
in thousands of JPY)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_402_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTax_i01_maPLztA9_z2xP3i63VVM4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0pt; text-align: left; padding-bottom: 1.5pt">Income from discontinued operations, net of income taxes</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperations_i01_maPLztA9_maNCPBUzThX_zt6csITiRBZ2" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Net income from continuing operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperations" contextRef="From2023-01-01to2023-12-31" id="Fact000729" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">749,361</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000735" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">278,688</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_408_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B_zFRKFd4b24c1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--DepreciationAndAmortization_i02_maNCPBUzThX_zLWs6AXjrMZe" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Depreciation and amortization expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DepreciationAndAmortization" contextRef="From2023-01-01to2023-12-31" id="Fact000741" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">300,864</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DepreciationAndAmortization" contextRef="From2021-01-012021-12-31" id="Fact000743" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">151,638</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--GainLossOnInvestments_i02N_di_msNCPBUzThX_zTFA0ROeu4Hb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Impairment loss on long-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0745">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:GainLossOnInvestments" contextRef="From2022-01-012022-12-31" id="Fact000746" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">22,847</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0747">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_i02_maNCPBUzThX_z28RZWIY8Wcf" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Impairment loss on property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2023-01-01to2023-12-31" id="Fact000749" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">11,617</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0750">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0751">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--AssetRetirementObligationAccretionExpense_i02_maNCPBUzThX_zZNVV9ZtAC7f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Asset retirement obligations accretion expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AssetRetirementObligationAccretionExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000753" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">75</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0755">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--FairValueChangeOfShorttermInvestments_i02N_di_msNCPBUzThX_zwxxwZIqnTX6" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Fair value change of short-term investments</td><td>&#160;</td>
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  <tr id="xdx_407_ecustom--FairValueChangeOfLongtermInvestments_i02_maNCPBUzThX_z61s0xZDXYBd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Fair value change of long-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:FairValueChangeOfLongtermInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000761" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">30,734</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--IncomeLossFromEquityMethodInvestments_i02N_di_msNCPBUzThX_zoHMb0K1kXI7" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Loss (income) from equity method investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000765" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">1,689</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--ProvisionForDoubtfulAccounts_i02_maNCPBUzThX_zmlCrc5nCgjd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Allowance for credit losses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2023-01-01to2023-12-31" id="Fact000769" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">48,308</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2021-01-012021-12-31" id="Fact000771" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">5,791</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--LossOnDisposalOfPropertyPlantAndEquipment_i02N_di_msNCPBUzThX_zI9tGKf2Wudf" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Loss on disposal of property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:LossOnDisposalOfPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000773" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">1,871</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--GainLossOnDispositionOfAsset_i02N_di_msNCPBUzThX_zuvAAASnws2j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Gain on disposal of solar power systems</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0777">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:GainLossOnDispositionOfAsset" contextRef="From2022-01-012022-12-31" id="Fact000778" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">13,098</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0779">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--GainLossOnDispositionOfAssets1_i02N_di_msNCPBUzThX_zk3D1mZN3Ro5" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Revenue from sales of inventories transferred from property, plant and
equipment and solar power systems</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:GainLossOnDispositionOfAssets1" contextRef="From2023-01-01to2023-12-31" id="Fact000781" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">525,432</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0782">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0783">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--AdjustmentForNoncashLeaseExpense_i02_maNCPBUzThX_zzY11tb8402l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Non-cash lease expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:AdjustmentForNoncashLeaseExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000785" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">424,838</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_ecustom--LossGainOnModificationOfOperatingLeaseContracts_i02N_di_msNCPBUzThX_zFTvJP9yWy37" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Loss on modification of  operating lease contracts</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:LossGainOnModificationOfOperatingLeaseContracts" contextRef="From2022-01-012022-12-31" id="Fact000790" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">29</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:LossGainOnModificationOfOperatingLeaseContracts" contextRef="From2021-01-012021-12-31" id="Fact000791" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">97</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--GainOnSaleleasebackTransactions_i02N_di_msNCPBUzThX_zNG3FpiEcqWk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Gain on sale-leaseback transactions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:GainOnSaleleasebackTransactions" contextRef="From2023-01-01to2023-12-31" id="Fact000793" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">24,988</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0794">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0795">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--GainOnTerminationOfFinanceLeaseContract_i02N_di_msNCPBUzThX_zVqu76hVmgc6" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Gain on termination of  finance lease contract</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:GainOnTerminationOfFinanceLeaseContract" contextRef="From2023-01-01to2023-12-31" id="Fact000797" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">28</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0798">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0799">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--AmortizationOfFinancingCosts_i02_maNCPBUzThX_z2qQjUkWYbF4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Amortization of debt issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" contextRef="From2023-01-01to2023-12-31" id="Fact000801" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">2,855</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" contextRef="From2022-01-012022-12-31" id="Fact000802" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">3,975</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" contextRef="From2021-01-012021-12-31" id="Fact000803" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">3,561</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--DeferredIncomeTaxExpenseBenefit_i02_maNCPBUzThX_z1IcRKtWgtGc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Deferred income tax benefit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact000805" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">373,969</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact000806" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">102,909</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact000807" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">11,410</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40F_eus-gaap--ShareBasedCompensation_i02_maNCPBUzThX_zOCdWLcsoSFd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Stock based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2023-01-01to2023-12-31" id="Fact000809" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">201,914</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-01-012022-12-31" id="Fact000810" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">6,580</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31" id="Fact000811" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">11,564</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zARi6mZrCHbc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--IncreasedecreaseInTermDeposits_i03N_di_msNCPBUzThX_z9IBOIqT8463" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Term deposits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:IncreasedecreaseInTermDeposits" contextRef="From2023-01-01to2023-12-31" id="Fact000817" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">779</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:IncreasedecreaseInTermDeposits" contextRef="From2022-01-012022-12-31" id="Fact000818" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">138</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:IncreasedecreaseInTermDeposits" contextRef="From2021-01-012021-12-31" id="Fact000819" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">970</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msNCPBUzThX_z8ZQkDyI0FY2" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Accounts receivable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2023-01-01to2023-12-31" id="Fact000821" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">75,487</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2022-01-012022-12-31" id="Fact000822" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">24,877</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-01-012021-12-31" id="Fact000823" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">28</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInInventories_i03N_di_msNCPBUzThX_zF17rO1aU5ig" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Inventories</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2023-01-01to2023-12-31" id="Fact000825" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">6,465,203</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2022-01-012022-12-31" id="Fact000826" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">4,861,251</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2021-01-012021-12-31" id="Fact000827" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">270,399</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_msNCPBUzThX_zVnFyyQQkT48" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Prepaid expenses, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000829" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">232,617</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2022-01-012022-12-31" id="Fact000830" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">2,767</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2021-01-012021-12-31" id="Fact000831" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">84,397</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOtherCurrentAssets_i03N_di_msNCPBUzThX_zlTsn9Sv2cGd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Other current assets, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2023-01-01to2023-12-31" id="Fact000833" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">119,284</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2022-01-012022-12-31" id="Fact000834" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">116,222</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2021-01-012021-12-31" id="Fact000835" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">25,744</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40F_ecustom--IncreaseDecreaseInOtherOperatingAsset_i03N_di_msNCPBUzThX_zqaWNvRLLyX3" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Other assets, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:IncreaseDecreaseInOtherOperatingAsset" contextRef="From2023-01-01to2023-12-31" id="Fact000837" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">49,690</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:IncreaseDecreaseInOtherOperatingAsset" contextRef="From2022-01-012022-12-31" id="Fact000838" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">235,249</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:IncreaseDecreaseInOtherOperatingAsset" contextRef="From2021-01-012021-12-31" id="Fact000839" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">111,327</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_maNCPBUzThX_zhU9P2bOv6u1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000841" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">137,437</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2022-01-012022-12-31" id="Fact000842" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">252,754</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2021-01-012021-12-31" id="Fact000843" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">79,910</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInAccruedLiabilities_i03_maNCPBUzThX_zruoYaTQ7MMb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Accrued liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000845" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">117,892</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000846" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">100,695</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2021-01-012021-12-31" id="Fact000847" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">12,961</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInOtherCurrentLiabilities_i03_maNCPBUzThX_zUkNK7SjUZI3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Other current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000849" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">575,304</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000850" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">545,401</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentLiabilities" contextRef="From2021-01-012021-12-31" id="Fact000851" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">136,279</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_eus-gaap--IncreaseDecreaseInAccruedIncomeTaxesPayable_i03_maNCPBUzThX_zwxbaGs0hDT" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Income tax payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000853" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">35,454</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" contextRef="From2022-01-012022-12-31" id="Fact000854" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">293,787</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" contextRef="From2021-01-012021-12-31" id="Fact000855" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">89,679</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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  <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_i01T_maCCERCzPir_mtNCPBUzThX_zB2OPQsWtxjh" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msNCPBUzazI_zZDXcTMHL0E5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Purchase of property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000877" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">3,447,047</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="Fact000878" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">2,059,724</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact000879" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">1,827,833</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_i01_maNCPBUzazI_zM6cefAIbnu4" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds from disposal of property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000881" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">51,658</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_407_ecustom--PaymentsToAcquireAssets_i01N_di_msNCPBUzazI_z9C0VEezGMF6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Purchase of solar power systems</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:PaymentsToAcquireAssets" contextRef="From2023-01-01to2023-12-31" id="Fact000885" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">309,494</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:PaymentsToAcquireAssets" contextRef="From2022-01-012022-12-31" id="Fact000886" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">113,140</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0887">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--ProceedsFromSaleOfAssets_i01_maNCPBUzazI_zO1EPp5OiePj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds from disposal of solar power systems</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0889">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:ProceedsFromSaleOfAssets" contextRef="From2022-01-012022-12-31" id="Fact000890" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">18,343</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0891">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--ProceedsFromSaleOfInventoriesAndSolarPowerPlantsInventoriesReclassified_i01_maNCPBUzazI_zUeHQkWNNdV" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Proceeds from sales of inventories reclassified from property, plant and
equipment and solar power systems</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:ProceedsFromSaleOfInventoriesAndSolarPowerPlantsInventoriesReclassified" contextRef="From2023-01-01to2023-12-31" id="Fact000893" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">2,325,454</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0894">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0895">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--ProceedsFromRepaymentsOfRelatedParty_i01_maNCPBUzazI_zStnsYGKOXRg" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Advances to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:ProceedsFromRepaymentsOfRelatedParty" contextRef="From2023-01-01to2023-12-31" id="Fact000897" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">500</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:ProceedsFromRepaymentsOfRelatedParty" contextRef="From2022-01-012022-12-31" id="Fact000898" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">1,317</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:ProceedsFromRepaymentsOfRelatedParty" contextRef="From2021-01-012021-12-31" id="Fact000899" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">8,156</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_ecustom--RepaymentsFromRelatedParties_i01_maNCPBUzazI_zUVJE87CSjEd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Repayments from related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:RepaymentsFromRelatedParties" contextRef="From2023-01-01to2023-12-31" id="Fact000901" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">500</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:RepaymentsFromRelatedParties" contextRef="From2022-01-012022-12-31" id="Fact000902" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">813</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:RepaymentsFromRelatedParties" contextRef="From2021-01-012021-12-31" id="Fact000903" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">28,277</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--ProceedsFromLifeInsurancePolicies_i01_maNCPBUzazI_zf9y41ujsBt5" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds from redemption of life insurance policies</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0907">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; text-align: left">Purchase of term deposits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsForOtherDeposits" contextRef="From2023-01-01to2023-12-31" id="Fact000909" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">266,564</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsForOtherDeposits" contextRef="From2022-01-012022-12-31" id="Fact000910" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">82,600</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsForOtherDeposits" contextRef="From2021-01-012021-12-31" id="Fact000911" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">27,874</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_eus-gaap--ProceedsFromOtherDeposits_i01_maNCPBUzazI_z9WdzHLCv58a" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds from maturity of term deposits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromOtherDeposits" contextRef="From2023-01-01to2023-12-31" id="Fact000913" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">215,136</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromOtherDeposits" contextRef="From2022-01-012022-12-31" id="Fact000914" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">106,043</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0915">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--PaymentsToAcquireShortTermInvestments_i01N_di_msNCPBUzazI_zwKg932jM381" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Purchase of short-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000917" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">14,994</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2022-01-012022-12-31" id="Fact000918" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">47,576</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2021-01-012021-12-31" id="Fact000919" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">92,094</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_eus-gaap--ProceedsFromSaleOfShortTermInvestments_i01_maNCPBUzazI_zpfUZpG33T62" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds from sales of short-term investments</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--PaymentsToAcquireLongtermInvestments_i01N_di_msNCPBUzazI_zVYNxGFZn6n7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Purchase of long-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireLongtermInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000925" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">178,755</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireLongtermInvestments" contextRef="From2022-01-012022-12-31" id="Fact000926" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">39,481</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireLongtermInvestments" contextRef="From2021-01-012021-12-31" id="Fact000927" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">21,418</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--ProceedsFromSaleOfLongtermInvestments_i01_maNCPBUzazI_zzd1oNLInd92" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds from sales of long-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfLongtermInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000929" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">33,980</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfLongtermInvestments" contextRef="From2022-01-012022-12-31" id="Fact000930" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">11,776</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--PaymentsForProceedsFromInvestments_i01N_di_msNCPBUzazI_zqPx9tL2pq3j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Purchase of investments in voluntary partnerships</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsForProceedsFromInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000933" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">54,800</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsForProceedsFromInvestments" contextRef="From2022-01-012022-12-31" id="Fact000934" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">153,320</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsForProceedsFromInvestments" contextRef="From2021-01-012021-12-31" id="Fact000935" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">28,720</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_ecustom--ProceedsFromSaleMaturityAndCollectionsOfInvestment_i01_maNCPBUzazI_zvYrl3IuisR6" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Return of investments in voluntary partnerships</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0937">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:ProceedsFromSaleMaturityAndCollectionsOfInvestment" contextRef="From2022-01-012022-12-31" id="Fact000938" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">10,110</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0939">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--DistributionReceivedFromVoluntaryPartnerships_i01_maNCPBUzazI_zPhDxGoqVZfi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Distribution received from voluntary partnerships</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:DistributionReceivedFromVoluntaryPartnerships" contextRef="From2023-01-01to2023-12-31" id="Fact000941" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">7,330</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0942">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0943">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--PaymentsToAcquireBusinessesNetOfCashAcquired_i01N_di_msNCPBUzazI_zIk2izoHT1b1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Cash paid for business combination, net of cash acquired</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2023-01-01to2023-12-31" id="Fact000945" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">5,800</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2022-01-012022-12-31" id="Fact000946" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">553,284</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2021-01-012021-12-31" id="Fact000947" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">175,080</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_ecustom--ProceedsFromAcquireBusinessesNetOfCashAcquired_i01_maNCPBUzazI_zIGDrBW6HcSk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Proceeds from acquisition of subsidiary, net of cash paid</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0949">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:ProceedsFromAcquireBusinessesNetOfCashAcquired" contextRef="From2022-01-012022-12-31" id="Fact000950" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">4,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0951">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--PaymentsToAcquireInterestInSubsidiariesAndAffiliates_i01N_di_msNCPBUzazI_zE37xEQY9yJ4" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Payments for acquisition of subsidiary&#8217;s equity interests from noncontrolling
shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates" contextRef="From2023-01-01to2023-12-31" id="Fact000953" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">16,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0954">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0955">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--DownPaymentsMadeForBusinessCombination_i01_maNCPBUzazI_zbwFj2VjOfm" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-align: left">Down payment made for business combination</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="SYT:DownPaymentsMadeForBusinessCombination" contextRef="From2023-01-01to2023-12-31" id="Fact000957" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">89,886</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0958">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0959">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_i01T_maCCERCzPir_mtNCPBUzazI_zFydQ70jk0U2" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">NET CASH USED IN INVESTING ACTIVITIES - CONTINUING OPERATIONS</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" contextRef="From2023-01-01to2023-12-31" id="Fact000961" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">1,677,709</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" contextRef="From2022-01-012022-12-31" id="Fact000962" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">2,635,751</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" contextRef="From2021-01-012021-12-31" id="Fact000963" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">1,928,366</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zZ9dFVCywZOh" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--ProceedsFromIssuanceOfDebt_i01_maNCPBUzapu_z2RS8Mgmihfe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Proceeds from issuance of corporate bonds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0969">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0970">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2021-01-012021-12-31" id="Fact000971" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">250,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--RepaymentsOfDebt_i01N_di_msNCPBUzapu_zvxLqp5lUVAa" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Repayments for corporate bonds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000973" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">130,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2022-01-012022-12-31" id="Fact000974" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">160,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2021-01-012021-12-31" id="Fact000975" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">120,000</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--PaymentsOfDebtIssuanceCosts_i01N_di_msNCPBUzapu_zaOTSjM9OIRc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Payments for bond issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0977">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0978">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsOfDebtIssuanceCosts" contextRef="From2021-01-012021-12-31" id="Fact000979" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">7,280</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_eus-gaap--ProceedsFromRepaymentsOfDebt_i01_maNCPBUzapu_zCM3rkltxlWf" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Borrowings from short-term and long-term loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000981" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">15,160,700</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfDebt" contextRef="From2022-01-012022-12-31" id="Fact000982" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">13,545,020</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfDebt" contextRef="From2021-01-012021-12-31" id="Fact000983" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">7,554,250</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--RepaymentsForShorttermAndLongtermLoans_i01N_di_msNCPBUzapu_zzNkvTZF8q71" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Repayments for short-term and long-term loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:RepaymentsForShorttermAndLongtermLoans" contextRef="From2023-01-01to2023-12-31" id="Fact000985" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">8,902,079</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:RepaymentsForShorttermAndLongtermLoans" contextRef="From2022-01-012022-12-31" id="Fact000986" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">8,230,964</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="SYT:RepaymentsForShorttermAndLongtermLoans" contextRef="From2021-01-012021-12-31" id="Fact000987" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">6,313,702</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40E_eus-gaap--ProceedsFromContributedCapital_i01_maNCPBUzapu_zGGd2O7jad4a" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0995">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--PaymentsForRepurchaseOfCommonStock_i01N_di_msNCPBUzapu_zPExiqvkSUe8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Repurchase of common shares</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_maNCPBUzapu_zCJcyvgkZTE" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Issuance of capital stock</td><td>&#160;</td>
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  <tr id="xdx_40E_ecustom--DeemedContributionInConnectionWithReorganization_i01_maNCPBUzapu_zCD4qqeTmg78" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_ecustom--DistributionToAnonymousPartnerships_i01N_di_msNCPBUzapu_zJLzpx2yPba8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Distribution to anonymous partnerships</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1011">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--PaymentsToMinorityShareholders_i01N_di_msNCPBUzapu_zIKgrqVQ9it7" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Capital return to anonymous partnerships</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1015">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--PaymentsOfDividends_i01N_di_msNCPBUzapu_zCPzymSHLsr6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Dividend paid</td><td>&#160;</td>
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  <tr id="xdx_409_ecustom--FinanceLeasePrincipalPayment_i01N_di_msNCPBUzapu_zsQcOKtahTdd" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Repayments for finance lease liabilities</td><td>&#160;</td>
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<tr id="xdx_400_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_i01_maNCPBUzapu_zSg7NrBsxJzi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-align: left">Proceeds from initial public offering, net of issuance costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1026">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1027">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_i01T_mtNCPBUzapu_maCCERCzPir_zEmzBLX6ouY8" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">NET CASH PROVIDED BY FINANCING ACTIVITIES - CONTINUING OPERATIONS</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" contextRef="From2022-01-012022-12-31" id="Fact001030" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">5,736,278</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" contextRef="From2021-01-012021-12-31" id="Fact001031" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">1,736,189</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInDiscontinuedOperationsAbstract_iB_zduFMy07hZVl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM DISCONTINUED OPERATIONS</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_maNCPBUzWvx_zhniIlHd1ZD9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net cash provided by operating activities &#8211; discontinued operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" contextRef="From2023-01-01to2023-12-31" id="Fact001037" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">550</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1039">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations_maNCPBUzWvx_z9i0S7HwEujh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net cash provided by investing activities &#8211; discontinued operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1041">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1042">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1043">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations_maNCPBUzWvx_zQOu7ny70Hri" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1046">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1047">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInDiscontinuedOperations_iT_mtNCPBUzWvx_maCCERCzPir_zfBG2yVWouQg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">NET CASH PROVIDED BY DISCONTINUED OPERATIONS</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1051">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_mtCCERCzPir_zF1QT5mC7bt4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH</td><td>&#160;</td>
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  <tr id="xdx_40C_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_i01_zgSqVIUlkBrl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_006"></span>SYLA
TECHNOLOGIES CO., LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts
in thousands of Japanese Yen (&#8220;JPY&#8221;), except for share and per share data)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001125" name="us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock"><p id="xdx_800_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_z4MHFyIWle55" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 -<span id="xdx_82D_z8mC7hvCBNtc"> ORGANIZATION AND DESCRIPTION OF BUSINESS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Technologies Co., Ltd. (&#8220;SYLA Tech&#8221;), previously known as SYLA Holdings Co., Ltd., was incorporated in Japan on March 3,
2009.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Co., Ltd. (&#8220;SYLA Co&#8221;) was incorporated in Japan on September 1, 2006. SYLA Co invests in certain real estate joint ventures
which are variable interest entities of SYLA Co.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Brain Co., Ltd. (&#8220;SYLA Brain&#8221;), previously known as Devel Co., Ltd., was incorporated in Japan on November 15, 2019. On December
31, 2021, SYLA Tech completed an acquisition of<span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20211231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SYLABrainCoLtdMember_zZ67RGHDUElg" title="Entity ownership interest"> <ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-31_custom_SYLABrainCoLtdMember" id="Fact001127" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">67</ix:nonFraction></span>% equity interest of SYLA Brain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">On February 28, 2022, SYLA Tech completed an acquisition of <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220228__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SYLASolarCoLtdMember_zChs0GXM7Wbf" title="Entity ownership interest"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-02-28_custom_SYLASolarCoLtdMember" id="Fact001129" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction>%</span> equity interest of SYLA Solar Co., Ltd. (&#8220;SYLA
Solar&#8221;), a company incorporated in Japan on August 1, 2013 and previously known as Nihon Taiyoko Hatsuden Co., Ltd., and its wholly
owned subsidiaries, SYLA Power Co., Ltd. (&#8220;SYLA Power&#8221;) and SYLA O&amp;M Co., Ltd. (&#8220;SYLA O&amp;M&#8221;). SYLA Power
was incorporated in Japan on March 2, 2015 and was previously known as Aichi Electric Power Co., Ltd. SYLA O&amp;M was incorporated in
Japan on August 3, 2020 and was previously known as ALMA Co., Ltd. SYLA Solar is a surviving entity of a statutory reorganization authorized
on March 31, 2022 involving itself and five subsidiaries (the &#8220;five subsidiaries&#8221;). On May 1, 2022, the five subsidiaries
ceased by dissolution and transferred all of the assets and liabilities to SYLA Solar upon the effectiveness of the reorganization. SYLA
Solar is a surviving entity of a statutory reorganization authorized on August 15, 2023 involving itself, SYLA Power and SYLA O&amp;M.
On November 1, 2023, SYLA Power and SYLA O&amp;M ceased by dissolution and transferred all of the assets and liabilities to SYLA Solar
upon the effectiveness of the reorganization. The statutory reorganization has been accounted for as a recapitalization between entities
under common control since the same controlling shareholders controlled SYLA Solar, the five subsidiaries, SYLA Power and SYLA O&amp;M
before and after the transaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Biotech Co., Ltd. (&#8220;SYLA Biotech&#8221;), previously known as RE100.com Co., Ltd., was co-established by SYLA Tech and Makoto
Ariki, a <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220427__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MakotoArikiMember_zso14f6vOPg3" title="Entity ownership interest"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-04-27_custom_MakotoArikiMember" id="Fact001131" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>%
shareholder of SYLA Brain, in Japan on April 27, 2022. SYLA Tech and Makoto Ariki each owned <span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220913__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MakotoArikiMember_zH4LypOJ1bri" title="Entity ownership interest"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-09-13_custom_MakotoArikiMember" id="Fact001133" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>%
equity interest of SYLA Biotech until September 13, 2022. SYLA Tech&#8217;s ownership interest in SYLA Biotech was further increased
to <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220914__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SYLABiotechCoLtdMember_zde7iCnp5sK4" title="Entity ownership interest"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-09-14_custom_SYLABiotechCoLtdMember" id="Fact001135" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>%
as a result of share issuance on September 14, 2022, and eventually increased to <span id="xdx_905_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_uPure_c20231215__20231215__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SYLABiotechCoLtdMember_z2Xl7RWMB80k" title="Ownership interest upon acquisition"><ix:nonFraction name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" contextRef="From2023-12-152023-12-15_custom_SYLABiotechCoLtdMember" id="Fact001137" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
upon the acquisition of the remaining <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231215__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SYLABiotechCoLtdMember_zcaG4DGjIGm2" title="Entity ownership interest"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-15_custom_SYLABiotechCoLtdMember" id="Fact001139" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction></span>%
equity interest from noncontrolling shareholders on December 15, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA Co incorporated its wholly-owned subsidiaries, SYLA Asset Management
Co., Ltd. (&#8220;SYLA Asset Management&#8221;), SYLA Realty Co., Ltd. (&#8220;SYLA Realty&#8221;) and Rimawari-kun Co., Ltd. (&#8220;Rimawari-kun&#8221;)
in Japan in March 2023, June 2023 and July 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">On October 20, 2023, SYLA Co acquired from ETP Inc., an entity incorporated in Japan, a construction painting franchise
business which represented an integrated set of assets and activities that meet the definition of a business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Reorganization</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 1, 2017, SYLA Tech acquired <span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20171001__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SylaCoMember_zRVL99sTNbjb" title="Entity ownership interest"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2017-10-01_custom_SylaCoMember" id="Fact001141" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% equity ownership of SYLA Co by shares exchange, which has been accounted for as a recapitalization
between entities under common control since the same controlling shareholders controlled these two entities before and after the transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preparation for its overseas listing, SYLA Tech and SYLA Co divested certain of their wholly-owned or majority-owned subsidiaries
that have been separately managed with separate historical books and records for restructuring of the listing business. The
accompany financial statements have been prepared using a carve-out basis to present the historical financial position and results
of operations for the listing business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Discontinued
operations</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 30, 2022, the Board of Directors approved the sale of its mining machine business. The sale of mining machine business represents
a strategic shift that will have a major impact on the results of its operations and has been accounted for as a discontinued operation.
The disposal transaction was closed on January 23, 2023. See Note 21.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the series of reorganization transactions and business combinations, the organization structure as of December 31, 2023
includes SYLA Tech, SYLA Co and its consolidated variable interest entities and its subsidiaries, SYLA Brain, SYLA Solar and SYLA
Biotech.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYLA
Tech and its subsidiaries included in the consolidated financial statements are collectively referred to herein as the
&#8220;Company&#8221;, &#8220;we&#8221; and &#8220;us&#8221; unless specific reference is made to an entity. The Company is engaged
in the business of real estate sale, leasing, management and crowdfunding, solar power plants sale, operation and maintenance,
electricity sale, container sale, operation and management. The Company&#8217;s operations are conducted mainly in Japan.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 122; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001143" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_802_eus-gaap--SignificantAccountingPoliciesTextBlock_zmewdva4l1wk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - <span id="xdx_82C_zPrnAzWYpdg2">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001145" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_84A_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zu7fBQ7nDCE4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)
<span><span id="xdx_863_zeKffk7BZWq">Basis of Presentation</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (&#8220;U.S. GAAP&#8221;) and pursuant to the rules and regulations of the Securities and Exchange Commission
(&#8220;SEC&#8221;). The financial information included herein reflects the consolidated financial position of the Company as of December
31, 2023 and 2022, and the consolidated results of its operations and cash flows for the years ended December 31, 2023, 2022 and 2021.
The Company has presented the assets and liabilities of mining machine business and its operating results and cash flows as discontinued
operations in the accompanying financial statements as of and for all periods presented. All footnotes exclude balances and activity
of mining machine business unless otherwise noted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001147" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_847_eus-gaap--ConsolidationPolicyTextBlock_zTCfTBK4ZqBl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)
<span id="xdx_86A_zpOphCg4YzJa">Principles of Consolidation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each of our investments and contractual relationships
to determine whether they meet the guidelines for consolidation. Our evaluation considers all of our variable interests, including equity
ownership, as well as fees paid to us for our involvement in the management of each partially owned entity or structure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2021, the Company launched its real estate crowdfunding platform which allows investors to invest through joint venture arrangements.
Our real estate joint ventures consist of anonymous partnerships, which is a structure similar to a limited partnership, and voluntary
partnerships, which is a structure similar to a general partnership. For the arrangement structured as a limited partnership or a general
partnership, our evaluation of whether the equity holders (equity partners other than the general partner or the managing member of a
joint venture) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or
non-managing members (the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights,
defined as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Participating
    rights provide the noncontrolling equity holders the ability to direct significant financial and operating decisions made in the
    ordinary course of business that most significantly influence the entity&#8217;s economic performance.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kick-out
    rights allow the noncontrolling equity holders to remove the general partner or managing member without cause.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we conclude that any of the three characteristics of a variable interest entity (&#8220;VIE&#8221;) (i.e., insufficiency of equity, existence
of non-substantive voting rights, or lack of a controlling financial interest) are met, including that the equity holders lack the characteristics
of a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude
that the entity or structure is a VIE and evaluate it for consolidation under the variable interest model.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Variable
interest model</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an entity or structure is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis
is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is, (i) we have
the power to direct the activities of a VIE that most significantly influence the VIE&#8217;s economic performance (power), and (ii)
we have the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the
VIE (benefits). We consolidate VIEs whenever we determine that we are the primary beneficiary. If we have a variable interest in a VIE
but are not the primary beneficiary, we account for our investment using the equity method of accounting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Voting
model</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a legal entity fails to meet any of the three characteristics of a VIE, we then evaluate such entity under the voting model. <span id="xdx_906_ecustom--VariableInterestEntityForVotingModel_c20230101__20231231_z1NTkRofobGk" title="Variable interest entity for voting model"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001149" name="SYT:VariableInterestEntityForVotingModel">Under the
voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares and
that other equity holders do not have substantive participating rights.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consolidate anonymous partnerships, which are determined to be VIEs and we are the primary beneficiary, and account for voluntary partnerships
using equity method. The assets and liabilities of the VIEs that are included in the accompanying consolidated financial statements as
of December 31, 2023 and 2022 are as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001151" name="us-gaap:ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock_zlEfYTwGiutk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_zGuuNBeiWJV7" style="display: none">SCHEDULE
OF CONSOLIDATED FINANCIAL STATEMENTS</span></span></p>

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    <td colspan="2" id="xdx_499_20221231_zllVqe73B062" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td></tr>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40B_eus-gaap--Assets_iI_pn3n3_hsrt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zpyNukJBFFi2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Total assets</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001154" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">617,631</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--Liabilities_iI_pn3n3_hsrt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zq3X9uFy66f9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001156" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">91,069</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001157" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">46,528</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AE_zkuJzsPuWPv6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the accounts of the Company and all of its subsidiaries. VIEs, for which the Company and its
subsidiaries are the primary beneficiaries, are also included in the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
significant intercompany accounts and transactions have been eliminated in consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001159" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_84A_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zkGfge3QnbZ1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)
<span id="xdx_862_zSXJfk3RkXWd">Foreign Currency</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company maintains its books and record in its local currency, Japanese YEN (&#8220;JPY&#8221;), which is a functional currency as being
the primary currency of the economic environment in which its operation is conducted. Transactions denominated in currencies other than
the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in other income (expenses)
in the consolidated statements of operations and comprehensive income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses JPY as its reporting currency. Assets and liabilities of entities with functional currencies other than JPY are translated
into JPY using the exchange rate on the balance sheet date. Revenues and expenses are translated into JPY at average rates prevailing
during the reporting period. The resulting foreign currency translation adjustment, if any, are recorded in accumulated other comprehensive
income (loss) within equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
are stated in thousands of JPY, except for share and per share data and otherwise stated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001161" name="SYT:NonControllingInterestsPolicyTextBlock"><p id="xdx_84A_ecustom--NonControllingInterestsPolicyTextBlock_zFg4uUzGZjej" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(d)
<span id="xdx_86B_zwNOlAiGjiP3">Noncontrolling Interests</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Noncontrolling
interests in the consolidated balance sheets represent the portion of the equity in the subsidiary and VIEs not attributable, directly
or indirectly, to the Company. The portion of the income or loss applicable to the noncontrolling interests in subsidiaries and VIEs
is also separately reflected in the consolidated statements of operations and comprehensive income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001163" name="us-gaap:UseOfEstimates"><p id="xdx_841_eus-gaap--UseOfEstimates_zyZqOqipwDOc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(e)
<span id="xdx_867_zVi80cT0Nzik">Use of Estimates</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preparing the consolidated financial statements in conformity U.S. GAAP, the management is required to make certain estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are
based on information available as of the date of the consolidated financial statements. Significant estimates required to be made by
management include, but are not limited to, the net realizable value of solar power panels and supplies and container inventories,
impairment of real estate inventories, solar power plants under construction and solar power plants held for sale, purchase price
allocation of acquired real estates, useful lives of property, plant and equipment, solar power systems and intangible assets, the
impairment of long-lived assets, valuation of stock based compensation, valuation allowance of deferred tax assets, uncertain income
tax positions, implicit interest rate of operating and finance leases and purchase price allocation with respect to business
combination. Actual results could differ from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001165" name="us-gaap:BusinessCombinationsPolicy"><p id="xdx_849_eus-gaap--BusinessCombinationsPolicy_zpXUox0NRS4l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(f)
<span><span id="xdx_86F_z8yQxuxBWCm5">Business Combinations</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
combinations are recorded using the acquisition method of accounting. The purchase price of the acquisition is allocated to the tangible
assets, liabilities, identifiable intangible assets acquired and noncontrolling interests, if any, based on their estimated fair values
as of the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition-related expenses
are expensed as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consideration
transferred in a business combination is measured at the fair value as of the date of acquisition. Where the consideration in an acquisition
includes contingent consideration, and the payment of which depends on the achievement of certain specified conditions post-acquisition,
the contingent consideration is recognized and measured at its fair value at the acquisition date and is recorded as a liability. It
is subsequently carried at fair value with changes in fair value reflected in earnings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a business combination achieved in stages, the Company remeasures the previously held equity interest in the acquiree immediately before
obtaining control at its acquisition-date fair value and the remeasurement gain or loss, if any, is recognized in the consolidated statements
of operations and comprehensive income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is determined based upon the guidance of the Financial Accounting Standards Board&#8217;s (&#8220;FASB&#8221;) Accounting Standards
Codification (&#8220;ASC&#8221;) Topic 820, &#8220;Fair Value Measurements and Disclosures,&#8221; and generally are determined using
Level 2 inputs and Level 3 inputs. The determination of fair value involves the use of significant judgments and estimates. The Company
utilizes the assistance of third-party valuation appraisers to determine the fair value as of the date of acquisition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001167" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_847_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zi029hWTIeX6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(g)
<span id="xdx_866_z3GsP3vZ3Et9">Cash and Cash Equivalents</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents include cash on hand and deposits in banks and other financial institutions that are unrestricted as to withdrawal
or use, and which have original maturities of three months or less. The Company maintains substantially all its bank accounts in Japan.
Cash balances in bank accounts in Japan are insured by the Deposit Insurance Corporation of Japan subject to certain limitations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001169" name="SYT:RestrictedCashPolicyTextBlock"><p id="xdx_847_ecustom--RestrictedCashPolicyTextBlock_zaFXWpQhAEM9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(h)
<span id="xdx_868_zirEvMFsVYMh">Restricted Cash</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
cash represents cash pledged to financial institutions as collateral for the Company&#8217;s bank loans, and cash deposits in banks that
are restricted as to withdrawal or usage according to certain agreements with investors of crowdfunding projects. The restricted cash
is not available for withdrawal or the Company&#8217;s general use until after the corresponding bank loans are repaid, or the performance
obligation is satisfied. Restricted cash is classified as either current or non-current based on when the funds will be released in accordance
with the terms of the respective agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001171" name="us-gaap:DepositContractsPolicy"><p id="xdx_847_eus-gaap--DepositContractsPolicy_z0HoroDOgov" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(i)
<span id="xdx_86F_zBdOpFxlzIAc">Term Deposits</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term
deposits consist of deposits placed with financial institutions with original maturities of greater than three months. Term deposit is
classified as either current if the original maturities are within one year, or as non-current if the original maturities are over one
year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001173" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_84A_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zdiS2wXfOAP9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(j)
<span id="xdx_86B_zT6nnKOrJwKc">Accounts Receivable</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable represents the Company&#8217;s right to an amount of consideration that is unconditional (i.e., only the passage of time is
required before payment of the consideration is due). The Company&#8217;s accounts receivable balances are unsecured, bear no interest
and are due within one year from the date of the sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allowance for credit losses reflects the Company&#8217;s current estimate of credit losses expected to be incurred over the life of the
receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including
the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company
also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect
a customer&#8217;s ability to pay in establishing and adjusting its allowance for credit losses. Accounts receivable balances are written
off after all collection efforts have ceased.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001175" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_847_eus-gaap--InventoryPolicyTextBlock_zhGYI45eqmgf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(k)
<span id="xdx_868_zigIJf1UZZv">Inventories</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
inventories mainly consist of real estate properties inventories, solar power plants inventories and container
inventories.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
estate properties inventories include real estate properties held for sale and real estate properties under development, the vast majority
of which are expected to be completed and disposed of within one year of the balance sheet date. Real estate properties held for sale
are recorded at the lower of cost or fair value less cost to sell. If an asset&#8217;s fair value less cost to sell, based on discounted
future cash flows, management estimates or market comparisons, is less than its carrying amount, an allowance is recorded against the
asset. Real estate properties under development are carried at cost less impairment, as applicable. The amount of the impairment loss,
if any, is calculated as the excess of the asset&#8217;s carrying value over its fair value, which is determined using a discounted cash
flow analysis, management estimates or market comparisons. The classification of cash flows associated with the purchase and sale of real estate properties is based on the
activity that is likely to be the predominant source or use of cash flows for the properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost basis of the real estate inventories includes all direct acquisition costs including but not limited to the property purchase price,
acquisition costs, construction costs, development costs, certain amenities, capitalized interest, capitalized real estate taxes and
other costs. Interests and real estate taxes are not capitalized unless active development or construction is underway. When acquiring
real estate with existing buildings, we allocate the purchase price between land, building and intangibles related to in-place leases,
if any, based on their relative fair values.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solar
power plants inventories include solar power panels and supplies, solar power plants held for sale and solar power plants under
construction, the vast majority of which are expected to be completed and disposed of within one year of the balance sheet date.
Solar power panels and supplies are stated at the lower of cost and net realizable value. Cost of solar power panels and supplies is
determined using the weighted average cost method. Adjustments are recorded to write down the cost of obsolete and excess
inventories to the estimated net realizable value based on historical and forecast demand, and promotional environment. Solar power
plants held for sale are recorded at the lower of cost or fair value less cost to sell. If an asset&#8217;s fair value less cost to
sell, based on discounted future cash flows, management estimates or market comparisons, is less than its carrying amount, an
allowance is recorded against the asset. Solar power plants under construction are carried at cost less impairment, as applicable.
The cost basis of solar power plants under construction includes acquisition costs, construction and installation costs, development
costs, interest and financing costs incurred on debt during the construction phase and other costs. The amount of the impairment
loss, if any, is calculated as the excess of the asset&#8217;s carrying value over its fair value, which is determined using a
discounted cash flow analysis, management estimates or market comparisons. The classification of cash flows associated with the purchase and sale of solar power plants is based on the activity
that is likely to be the predominant source or use of cash flows for the items.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Container
inventories represent containerized data centers powered by solar energy, which are stated at the lower of cost and net realizable
value. Cost of container inventories is determined using the weighted average cost method. Adjustments are recorded to write down
the cost of inventories to the estimated net realizable value due to slow-moving and obsolete inventories, which is dependent upon
factors such as historical and forecasted consumer demand, and promotional environment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001177" name="SYT:ShortTermInvestmentsPolicyTextBlock"><p id="xdx_84F_ecustom--ShortTermInvestmentsPolicyTextBlock_zZtRgAeK5G4f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(l)
<span id="xdx_86C_zUvTxesoWmF2">Short-term Investments</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s short-term investments consist of debt securities classified as available-for-sale as well as marketable equity securities.
The Company&#8217;s available-for-sale debt securities are measured at fair value with unrealized gains and losses included in accumulated
other comprehensive income (loss) and realized gains and losses included in other income (expenses). None of the Company&#8217;s investments
in marketable securities were impaired for the years ended December 31, 2023, 2022 and 2021. The Company&#8217;s marketable equity securities
are measured at fair value with changes in fair value recognized in other income (expenses).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001179" name="SYT:LongTermInvestmentsPolicyTextBlock"><p id="xdx_84B_ecustom--LongTermInvestmentsPolicyTextBlock_zLRL7xMT9Oja" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(m)
<span id="xdx_861_zePKy0z7xuHj">Long-term Investments</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Investments
in equity securities with readily determinable fair values </span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hold investments in equity securities of publicly listed companies, for which we do not have significant influence. Investments in equity
securities with readily determinable fair values are measured at fair value and any changes in fair value are recognized in other income
(expenses).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Investments
in funds that report net asset value (&#8220;NAV&#8221;) per share</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hold investments in Japanese pooled funds. These funds are generally readily redeemable at their net asset values. The fair value of
investment funds is measured at their net asset values per share (or its equivalent) as a practical expedient.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Investments
in privately held companies and organizations that do not report NAV per share</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
in privately held entities that do not report NAV per share are accounted for using a measurement alternative, under which these investments
are measured at cost, adjusted for observable price changes and impairments, with changes recognized in other income (expenses).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Investments
accounted for under equity method</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use the equity method to account for investments in partnerships that qualify as VIEs where we are not the primary beneficiary and other
entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant
influence over the operating and financial policies of the investees. Under the equity method of accounting, we initially recognize our
investments at cost and subsequently adjust the carrying amount of the investments for our share of earnings or losses reported by the
investees, distributions received, and other-than-temporary impairments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Investment
income/loss recognition and classification</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognize both realized and unrealized gain and losses in our consolidated statements of operations and comprehensive income, classified
with other income (expenses). Unrealized gains and losses represent:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fair
    value changes for investments in equity securities with readily determinable fair value;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in NAV as a practical expedient to estimate fair value for investments in funds that report NAV per share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">observable
    price changes for investments in privately held entities that do not report NAV per share; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    share of unrealized gain or losses reported by our equity method investees.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 127; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized
gains and losses on our investments represent the difference between proceeds received upon disposition of investments and their historical
or adjusted cost. For our equity method investments, realized gains and losses represent our share of realized gains or losses reported
by the investee. Impairments are realized losses, which result in an adjusted cost, and represent charges to reduce the carrying values
of investments in privately held entities that do not report NAV per share and equity method investments, if impairments are deemed other
than temporary, to their estimated fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001181" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_847_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zTLgUokqfRTj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(n)
<span id="xdx_86F_zQfRdBzUSns3">Property, Plant and Equipment, Net</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment, including real estate properties held for lease, are measured using the cost model and is stated at cost less accumulated
depreciation. Acquisition cost includes mainly the costs directly attributable to the acquisition and the initial estimated dismantlement,
removal, and restoration costs associated with the assets. Depreciation is calculated using the straight-line and declining methods over
the estimated useful lives, as more details follow. Depreciation is included in cost of revenues and selling, general and administrative
expenses and is allocated based on estimated usage for each class of asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    Method</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Useful
    Life</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 42%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buildings,
    including buildings held for lease</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 37%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentDepreciationMethodExtensibleEnumeration_iI_dxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zaGEz6sozFDd" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23StraightLineDepreciationMethodMember"><span style="-sec-ix-hidden: xdx2ixbrl1182">Straight-line
    method</span></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zAuypWNbcsm7" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MinimumMember_us-gaap_BuildingMember" format="ixt-sec:duryear" id="Fact001184" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">9</ix:nonNumeric></span>
    &#8211; <span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zPAvYUNIhX1b" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember_us-gaap_BuildingMember" format="ixt-sec:duryear" id="Fact001186" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">47</ix:nonNumeric></span> years</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facilities
    attached to buildings</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentDepreciationMethodExtensibleEnumeration_iI_dxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingImprovementsMember_z8lH3qqcaW42" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23UnitsOfProductionDepreciationMethodMember"><span style="-sec-ix-hidden: xdx2ixbrl1187">Straight-line
    or declining balance method</span></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingImprovementsMember_zj69XOvT70Sj" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MinimumMember_us-gaap_BuildingImprovementsMember" format="ixt-sec:duryear" id="Fact001189" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    &#8211; <span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingImprovementsMember_zXFMRBAjYjSg" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember_us-gaap_BuildingImprovementsMember" format="ixt-sec:duryear" id="Fact001191" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">18</ix:nonNumeric></span> years</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery
    and equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentDepreciationMethodExtensibleEnumeration_iI_dxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zryFhauwzQb7" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23DecliningBalanceDepreciationMethodMember"><span style="-sec-ix-hidden: xdx2ixbrl1192">Declining
    balance method</span></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zLOg3RllgAwg" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MinimumMember_us-gaap_MachineryAndEquipmentMember" format="ixt-sec:duryear" id="Fact001194" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">6</ix:nonNumeric></span>
    &#8211; <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_z45WRJsYl4Uc" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember_us-gaap_MachineryAndEquipmentMember" format="ixt-sec:duryear" id="Fact001196" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">17</ix:nonNumeric></span> years</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentDepreciationMethodExtensibleEnumeration_iI_dxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zBHApvbAitbi" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23DecliningBalanceDepreciationMethodMember"><span style="-sec-ix-hidden: xdx2ixbrl1197">Declining
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zAieFaht1Ei8" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MinimumMember_us-gaap_VehiclesMember" format="ixt-sec:duryear" id="Fact001199" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">4</ix:nonNumeric></span>
    &#8211; <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zytvDYpdkGz5" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember_us-gaap_VehiclesMember" format="ixt-sec:duryear" id="Fact001201" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">12</ix:nonNumeric></span> years</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tools,
    furniture and fixture</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentDepreciationMethodExtensibleEnumeration_iI_dxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_ztVCNvv1GR23" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23DecliningBalanceDepreciationMethodMember"><span style="-sec-ix-hidden: xdx2ixbrl1202">Declining
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z2R70mjtfP3a" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MinimumMember_us-gaap_FurnitureAndFixturesMember" format="ixt-sec:duryear" id="Fact001204" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">2</ix:nonNumeric></span>
    &#8211; <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zSnYLSYEJbAd" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember_us-gaap_FurnitureAndFixturesMember" format="ixt-sec:duryear" id="Fact001206" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">15</ix:nonNumeric></span> years</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    depreciated</span></span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    method</span></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    &#8211; <span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_fKg_____zSWTvUQTMyWi" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember_us-gaap_SoftwareDevelopmentMember" format="ixt-sec:duryear" id="Fact001212" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span> years</span></td>
    </tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F05_zdhBeLk9Q5Ni" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
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    software that is non-detachable to the hardware.</ix:footnote></span></td></tr>
  </table>
<p id="xdx_8A5_zaa2beGxUYai" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenditures
for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred.
Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. When items are
retired or otherwise disposed of, income is charged or credited for the difference between net book value of the item disposed and
proceeds realized thereon. When real estate properties held for lease are committed for sales, the assets are transferred to inventories. The
classification of cash flows associated with the purchase and sale of real estate properties held for lease is based on the activity that
is likely to be the predominant source or use of cash flows for the properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001215" name="SYT:SolarPowerSystemNetPolicyTextBlock"><p id="xdx_84A_ecustom--SolarPowerSystemNetPolicyTextBlock_zEuGK65c7vQ4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(o)
<span id="xdx_866_zqjPIhGnXZXc">Solar Power Systems, Net</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solar
power systems comprise of ground-mounted solar power projects that the Company intends to hold for use. The solar power systems are stated
at cost less accumulated depreciation. The cost consists primarily of direct costs incurred in various stages of development prior to
the commencement of operations. For a self-developed solar power system, the actual cost capitalized is the amount of the expenditure
incurred for the permits, consents, construction costs and other costs capitalized. For a solar power system acquired from third parties,
the initial costs include the consideration transferred and certain direct acquisition costs. Expenditures for major additions and improvements
are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
solar power systems are retired, or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated
balance sheets and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is
recognized using the declining balance method over the estimated useful lives of the solar power systems of <span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SolarPowerSystemMember_znzcgMgHKJwf" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MinimumMember_custom_SolarPowerSystemMember" format="ixt-sec:duryear" id="Fact001217" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">10</ix:nonNumeric></span>
to <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SolarPowerSystemMember_ze1DA1YiZdk6" title="Useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember_custom_SolarPowerSystemMember" format="ixt-sec:duryear" id="Fact001219" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">17</ix:nonNumeric></span>
years. When solar power systems are committed for sales, the assets are transferred to inventories. The classification of
cash flows associated with the purchase and sale of solar power systems is based on the activity that is likely to be the predominant
source or use of cash flows for the items.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 128; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001221" name="us-gaap:IntangibleAssetsFiniteLivedPolicy"><p id="xdx_84A_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zaQATEc74ar" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(p)
<span id="xdx_86C_zSvOUwThtDfk">Intangible Assets, Net</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets with an indefinite life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances
indicate that they might be impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets with finite lives are initially recorded at cost and amortized on a straight-line basis over the estimated economic useful lives
of the respective assets. Acquired intangible assets from business combination are recognized and measured at fair value at the time
of acquisition. Those assets represent assets with finite lives and are further amortized on a straight-line basis over the estimated
economic useful lives of the respective assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001223" name="SYT:ScheduleOfIntangibleAssetsFiniteLivedUsefulLivesTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfIntangibleAssetsFiniteLivedUsefulLivesTableTextBlock_z6a2MuQqXJcc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated useful lives of intangible assets are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;<span id="xdx_8BA_zWf10A6QfR7" style="display: none">SCHEDULE
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technologies</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--TechnologiesMember_zUGsFUP3zXal" title="Finite lived intangible asset useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_TechnologiesMember" format="ixt-sec:duryear" id="Fact001225" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">10</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Favorable
    contracts</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--FavorableContractsMember_zUqsqP3NYc7l" title="Finite lived intangible asset useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_FavorableContractsMember" format="ixt-sec:duryear" id="Fact001227" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">17</ix:nonNumeric></span>
    years</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A3_zg5UJ9rz0M0j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001229" name="SYT:LifeInsuranceCorporateOrBankOwnedPolicyTextBlock"><p id="xdx_84B_ecustom--LifeInsuranceCorporateOrBankOwnedPolicyTextBlock_zAIH1RzfLp8j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(q)
<span id="xdx_86A_zItQ4T5sCuGg">Corporate-owned Life Insurance Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has purchased corporate-owned life insurance policies to insure its Chief Executive Officer (&#8220;CEO&#8221;), Chief Operating
Officer (&#8220;COO&#8221;) and other key employees. Management considers these policies to be operating assets. These insurance policies
are recorded at their cash surrender values, included in other assets in the consolidated balance sheets with change in cash surrender
value during the period recorded in selling, general and administrative expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001231" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_847_eus-gaap--LesseeLeasesPolicyTextBlock_zlccv7hKs51d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(r)
<span id="xdx_863_zjS4hUGCm0O">Leases</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains
a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period in exchange for
consideration. Control over the use of the identified assets means the lessee has both the right to obtain substantially all of the economic
benefits from the use of the asset and the right to direct the use of the asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
classify our leases as either finance leases or operating leases if we are the lessee, or sale-type, direct financing, or operating leases
if we are the lessor. We use the following criteria to determine if a lease is a finance lease (as a lessee) or sales-type or direct
financing lease (as a lessor):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ownership
    is transferred from lessor to lessee by the end of the lease term;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    option to purchase is reasonably certain to be exercised;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    lease term is for the major part of the underlying asset&#8217;s remaining economic life;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    present value of lease payments equals or exceeds substantially all of the fair value of the underlying assets; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    underlying asset is specialized and is expected to have no alternative use at the end of the lease term.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we meet any of the above criteria, we account for the lease as a finance, a sales-type, or a direct financing lease. If we do not meet
any of the criteria, we account for the lease as an operating lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Lessee
accounting</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes right-of-use assets and lease liabilities for all leases other than those with a term of twelve months or less as
the Company has elected to apply the short-term lease recognition exemption. Right-of-use assets represent the Company&#8217;s right
to use an underlying asset for the lease term. Lease liabilities represent the Company&#8217;s obligation to make lease payments arising
from the lease. Right-of-use assets and lease liabilities are classified and recognized at the commencement date of a lease. Lease liabilities
are measured based on the present value of fixed lease payments over the lease term. Right-of-use assets consist of (i) initial measurement
of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received;
and (iii) initial direct costs incurred by the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">For sale-leaseback arrangements, the Company is required to determine whether the transaction qualifies as a sale,
which includes assessing whether a contract exists and if so, whether control has passed to the counterparty in the contract. Control
indicators include, but are not limited to, whether the entity has a present right to payment for the asset, whether the customer has
legal title to the asset, whether the entity has transferred physical possession of the asset, whether the customer has significant risks
and rewards of ownership of the asset, and whether the customer has accepted the asset. If it is determined that a sale has occurred,
the Company recognizes an operating or finance lease based on the factors outlined in the preceding paragraphs. A finance lease would
preclude sale accounting. If the Company does not transfer the control to the counterparty, the failed sale-leaseback transaction is accounted
for as a financing arrangement where the Company does not derecognize the transferred asset and accounts for proceeds received as financing
liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the rates implicit on the Company&#8217;s leases for which it is the lessee are not readily determinable, the Company uses its incremental
borrowing rate based on information available at the commencement date in determining the present value of lease payments. When determining
the incremental borrowing rate, the Company assesses multiple variables such as lease term, collateral, economic conditions, and its
creditworthiness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may enter into sublease agreements with third parties. Our subleases generally do not relieve us of our primary obligations
under the corresponding head lease. As a result, we account for the head lease based on the original assessment at lease inception. We
determine if the sublease arrangement is either a sales-type, direct financing, or operating lease at inception of the sublease. If the
total remaining lease cost on the head lease for the term of the sublease is greater than the anticipated sublease income, the right-of-use
asset is assessed for impairment. Our subleases are generally operating leases and we recognize sublease income on a straight-line basis
over the sublease term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Lessor
accounting &#8211; operating leases</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
account for the revenue from our lease contracts by utilizing the single component accounting policy. This policy requires us to account
for, by class of underlying asset, the lease component and nonlease component(s) associated with each lease as a single component if
two criteria are met:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    timing and pattern of transfer of the lease component and the nonlease component(s) are the same; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    lease component would be classified as an operating lease if it were accounted for separately.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
components consist primarily of fixed rental payments, which represent scheduled rental amounts due under our leases. Nonlease components
consist primarily of tenant recoveries representing reimbursements of rental operating expenses, including recoveries for utilities,
repairs and maintenance and common area expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the lease component is the predominant component, we account for all revenues under such lease as a single component in accordance with
the lease accounting standard. Conversely, if the nonlease component is the predominant component, all revenues under such lease are
accounted for in accordance with the revenue recognition accounting standard. Our operating leases qualify for the single component accounting,
and the lease component in each of our leases is predominant. Therefore, we account for all revenues from our operating leases under
the lease accounting standard and classify these revenues as rental income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
commence recognition of rental income related to the operating leases at the date the property is ready for its intended use by the tenant
and the tenant takes possession or controls the physical use of the leased asset. Income from rentals related to fixed rental payments
under operating leases is recognized on a straight-line basis over the respective operating lease terms. Amounts received currently but
recognized as revenue in future periods are classified in deferred revenue in our consolidated balance sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001233" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_84D_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_z207YyYq0q42" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(s)
<span id="xdx_868_zGLIhcisN9gb">Impairment of Long-Lived Assets Other Than Goodwill</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets with finite lives, primarily property, plant and equipment, including real estate properties held for lease, solar power
systems, operating lease right-of-use assets, finance lease right-of-use assets, and technologies and favorable contracts acquired
through business combination, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are
below the asset&#8217;s carrying value, then the asset is deemed to be impaired and written down to its fair value. The Company
recognized an impairment loss of JPY<span id="xdx_901_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_pn3n3_c20230101__20231231_zZZ8VUbIKbtc" title="Impairment of property, plant and equipment"><ix:nonFraction name="us-gaap:ImpairmentOfIntangibleAssetsExcludingGoodwill" contextRef="From2023-01-01to2023-12-31" id="Fact001235" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">11,617</ix:nonFraction></span>, <span id="xdx_90B_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_dxL_c20220101__20221231_zY5UZtx50KJ9" title="Impairment of property, plant and equipment::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1237">nil</span></span>
and <span id="xdx_90B_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_dxL_c20210101__20211231_z1ziSIeSo1p8" title="Impairment of property, plant and equipment::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1239">nil</span></span>
on property, plant and equipment for the years ended December 31, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001241" name="us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy"><p id="xdx_84A_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zfUVOyH4aFK2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(t)
<span id="xdx_860_zDPHPqknWWrb">Goodwill</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. In
accordance with ASC Topic 350, &#8220;Intangibles &#8211; Goodwill and Others&#8221;, goodwill is subject to at least an annual assessment
for impairment or more frequently if events or changes in circumstances indicate that an impairment may exist, applying a fair-value
based test. Fair value is generally determined using a discounted cash flow analysis. There were <span id="xdx_904_eus-gaap--GoodwillImpairmentLoss_do_c20230101__20231231_zY7XYX11ylNg" title="Goodwill impairment loss"><span id="xdx_906_eus-gaap--GoodwillImpairmentLoss_do_c20220101__20221231_zjH9tQ0Mtksc" title="Goodwill impairment loss"><span id="xdx_90E_eus-gaap--GoodwillImpairmentLoss_do_c20210101__20211231_zaAoQKXOpcUc" title="Goodwill impairment loss"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2023-01-01to2023-12-31" id="Fact001243" format="ixt-sec:numwordsen" decimals="0" unitRef="JPY"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2022-01-012022-12-31" id="Fact001245" format="ixt-sec:numwordsen" decimals="0" unitRef="JPY"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2021-01-012021-12-31" id="Fact001247" format="ixt-sec:numwordsen" decimals="0" unitRef="JPY">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairments of goodwill during
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001249" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_84C_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zSGWMHNeq5d2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(u)
<span id="xdx_861_zyL2ysBEPif4">Revenue Recognition</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenues from sales of real estate properties, sales of land, providing of real estate management services, sales
of solar power plants, providing of solar power plants operation and maintenance services, sales of electricity, sales of containers
and providing of container operation and management services under ASC Topic 606, &#8220;Revenue from Contracts with
Customers&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
determine revenue recognition for contracts with customers, the Company performs the following five steps : (i) identify the contract(s)
with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable
consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price
to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance
obligation. Revenue amount represents the invoiced value, net of consumption tax and applicable local government levies, if any. The
consumption tax on sales is calculated at <span id="xdx_90D_ecustom--ConsumptionTaxOnSalesRate_pid_dp_uPure_c20230101__20231231_zw6jMWoDp8El" title="Consumption tax on sales rate"><ix:nonFraction name="SYT:ConsumptionTaxOnSalesRate" contextRef="From2023-01-01to2023-12-31" id="Fact001251" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% of gross sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue from rental services under ASC Topic 842, &#8220;Leases&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently generates its revenue from the following main sources:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from sales of real estate properties</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from the sales of real estate properties are recognized at the point in time when <span style="background-color: white">title to and
possession of the property has transferred to the customer and the Company has no continuing involvement with the property, which is
generally upon the delivery of the real estate properties, which generally coincides with the receipt of cash consideration from the
customer. Our contracts with customers contain a single performance obligation and we do not provide warranties for sold real estate
properties.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i><span style="text-decoration: underline">Revenue
from sales of land</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from land sales are recognized when the parties are bound by the terms of a contract, consideration has been exchanged, title and other
attributes of ownership have been conveyed to the buyer by means of a closing and the Company is not obligated to perform further significant
development of the specific property sold. In general, the Company&#8217;s performance obligation for each of these land sales is fulfilled
upon the delivery of the land, which generally coincides with the receipt of cash consideration from the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from rental services</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rental
income is generally recognized on a straight-line basis over the terms of the tenancy agreements. For real estate and land leases, these
contracts are treated as leases for accounting purpose, rather than contracts with customers subject to ASC Topic 606. Also see Note
2(r).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from real estate management services</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from real estate management services consist of property management services, brokerage services and value-added management services.
Property management services mainly include property management services provided to tenants or property owners with revenue recognized
during the period when services are rendered. Revenues from brokerage services are earned upon closing of brokerage transaction. Value-added
management services mainly consist of real estate consulting and registration services with revenue recognized when performance obligation
is satisfied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from sales of solar power plants</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from the sales of solar power plants are recognized at the point in time when performance obligation is satisfied, which is after the
solar power plants have been grid connected and the customers obtain control of the solar power plants. The Company&#8217;s sales arrangements
for solar power plants do not contain any forms of continuing involvement that may affect the revenue recognition of the transactions,
nor any variable considerations for energy performance guarantees, minimum electricity end subscription commitments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from solar power plants operation and maintenance services</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from solar power plants operation and maintenance services are recognized over time when customers receive and consume the benefits provided
by the Company&#8217;s performances, which typically include system inspection, performance engineering analysis, corrective maintenance
repair and environmental services, under the terms of service arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from sales of electricity</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from the sales of electricity are generated by the Company&#8217;s solar power systems under the power purchase arrangements (&#8220;PPAs&#8221;)
with the power grid company based on the price stated in the PPAs when electricity has been generated and transmitted to the grid. The
Company also procures electricity from wholesale electricity providers or purchases on Japan Electric Power Exchange for some of its
customers who are charged based on the actual usage of electricity each month.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from sales of containers </span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from the sales of containers are recognized at the point in time when the control of the products has transferred to the customers. The
transfer of control is considered complete when the customers accept the products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Revenue
from container operation and management services</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Revenues
from container operation and management services are recognized over time when customers receive and consume the benefits provided
by the Company&#8217;s performances, which typically include containerized data center inspection, performance engineering analysis,
maintenance, repair, environmental and security services, under the terms of service arrangements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001253" name="us-gaap:CostOfSalesPolicyTextBlock"><p id="xdx_845_eus-gaap--CostOfSalesPolicyTextBlock_zK7waPURwESd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(v)
<span id="xdx_869_z7R8C8NdfHla">Cost of Revenues</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenues primarily include the real estate properties, solar power plants and containers purchase price, acquisition costs,
construction costs, direct costs to renovate, repair and upgrade the real estate properties, solar power plants development costs,
sublease costs, depreciation, direct material costs, electricity transportation costs, and salaries and related expenses for
personnel directly involved in delivery of services to customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001255" name="us-gaap:AdvertisingCostsPolicyTextBlock"><p id="xdx_843_eus-gaap--AdvertisingCostsPolicyTextBlock_z6ryROkmIE94" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(w)
<span id="xdx_866_zHz2jIR0VtUc">Advertising Expenses</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001263" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_zOtGhyeqGRc7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(x)
<span id="xdx_869_ztBsXmiEj368">Concentration of Credit Risk</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to credit risk consist primarily of accounts and other receivables. The Company does
not require collateral or other security to support these receivables. The Company conducts periodic reviews of the financial condition
and payment practices of its customers to minimize collection risk on accounts receivable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Customers</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the years ended December 31, 2023, 2022 and 2021, customers accounting for 10% or more of the Company&#8217;s total revenues were as
follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BA_zn3pMclf5Ge7" style="display: none">SCHEDULES OF CONCENTRATION OF RISK</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Suppliers</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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<tr id="xdx_401_eus-gaap--ConcentrationRiskPercentage1_pid_dp_hus-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierDMember_zr9vybgrteW3" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentration of credit risk</span></td><td>&#160;</td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</ix:nonNumeric><p id="xdx_8AB_zIHt9otCa0t1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001298" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_846_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zk8lPG07Onf2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(y)
<span id="xdx_860_zQOJ2o8xz544">Segment Reporting</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
Topic 280, &#8220;Segment Reporting,&#8221; requires use of the &#8220;management approach&#8221; model for segment reporting. The management
approach model is based on the way a company&#8217;s chief operating decision maker organizes segments within the company for making
operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography,
legal structure, management structure, or any other manner in which management disaggregates a company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
determined the Company&#8217;s operations constitute a single reportable segment in accordance with ASC Topic 280.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001300" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><p id="xdx_84C_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_zKkFQmM1gjn" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(z)
<span id="xdx_86F_zU9WHnFhNu3b">Comprehensive Income or Loss</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
Topic 220, &#8220;Comprehensive Income,&#8221; establishes standards for reporting and display of comprehensive income or loss, its components
and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001302" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_84D_eus-gaap--EarningsPerSharePolicyTextBlock_zkT7VAqI4ZA6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(aa)
<span id="xdx_865_z3KfE9mx2wSe">Net Income Per Share</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the reporting
period. Diluted net income per share reflects the potential dilution that could occur if stock options and other commitments to issue
common shares were exercised or equity awards vest resulting in the issuance of common shares that could share in the net income of the
Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001304" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p id="xdx_845_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zuIA7O7Iy0Wg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(bb)
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for stock based compensation awards in accordance with ASC Topic 718, &#8220;Compensation &#8211; Stock
Compensation&#8221;. The cost of services received from employees and non-employees in exchange for awards of equity instruments is
recognized in the consolidated statements of operations and comprehensive income based on the estimated fair value of those awards
on the grant date and amortized on a straight-line basis over the requisite service period or vesting period. The Company records
forfeitures as they occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001306" name="SYT:RelatedPartyTransactionsPolicyTextBlock"><p id="xdx_847_ecustom--RelatedPartyTransactionsPolicyTextBlock_zHqPLXI9ILz5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(cc)
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC Topic 850, &#8220;Related
Party Disclosures&#8221; and other relevant ASC standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties,
which can be an entity or individual, are considered to be related if they have the ability, directly or indirectly, to control the Company
or exercise significant influence over the Company in making financial and operational decisions. Entities are also considered to be
related if they are subject to common control or common significant influence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
involving related parties cannot be presumed to be carried out on an arm&#8217;s-length basis, as the requisite conditions of competitive,
free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related
party transactions were consummated on terms equivalent to those that prevail in arm&#8217;s-length transactions unless such representations
can be substantiated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
taxes are accounted for using an asset and liability method of accounting for income taxes in accordance with ASC Topic 740, &#8220;Income
Taxes.&#8221; Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current
period and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity&#8217;s
financial statements or tax returns. Deferred tax assets also include the prior years&#8217; net operating losses carried forward. Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred
tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or
all of the deferred tax assets will not be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on recognition of income tax assets
and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the provisions of ASC Topic 740, when tax returns are filed, it is likely that some positions taken would be sustained upon
examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount
of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the
period during which, based on all available evidence, management believes it is more likely than not that the position will be
sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset
or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the
largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority.
The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as
a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that
would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as
interest expense and penalties are classified in other expenses in the statements of operations and comprehensive income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic
820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. An asset&#8217;s or a liability&#8217;s categorization within the fair value hierarchy is based upon
the lowest level of input that is significant to the fair value measurement. ASC Topic 820 establishes three levels of inputs that may
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of December 31, 2023 and 2022, the carrying values of current assets, except for short-term investments, and current liabilities approximated
their fair values reported in the consolidated balance sheets due to the short-term maturities of these instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8AE_z5yoKPqHftXj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001330" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock"><p id="xdx_84F_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zuKtiVDoiow" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(ff)
<span id="xdx_86C_zMhmV3ndSekk">Commitments and Contingencies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable
that a liability has been incurred and the amount of the assessment can be reasonably estimated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001332" name="SYT:AssetsOfDiscontinuedOperationsHeldForSalePolicyTextBlock"><p id="xdx_842_ecustom--AssetsOfDiscontinuedOperationsHeldForSalePolicyTextBlock_zyvEWBJdZIQ7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(gg)
<span><span id="xdx_86C_zNNrk60WFfgh">Assets of Discontinued Operations Held for Sale</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
are classified as &#8220;held for sale&#8221; when all of the following criteria for a plan of sale have been met: (1) management, having
the authority to approve the action, commits to a plan to sell the assets; (2) the assets are available for immediate sale, in their
present condition, subject only to terms that are usual and customary for sales of such assets; (3) an active program to locate a buyer
and other actions required to complete the plan to sell the assets have been initiated; (4) the sale of the assets is probable and is
expected to be completed within one year; (5) the assets are being actively marketed for a price that is reasonable in relation to their
current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will
be made or the plan will be withdrawn. When all of these criteria have been met, the assets are classified as &#8220;held for sale&#8221;
in the consolidated balance sheets. Assets classified as &#8220;held for sale&#8221; are reported at the lower of their carrying value
or fair value less costs to sell. At the end of reporting period, if the fair value of the held for sale assets less costs to sell is
lower than the carrying value of the assets, the Company will record an impairment loss. Depreciation of assets ceases upon designation
as &#8220;held for sale&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 135; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assets and liabilities of the Company&#8217;s mining machine business have been segregated and reported in all periods presented as the
sale of the mining machine business met the &#8220;held for sale&#8221; criteria and the &#8220;discontinued operations&#8221; criteria.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001334" name="us-gaap:GovernmentAssistancePolicyTextBlock"><p id="xdx_84A_eus-gaap--GovernmentAssistancePolicyTextBlock_zp7BfQ7xcN18" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(hh)
<span id="xdx_868_zwiOxNxGfyt5">Government Assistance</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
assistance, in the form of monetary grants, is not recognized until there is
reasonable assurance that the Company will comply with the conditions of the grant and the Company will receive the grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grants
related to assets are government grants for the purchase of certain renewable energy assets. The Company accounts for grants related
to assets as deferred income, which includes in other current liabilities and other liabilities, on the consolidated balance sheets.
The Company recognizes the deferred income on grants related to depreciable assets in the statements of operations and comprehensive
income on a systematic basis over the useful life of the assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">During the year ended December 31, 2023, the Company received the government
grants of JPY<span id="xdx_90D_eus-gaap--GrantsReceivable_iI_uJPY_c20231231__us-gaap--FinancialInstrumentAxis__custom--GovernmentGrantMember_za07TqmHoUP6" title="Grants receivable"><ix:nonFraction name="us-gaap:GrantsReceivable" contextRef="AsOf2023-12-31_custom_GovernmentGrantMember" id="Fact001336" format="ixt:numdotdecimal" decimals="0" unitRef="JPY">166,021</ix:nonFraction></span> in connection with purchase of containerized data centers, of which JPY<span id="xdx_90B_eus-gaap--Depreciation_uJPY_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--GovernmentGrantMember_zwHLaIP5vFAc" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-012023-12-31_custom_GovernmentGrantMember" id="Fact001338" format="ixt:numdotdecimal" decimals="0" unitRef="JPY">23,058</ix:nonFraction></span> was recorded as a reduction to depreciation
expense. Deferred income, which was included in other current liabilities and other liabilities, in relation to the government grants
amounted to JPY<span id="xdx_908_eus-gaap--DeferredIncome_iI_uJPY_c20231231__us-gaap--FinancialInstrumentAxis__custom--GovernmentGrantMember_zufVFS99Vlsl" title="Deferred income"><ix:nonFraction name="us-gaap:DeferredIncome" contextRef="AsOf2023-12-31_custom_GovernmentGrantMember" id="Fact001340" format="ixt:numdotdecimal" decimals="0" unitRef="JPY">142,963</ix:nonFraction></span> as of December 31, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001342" name="SYT:OfferingCostsPolicyTextBlock"><p id="xdx_84F_ecustom--OfferingCostsPolicyTextBlock_zEbNBI48Q0Q5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(ii)
<span id="xdx_862_zuCvFMBfI5kl">Offering Costs</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs amounted to JPY<span id="xdx_90E_eus-gaap--DeferredOfferingCosts_iI_c20231231_zyVv1IsXW7d9" title="Offering costs"><ix:nonFraction name="us-gaap:DeferredOfferingCosts" contextRef="AsOf2023-12-31" id="Fact001344" format="ixt:numdotdecimal" decimals="0" unitRef="JPY">81,602</ix:nonFraction></span> consisting principally of professional and registration fees incurred through
the balance sheet date that are related to the initial public offering (&#8220;IPO&#8221;) and are charged to capital surplus upon the
completion of the IPO during the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001346" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_844_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zyeFsGMZhmm7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(jj)
<span id="xdx_86A_z5cwLTd0nQ1b">Recent Accounting Pronouncements</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, to enhance the transparency
and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU
No. 2023-09 is effective for public companies for annual reporting periods beginning after December 15, 2024, on a prospective basis.
For all other entities, it is effective for annual reporting periods beginning after December 15, 2025, on a prospective basis. Early
adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related
disclosures.</span></p>

</ix:nonNumeric><p id="xdx_854_zLOELYfw1F8d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 136; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001348" name="us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock"><p id="xdx_80F_eus-gaap--InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_zfDf0uQKc7W9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 &#8212; <span id="xdx_826_z76Veb4nmR7i">SHORT-TERM INVESTMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001350" name="us-gaap:ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock_z5OpgV4Ov1Nc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
investments consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_z2TIaPE3L8m2" style="display: none">SCHEDULE
OF SHORT TERM INVESTMENTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49F_20231231_zoUDUYb3pHHh" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49E_20221231_zqDUoc3qflK5" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_406_eus-gaap--MarketableSecuritiesCurrent_iI_pn3n3_maSTIz93Z_zQTqm7cgmKQ7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Marketable securities</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl1353">-</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A8_z8u7srjIEXcj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001355" name="SYT:ScheduleOfRealizedAndUnrealizedGainLossOnShortTermInvestmentTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfRealizedAndUnrealizedGainLossOnShortTermInvestmentTableTextBlock_zWxpX9YK5dJg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized and unrealized gain or loss on short-term investments, which were included in other income (expenses), were
as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zZdchLv8u03l" style="display: none">SCHEDULE
OF REALIZED AND UNREALIZED GAIN (LOSS) ON SHORT TERM INVESTMENT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr id="xdx_408_eus-gaap--DebtAndEquitySecuritiesRealizedGainLossAbstract_iB_zrCRLwOuDoNl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eus-gaap--HeldtomaturitySecuritiesSoldSecurityRealizedGainLossExcludingOtherThanTemporaryImpairments_pn3n3_zOqS4bocfp48" style="vertical-align: bottom; background-color: White">
    <td style="width: 52%; text-align: left">Marketable securities</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:HeldtomaturitySecuritiesSoldSecurityRealizedGainLossExcludingOtherThanTemporaryImpairments" contextRef="From2022-01-012022-12-31" id="Fact001362" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">6,093</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:HeldtomaturitySecuritiesSoldSecurityRealizedGainLossExcludingOtherThanTemporaryImpairments" contextRef="From2021-01-012021-12-31" id="Fact001363" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">24,913</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--DebtSecuritiesAvailableForSaleRealizedGainLoss_pn3n3_zy1HMF93DlMl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Available-for-sale debt securities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--DebtSecuritiesUnrealizedGainLossAbstract_iB_zMXHxZbYg1Md" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Unrealized loss</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--HeldtomaturitySecuritiesTransferredToTradingSecuritiesUnrealizedGainLossExcludingOtherThanTemporaryImpairments_pn3n3_zhCF6jZ5fSZk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Marketable securities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:HeldtomaturitySecuritiesTransferredToTradingSecuritiesUnrealizedGainLossExcludingOtherThanTemporaryImpairments" contextRef="From2023-01-01to2023-12-31" id="Fact001373" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">6,800</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1374">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A9_zWaG7rGwwbo7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001377" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_808_eus-gaap--InventoryDisclosureTextBlock_z4c5zuDyp8i4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 &#8212; <span id="xdx_82A_zJsIQVHUapWc">INVENTORIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001379" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zJHRkgdxYRk7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_ziQzq2SBxXv4" style="display: none">SCHEDULE
OF INVENTORY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49C_20231231_z03gffCntkMj" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_499_20221231_zlnAiPsqOHa" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--InventoryRealEstateAbstract_iB_zoVRt7FXlvlc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Real estate inventories</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--InventoryRealEstateHeldForSale_iI_pn3n3_maIREzDBq_zhldpKOHQ0R7" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 60%; text-align: left">Real estate properties held for sale</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:InventoryRealEstateHeldForSale" contextRef="AsOf2023-12-31" id="Fact001384" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">4,184,787</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40D_eus-gaap--InventoryRealEstateConstructionInProcess_iI_pn3n3_maIREzDBq_zVUfkeEbLOA" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Real estate properties under development</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:InventoryRealEstateConstructionInProcess" contextRef="AsOf2023-12-31" id="Fact001387" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">12,458,998</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:InventoryRealEstateConstructionInProcess" contextRef="AsOf2022-12-31" id="Fact001388" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">9,242,847</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--InventoryRealEstate_iTI_pn3n3_mtIREzDBq_maINzf2A_zbGuViaprL4g" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Subtotal</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InventoryRealEstate" contextRef="AsOf2023-12-31" id="Fact001390" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">16,643,785</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InventoryRealEstate" contextRef="AsOf2022-12-31" id="Fact001391" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">10,301,676</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--EnergyRelatedInventoryAbstract_iB_zk8tjVpeQjha" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Solar power plants inventories</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--InventorySolarPowerPanelsAndSupplies_iI_pn3n3_maISPPznsj_zHHI1hbLnLba" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Solar power panels and supplies</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:InventorySolarPowerPanelsAndSupplies" contextRef="AsOf2023-12-31" id="Fact001396" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">8,264</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_ecustom--InventorySolarPowerPlantsConstructionInProcess_iI_pn3n3_maISPPznsj_zOIi1kcheazb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Solar power plants under construction</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:InventorySolarPowerPlantsConstructionInProcess" contextRef="AsOf2023-12-31" id="Fact001399" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">153,950</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:InventorySolarPowerPlantsConstructionInProcess" contextRef="AsOf2022-12-31" id="Fact001400" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">35,047</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--InventorySolarPowerPlantsHeldForSale_iI_pn3n3_maISPPznsj_z3ZOdA9QNQAk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Solar power plants held for sale</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="SYT:InventorySolarPowerPlantsHeldForSale" contextRef="AsOf2023-12-31" id="Fact001402" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">10,682</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="SYT:InventorySolarPowerPlantsHeldForSale" contextRef="AsOf2022-12-31" id="Fact001403" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">13,918</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--InventorySolarPowerPlants_iTI_pn3n3_mtISPPznsj_maINzf2A_zDfaCieMk1Tf" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0pt; font-weight: bold">Subtotal</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:InventorySolarPowerPlants" contextRef="AsOf2023-12-31" id="Fact001405" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">172,896</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--ContainersInventoriesAbstract_iB_zKSAEsTBn4je" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Container inventories</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--ContainersRawMaterials_iI_pn3n3_maCIz259_zeCER4Zlctxg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Raw materials</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:ContainersRawMaterials" contextRef="AsOf2023-12-31" id="Fact001411" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">1,215</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1412">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--ContainersFinishedGoods_iI_pn3n3_maCIz259_zOcWr52bc5ec" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-align: left">Finished goods</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="SYT:ContainersFinishedGoods" contextRef="AsOf2023-12-31" id="Fact001414" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">27,595</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1415">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--ContainersInventories_iTI_pn3n3_mtCIz259_maINzf2A_zt8lmmtF7857" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Subtotal</td><td style="font-weight: bold">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A5_z9S1LiBuQoxb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
inventories were pledged to secure the Company&#8217;s loans, see Note 10.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 137; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001426" name="SYT:PrepaidExpensesOtherCurrentAssetsAndOtherAssetsTextBlock"><p id="xdx_800_ecustom--PrepaidExpensesOtherCurrentAssetsAndOtherAssetsTextBlock_zFN1YU6Efgz3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 &#8212; <span id="xdx_821_z4fT2R4PDkr1">PREPAID EXPENSES, NET, OTHER CURRENT ASSETS, NET AND OTHER ASSETS, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001428" name="us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock"><p id="xdx_895_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zmiFCzNEi1s7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
expenses, net, other current assets, net, and other assets, net, consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_zalQ7iJRXp94" style="display: none">SCHEDULE
OF PREPAID EXPENSES, OTHER CURRENT ASSETS AND OTHER ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_eus-gaap--PrepaidExpenseCurrent_iTI_mtPECzpFw_zCPn7HzDaavl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--PrepaidLoanReceivables_iI_pn3n3_maOCAGzGPy_zHggUNkKNCW2" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--LeaseholdAndOtherDeposits_iI_maOAGzCHa_z89kV6J1Anc3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left; padding-left: 10pt">Deferred consumption tax</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--LifeInsuranceCorporateOrBankOwnedAmount_iI_maOAGzCHa_zUycvbazJmwa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Life insurance policies</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 10pt">Long-term loan receivables</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 10pt">Down payment made for business combination</td><td>&#160;</td>
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  <tr id="xdx_404_ecustom--OthersRelatedToOtherAssets_iI_maOAGzCHa_zLMBVku7CFl1" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt">Others</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="SYT:OthersRelatedToOtherAssets" contextRef="AsOf2023-12-31" id="Fact001490" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">87,095</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="SYT:OthersRelatedToOtherAssets" contextRef="AsOf2022-12-31" id="Fact001491" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">45,636</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--OtherAssetsGross_iTI_mtOAGzCHa_maOAzFA4_zE25B8FV63i3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Subtotal</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:OtherAssetsGross" contextRef="AsOf2022-12-31" id="Fact001494" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">850,906</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Less: allowance</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="SYT:AllowanceForOtherAssets" contextRef="AsOf2022-12-31" id="Fact001497" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">2,230</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40A_eus-gaap--OtherAssets_iTI_mtOAzFA4_z5ePAhlVqlB7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total other assets, net</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AD_zhBOfDT7Bxl3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001502" name="us-gaap:InvestmentTextBlock"><p id="xdx_807_eus-gaap--InvestmentTextBlock_zyRfsPijeaW3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6 &#8212; <span id="xdx_825_z8GyPLl1y3x9">LONG-TERM INVESTMENTS, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001504" name="us-gaap:InvestmentTableTextBlock"><p id="xdx_89A_eus-gaap--InvestmentTableTextBlock_zbpSjFF4KR4a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
investments, net, consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zXlPoq6HTb0k" style="display: none">SCHEDULE
OF LONG-TERM INVESTMENTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_494_20231231_zqLqAFUiIBla" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_493_20221231_zosV9566LRf" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--LongTermInvestments_iI_pn3n3_hus-gaap--InvestmentTypeAxis__custom--PublicEquityFundsMember_zJ4FkVdXDxM3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Investments in public entities with readily determinable fair value</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1506">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2022-12-31_custom_PublicEquityFundsMember" id="Fact001507" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">144,658</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--LongTermInvestments_iI_pn3n3_hus-gaap--InvestmentTypeAxis__us-gaap--EquityFundsMember_zDBeK6sfx91e" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Investments in funds that report NAV per share</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2023-12-31_us-gaap_EquityFundsMember" id="Fact001509" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">64,196</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2022-12-31_us-gaap_EquityFundsMember" id="Fact001510" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">50,225</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investments in private entities or organizations that do not report NAV per share:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--LongTermInvestments_iI_pn3n3_hus-gaap--InvestmentTypeAxis__us-gaap--PrivateEquityFundsMember_zR7koL56cU78" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Entities or organizations without observable price changes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2023-12-31_us-gaap_PrivateEquityFundsMember" id="Fact001512" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">200,337</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2022-12-31_us-gaap_PrivateEquityFundsMember" id="Fact001513" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">48,759</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--LongTermInvestments_iI_pn3n3_hus-gaap--InvestmentTypeAxis__custom--PrivateEntityMember_z2Gp4AjoJf1h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0pt; text-align: left">Investment in a private entity accounted for under the equity method</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2023-12-31_custom_PrivateEntityMember" id="Fact001515" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">10,232</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1516">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--LongTermInvestments_iI_pn3n3_hus-gaap--InvestmentTypeAxis__custom--VoluntaryPartnershipsMember_zxqgXsagumej" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Investments in voluntary partnerships accounted for under the equity method</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2023-12-31_custom_VoluntaryPartnershipsMember" id="Fact001518" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">215,672</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2022-12-31_custom_VoluntaryPartnershipsMember" id="Fact001519" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">170,163</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--LongTermInvestments_iI_pn3n3_zB8i1TD06Ba7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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</table>

</ix:nonNumeric><p id="xdx_8A5_z5FvZyDe6yNj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001527" name="SYT:ScheduleOfRealizedUnrealizedAndImpairmentLossOnInvestmentsTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfRealizedUnrealizedAndImpairmentLossOnInvestmentsTableTextBlock_za962mHwY2Sh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized
and unrealized gain or loss on long-term investments, and impairment loss on long-term investments, which were included in other
income (expenses), were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_znDxRLk97eI9" style="display: none">SCHEDULE
OF REALIZED AND UNREALIZED GAIN OR LOSS ON INVESTMENTS, AND IMPAIRMENT LOSS ON INVESTMENTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" id="xdx_494_20220101__20221231_ztz1LDLqSo77" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--RealizedInvestmentGainsLosses_pn3n3_z9FcGRx80qs7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Realized gain</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:RealizedInvestmentGainsLosses" contextRef="From2022-01-012022-12-31" id="Fact001530" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">11,019</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40C_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_zIRYdT8OriVi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Unrealized gain (loss)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:UnrealizedGainLossOnInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact001533" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">371</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:UnrealizedGainLossOnInvestments" contextRef="From2022-01-012022-12-31" id="Fact001534" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">20,705</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:UnrealizedGainLossOnInvestments" contextRef="From2021-01-012021-12-31" id="Fact001535" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="JPY">209</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_ecustom--ImpairmentInvestmentGainsLosses_pn3n3_zQAlcHCZBVEe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Impairment loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1537">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="SYT:ImpairmentInvestmentGainsLosses" contextRef="From2022-01-012022-12-31" id="Fact001538" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">22,847</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1539">-</span></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A2_zuCvXNZ5Q6Sg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 138; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001541" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80C_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zpPZ65vnSsfl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7 &#8212; <span id="xdx_82F_zEdDjQ6zyvX9">PROPERTY, PLANT AND EQUIPMENT, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001543" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_89A_eus-gaap--PropertyPlantAndEquipmentTextBlock_z2TYOhnQOSbj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment, net consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BE_z9a1b0Ck52xg" style="display: none">SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49F_20231231_zVcFwSNEu4ml" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zxav08jvXpy8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Buildings, including buildings held for lease</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_us-gaap_BuildingMember" id="Fact001545" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">4,916,481</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_BuildingMember" id="Fact001546" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">4,321,283</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingImprovementsMember_zyi3QOBfZa04" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Facilities attached to buildings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_us-gaap_BuildingImprovementsMember" id="Fact001548" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">326,530</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zmqJeOmH6L2l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Machinery and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_us-gaap_MachineryAndEquipmentMember" id="Fact001551" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">29,598</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zFBlZpdotRua" style="vertical-align: bottom; background-color: White">
    <td>Vehicles</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_VehiclesMember" id="Fact001555" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">24,377</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zOaIIMXfwdqj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tools, furniture and fixture</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zjcOhwJLMIA" style="vertical-align: bottom; background-color: White">
    <td>Land</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_LandMember" id="Fact001561" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">5,813,137</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zSYWxA1mieTl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Software</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_us-gaap_SoftwareDevelopmentMember" id="Fact001563" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">145,203</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_SoftwareDevelopmentMember" id="Fact001564" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">141,023</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzYFD_ztay76M9ixVf" style="vertical-align: bottom; background-color: White">
    <td>Subtotal</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated impairment</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A1_zZ8HRzWrfQ8a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of buildings consist of buildings held for lease. Certain buildings held for lease were pledged to secure the Company&#8217;s loans,
see Note 10.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense was JPY<span id="xdx_90E_eus-gaap--Depreciation_pn3n3_uJPY_c20230101__20231231_zdNveAEQNV2f" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact001581" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">190,153</ix:nonFraction></span>, JPY<span id="xdx_904_eus-gaap--Depreciation_pn3n3_uJPY_c20220101__20221231_zNUUEREb3jea" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact001583" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">160,829</ix:nonFraction></span> and JPY<span id="xdx_906_eus-gaap--Depreciation_pn3n3_uJPY_c20210101__20211231_zLOyJs4sZXvf" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" id="Fact001585" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">149,299</ix:nonFraction></span> for the years ended December 31, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001587" name="SYT:SolarPowerSystemsTextBlock"><p id="xdx_80E_ecustom--SolarPowerSystemsTextBlock_zkT9V8amwkJ1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8 &#8212; <span id="xdx_82F_zhZfFl03k2a8">SOLAR POWER SYSTEMS, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001589" name="SYT:SolarPowerSystemsTableTextBlock"><p id="xdx_89A_ecustom--SolarPowerSystemsTableTextBlock_z8JAWcfIhTRa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solar
power systems, net consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;<span id="xdx_8B0_z7TfQ8ubWIXg" style="display: none">SCHEDULE
OF SOLAR POWER SYSTEMS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49E_20231231_zsKUsEL90yH6" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49C_20221231_zENaPCp5tP6k" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_407_ecustom--PropertyPlantAndEquipmentInOperation_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SolarPowerSystemsMember_maPPAEGzO5d_zB23fFJMDMni" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Solar power systems in operation</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="SYT:PropertyPlantAndEquipmentInOperation" contextRef="AsOf2023-12-31_custom_SolarPowerSystemsMember" id="Fact001591" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">525,003</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40A_eus-gaap--ConstructionInProgressGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SolarPowerSystemsMember_maPPAEGzO5d_zCT5lT8MMkSb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Solar power systems under construction</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iTI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SolarPowerSystemsMember_maPPAENz5RV_mtPPAEGzO5d_zjf2DLBFlWRa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Subtotal</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_custom_SolarPowerSystemsMember" id="Fact001597" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">609,978</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_custom_SolarPowerSystemsMember" id="Fact001598" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">482,717</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SolarPowerSystemsMember_msPPAENz5RV_zpaqDJKn63v5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2023-12-31_custom_SolarPowerSystemsMember" id="Fact001600" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">133,200</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_SolarPowerSystemsMember" id="Fact001601" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">121,295</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SolarPowerSystemsMember_mtPPAENz5RV_zy3e1huOOVh5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Solar power systems, net</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31_custom_SolarPowerSystemsMember" id="Fact001603" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">476,778</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31_custom_SolarPowerSystemsMember" id="Fact001604" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">361,422</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A1_zMsn7DJX2wM4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
solar power systems were pledged to secure the Company&#8217;s loans, see Note 10.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense was JPY<span id="xdx_906_eus-gaap--Depreciation_pn3n3_uJPY_c20230101__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SolarPowerSystemsMember_zFt3x6gUQbJ1"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-012023-12-31_custom_SolarPowerSystemsMember" id="Fact001605" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">43,707</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
JPY<span id="xdx_905_eus-gaap--Depreciation_pn3n3_uJPY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SolarPowerSystemsMember_z8BGKdPln24b"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31_custom_SolarPowerSystemsMember" id="Fact001606" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">22,566</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_906_eus-gaap--Depreciation_pn3n3_dxL_uJPY_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SolarPowerSystemsMember_zkclC9wM71da">nil
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the years ended December 31, 2023, 2022 and
2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001609" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_801_eus-gaap--LesseeOperatingLeasesTextBlock_z6oJrIstipE2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9 &#8212; <span id="xdx_823_zk2iKluWe6yb">LEASES &#8211; AS A LESSEE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has entered into operating leases for offices, land and sublease purpose, with terms ranging from two to twenty-five years, and
finance leases for certain office equipment and vehicles, with terms ranging from two to seven years. The estimated effect of lease renewal
and termination options, as applicable, that are reasonably certain to be exercised in the determination of the lease term and initial
measurement of right-of-use assets and lease liabilities was included in the consolidated financials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 139; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
lease expenses for lease payments are recognized on a straight-line basis over the lease term. Finance lease costs include amortization,
which is recognized on a straight-line basis over the expected life of the leased assets, and interest expenses, which are recognized
following an effective interest rate method. Leases with initial term of twelve months or less are not recorded on the consolidated balance
sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company entered into certain sale-leaseback transactions. The Company sold the real estate properties
and containers for cash proceeds of JPY<span id="xdx_903_eus-gaap--ProceedsFromSaleOfLeaseReceivables_c20230101__20231231_zt1seMGhvhC" title="Cash proceeds from lease"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfLeaseReceivables" contextRef="From2023-01-01to2023-12-31" id="Fact001611" format="ixt:numdotdecimal" decimals="0" unitRef="JPY">759,688</ix:nonFraction></span> with the estimated fair value of the assets sold amounting to JPY<span id="xdx_90D_eus-gaap--AssetsFairValueDisclosure_iI_c20231231_z8Mgb3W6K9ki" title="Assets sold amounted"><ix:nonFraction name="us-gaap:AssetsFairValueDisclosure" contextRef="AsOf2023-12-31" id="Fact001613" format="ixt:numdotdecimal" decimals="0" unitRef="JPY">784,676</ix:nonFraction></span>, which resulted
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sale-leaseback transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
information on sale-leaseback transactions with related party, see Note 18.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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components of lease costs are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span id="xdx_8BC_zxMO09GI6M95" style="display: none">SCHEDULE
OF COMPONENTS OF LEASE COSTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8AD_zKDBBBpq8lv7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001643" name="SYT:ScheduleOfSupplementalCashFlowInformationRelatedToLeasesTableTextBlock"><p id="xdx_892_ecustom--ScheduleOfSupplementalCashFlowInformationRelatedToLeasesTableTextBlock_zWDAlqBiC9Q5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents supplemental information related to the Company&#8217;s leases:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zpGLScH9BgNd" style="display: none">SCHEDULE
OF SUPPLEMENTAL INFORMATION RELATED TO THE COMPANY&#8217;S LEASES</span></span></p>

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  <tr id="xdx_40B_eus-gaap--FinanceLeasePrincipalPayments_z1dnNlQTEVi6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_zxxUAdg4ntwc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eus-gaap--RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_zMlV6a4tjg85" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_ecustom--RemeasurementofRemeasurementOfOperatingLeaseLiabilitiesAndRightOfUseAssetsDueToLeaseModification_z3uVaOyzxKL2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Finance leases</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_909_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zZOWeZ2DzbJj" title="Weighted average remaining lease term, Finance leases"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact001669" name="us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1">3.43</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_908_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20221231_zK4PrYIAjpkk" title="Weighted average remaining lease term, Finance leases"><ix:nonNumeric contextRef="AsOf2022-12-31" format="ixt-sec:duryear" id="Fact001671" name="us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1">3.03</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Operating leases</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_z4I5yxn3mHlj" title="Weighted average remaining lease term, Operating leases"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact001675" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">7.70</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Finance leases</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Operating leases</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_908_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20231231_zcuW27Vgo1C4" title="Weighted-average discount rate, Operating leases"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-12-31" id="Fact001687" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.57</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AB_zWWQHQw3GvYd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001693" name="SYT:ScheduleOfMaturitiesOfOperatingAndFinanceLeaseLiabilitiesTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfMaturitiesOfOperatingAndFinanceLeaseLiabilitiesTableTextBlock_zirpk9bkNGwl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the future maturity of lease liabilities is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_8BB_zlUKl793ORJ7" style="display: none">SCHEDULE
OF FUTURE MATURITY OF LEASE LIABILITIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Years Ended December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Finance Lease</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left">2024</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_c20231231_zf4BFcHhnVuh" title="Finance Lease, 2024" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001695" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">4,315</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_c20231231_zww8x6VNlHx5" title="Operating Lease, 2025" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact001701" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">349,701</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_c20231231_zHuxZyxB96x" title="Operating Lease, 2026" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2023-12-31" id="Fact001705" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">317,408</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_c20231231_zHbEdSmeUvX6" title="Finance Lease, 2027" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2023-12-31" id="Fact001707" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">1,527</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFive_iI_c20231231_zmNKZgN2FV91" title="Finance Lease, 2028" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearFive" contextRef="AsOf2023-12-31" id="Fact001711" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">630</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_c20231231_zH9d5m3Nifcc" title="Operating Lease, 2028" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive" contextRef="AsOf2023-12-31" id="Fact001713" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">308,798</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Thereafter</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--FinanceLeaseLiabilityPaymentsDueAfterYearFive_iI_c20231231_zRPEBAuks9h8" title="Finance Lease, Thereafter" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1715">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_c20231231_zbRjkRvUwWIa" title="Operating Lease, Thereafter" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" contextRef="AsOf2023-12-31" id="Fact001717" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">736,377</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total undiscounted lease payments</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_c20231231_zLl4FqlFSgV4" title="Finance Lease, Total undiscounted lease payments" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDue" contextRef="AsOf2023-12-31" id="Fact001719" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">12,535</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Less: imputed interest</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20231231_zbZpilHc2F1e" title="Operating Lease, Less: imputed interest" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact001725" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">99,921</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Present value of lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--FinanceLeaseLiability_iI_c20231231_zLTQ5WzOCOai" title="Finance Lease, Present value of lease liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001727" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">12,198</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--OperatingLeaseLiability_iI_c20231231_zI5NKXJ4XGvl" title="Operating Lease, Present value of lease liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001729" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">2,392,414</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A7_zEuiEZNHHi12" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 140; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001739" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_805_eus-gaap--DebtDisclosureTextBlock_z7IgkmtgC0Ud" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 &#8212; <span id="xdx_82B_z4OdPTxqy7nd">BANK AND OTHER BORROWINGS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001741" name="us-gaap:ScheduleOfDebtInstrumentsTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_zYTma6cARnJ9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Variable rate loans</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Subtotal</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company borrowed loans from various financial institutions for the purpose of purchasing and constructing real estate properties and
solar power plants and systems, and for working capital purpose.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8A5_zty3H5raIXM2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the years ended December 31, 2023, 2022 and 2021, the Company entered into amended loan agreements which had prepayment options with
financial institutions for certain loans. The amended terms mainly included changes of maturity dates and installment amount. The Company
analyzed the amendments under ASC Topic 470 and concluded that these amendments were not considered substantially different and were
accounted for as debt modifications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of December 31, 2023, future minimum payments for long-term loans are as follows:</span></p>

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OF FUTURE MINIMUM PAYMENTS</span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify">2024</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">2027</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_407_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_maLTDzjUr_zd07Ck2y9M49" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">2028</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AD_zFQZojDZXSC1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001915" name="SYT:CorporateBondsDisclosureTextBlock"><p id="xdx_80D_ecustom--CorporateBondsDisclosureTextBlock_zpXVeRSY4rhj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11 &#8212; <span id="xdx_823_z9zsMGGwGdm3">CORPORATE BONDS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001917" name="SYT:ScheduleOfCorporateBondsTableTextBlock"><p id="xdx_891_ecustom--ScheduleOfCorporateBondsTableTextBlock_zYFPMVHPsIvj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued corporate bonds through various banks, which consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_z6pGVhtZ8OL4" style="display: none">SCHEDULE
OF&#160;CORPORATE BONDS</span></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--DebtInstrumentFaceAmount_iI_c20231231__dei--LegalEntityAxis__custom--ChibaKogyoBankMember__us-gaap--LongtermDebtTypeAxis__custom--CorporateDebtMember_fKGEp_z56mrwLJiRQa" title="Principal Amount" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2023-12-31_custom_ChibaKogyoBankMember_custom_CorporateDebtMember" id="Fact001943" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">100,000</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002003" name="SYT:ScheduleOfMaturitiesOfCorporateBondTableTextBlock"><p id="xdx_894_ecustom--ScheduleOfMaturitiesOfCorporateBondTableTextBlock_zTL9Yr3lKzw2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, future minimum payments are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zrRmhnefk0Vd" style="display: none">SCHEDULE&#160;
OF FUTURE MINIMUM PAYMENTS OF CORPORATE BONDS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr id="xdx_405_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_hus-gaap--LongtermDebtTypeAxis__custom--CorporateDebtMember_maLTDzjUr_zS0H93QxLWM1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AF_zvlLGyMhHcX4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 143; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002019" name="us-gaap:OtherLiabilitiesDisclosureTextBlock"><p id="xdx_804_eus-gaap--OtherLiabilitiesDisclosureTextBlock_zshYS9DKZEt9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12 &#8211; <span id="xdx_829_zPFScSukc613">OTHER CURRENT LIABILITIES AND OTHER LIABILITIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002021" name="us-gaap:OtherCurrentLiabilitiesTableTextBlock"><p id="xdx_89D_eus-gaap--OtherCurrentLiabilitiesTableTextBlock_zxnHQL4eAfF5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
current liabilities and other liabilities consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zdkUkcZrmMo1" style="display: none">SCHEDULE
OF OTHER LIABILITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AA_zNb7pfyvO3jj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002074" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_800_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zOzxFcKH4Qna" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13 &#8211; <span id="xdx_821_zf1kqxbheSM2">SHAREHOLDERS&#8217; EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Capital
stock and capital surplus</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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change in the number of issued shares of capital stock during the years ended December 31, 2023, 2022 and 2021 were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_ziaeyxPQ4klh" style="display: none">SCHEDULE
OF CAPITAL STOCK</span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Issuance of capital stock</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="SYT:CapitalStockIssuedForAcquisitionOfSubsidiaries" contextRef="From2021-01-012021-12-31" id="Fact002096" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">5,389</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--CapitalUnits_iE_zmIMMdvUO9j5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Balance at the end of the year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:CapitalUnits" contextRef="AsOf2021-12-31" id="Fact002100" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">237,889</ix:nonFraction></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A5_zVwu7M1E51ql" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the issued shares as of December 31, 2023 and 2022 have been paid in full.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Act of Japan (the &#8220;Companies Act&#8221;), issuances of capital stock, including conversions of bonds and notes, are
required to be credited to the capital stock account for at least <span id="xdx_90B_ecustom--PercentageOfCaptialStock_dp_c20230101__20231231_zUuA66WCESbh" title="Percentage of captial stock"><ix:nonFraction name="SYT:PercentageOfCaptialStock" contextRef="From2023-01-01to2023-12-31" id="Fact002102" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of the proceeds and to the legal capital surplus account (&#8220;legal
capital surplus&#8221;) for the remaining amounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Act permits that capital stock, capital surplus and retained earnings can be transferred among these accounts under certain
conditions upon the approval of a General Meeting of Shareholders. The Companies Act limits the increase of paid-in capital in case disposition
of treasury stock and issuance of common stock are performed at the same time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 4, 2023, the Company closed its initial public offering on the NASDAQ Capital Market under the symbol &#8220;SYT&#8221;. The
Company offered <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20230403__20230404__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zukbOG4lGcz" title="Number of offered common stock"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-04-032023-04-04_us-gaap_IPOMember" id="Fact002104" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,875,000</ix:nonFraction></span>
American Depositary Shares (&#8220;ADSs&#8221;), equivalent to <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20230403__20230404__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zEVYkM0AMzsc" title="Number of offered common stock"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-04-032023-04-04_us-gaap_IPOMember_us-gaap_CommonStockMember" id="Fact002106" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,750</ix:nonFraction></span>
common shares, at US$<span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20230404__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zH4lCsv8wcId" title="Share issued price per shares"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2023-04-04_us-gaap_IPOMember" id="Fact002108" format="ixt:numdotdecimal" decimals="INF" unitRef="JPYPShares">8.00</ix:nonFraction></span>
per ADS. Net proceeds raised by the Company from the initial public offering amounted to JPY1,801,633 after deducting underwriting
discounts and commissions and other offering expenses. The offering costs of JPY<span id="xdx_90F_eus-gaap--DeferredOfferingCosts_iI_pn3n3_c20230404__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zQ1X8XVN3kgd" title="Deferred cost"><ix:nonFraction name="us-gaap:DeferredOfferingCosts" contextRef="AsOf2023-04-04_us-gaap_IPOMember" id="Fact002110" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">81,602</ix:nonFraction></span>
were charged against the proceeds from the offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Share
repurchase program</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 6, 2023, the Board of Directors approved a share repurchase program (&#8220;2023 Share Repurchase Program&#8221;), pursuant to which
the Company is authorized to repurchase up to JPY<span id="xdx_90F_eus-gaap--StockRepurchasedDuringPeriodValue_pn6n6_uJPY_c20230706__20230706__us-gaap--PlanNameAxis__custom--TwoThousandTwentyThreeShareRepurchaseProgramMember_zx4S2paGwvAh" title="Repurchased share during period"><ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodValue" contextRef="From2023-07-062023-07-06_custom_TwoThousandTwentyThreeShareRepurchaseProgramMember" id="Fact002112" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="JPY">200</ix:nonFraction></span> million of its outstanding ADSs. The timing and amount of repurchases under the
program are determined by the Company&#8217;s management based on its evaluation of market conditions and other factors. This program
has no pre-determined termination date and may be suspended or discontinued at any time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period from July 6, 2023 through December 31, 2023, the Company repurchased <span id="xdx_905_eus-gaap--StockRepurchasedDuringPeriodShares_pid_c20230706__20231231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyThreeShareRepurchaseProgramMember_zL0XB2QKktd" title="Repurchased shares"><ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodShares" contextRef="From2023-07-062023-12-31_custom_TwoThousandTwentyThreeShareRepurchaseProgramMember" id="Fact002114" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,188</ix:nonFraction></span>
shares of ADSs at an average price of $<span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20231231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyThreeShareRepurchaseProgramMember_zft7BQA7W4al" title="Average price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2023-12-31_custom_TwoThousandTwentyThreeShareRepurchaseProgramMember" id="Fact002116" format="ixt:numdotdecimal" decimals="INF" unitRef="JPYPShares">6.73</ix:nonFraction></span>
per ADS totaling approximately JPY<span id="xdx_905_ecustom--StockRepurchasedDuringPeriodValueTotal_pn6n6_uJPY_c20230706__20231231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyThreeShareRepurchaseProgramMember__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_zZe8hEq18zA" title="Repurchased share during period"><ix:nonFraction name="SYT:StockRepurchasedDuringPeriodValueTotal" contextRef="From2023-07-062023-12-31_custom_TwoThousandTwentyThreeShareRepurchaseProgramMember_srt_BoardOfDirectorsChairmanMember" id="Fact002118" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="JPY">14</ix:nonFraction></span>
million under the 2023 Share Repurchase Program. As of December 31, 2023, approximately JPY<span id="xdx_905_eus-gaap--StockRepurchasedDuringPeriodValue_pn6n6_uJPY_c20231230__20231231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyThreeShareRepurchaseProgramMember__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_zp6HXRXJVsGa" title="Repurchased share during period"><ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodValue" contextRef="From2023-12-302023-12-31_custom_TwoThousandTwentyThreeShareRepurchaseProgramMember_srt_BoardOfDirectorsChairmanMember" id="Fact002120" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="JPY">186</ix:nonFraction></span> million remained available under the 2023 Share Repurchase Program.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Legal
reserve set aside as appropriation of retained earnings and legal capital surplus</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained
earnings consist of legal reserves and accumulated earnings. <span id="xdx_90A_eus-gaap--RetainedEarningsRestrictions_c20230101__20231231_zNp85mEvRhgl" title="Retained earnings and legal capital surplus description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact002122" name="us-gaap:RetainedEarningsRestrictions">The Companies Act provides that an amount at least equal to 10% of the aggregate
amount of cash dividends and certain appropriations of retained earnings associated with cash outlays applicable to each period shall
be appropriated and set aside as a legal reserve until the aggregate amount of legal reserve set aside as an appropriation of retained
earnings and the legal capital surplus equals 25% of stated capital as defined in the Companies Act.</ix:nonNumeric></span> Legal reserves may be used to eliminate
or reduce a deficit or be transferred to other retained earnings upon approval of the General Meeting of Shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 144; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002124" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_80F_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zCNLetfCQuq4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 &#8211; <span id="xdx_82F_z5gUyK90obNh">STOCK-BASED COMPENSATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has historically awarded stock options to various officers, directors, employees and consultants of the Company to purchase shares
of the Company&#8217;s capital stock. During the years ended December 31, 2014 to 2018, the Company has issued several batches of stock
options to acquire the equivalent of total <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_c20231231_zOLjcQLee4o4" title="Number of stock options"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" contextRef="AsOf2023-12-31" id="Fact002126" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">51,340</ix:nonFraction></span> shares of capital stock of <span id="xdx_90E_eus-gaap--StockholdersEquityReverseStockSplit_c20230101__20231231_zzeYidupGGqh" title="Reverse stock split"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact002128" name="us-gaap:StockholdersEquityReverseStockSplit">the Company after the adjustment for the 100-for-1 stock
split in February 2018</ix:nonNumeric></span>. The options generally vest <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20230101__20231231_za4AhhsKJik6" title="Vesting period"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:durwordsen" id="Fact002130" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">two years</ix:nonNumeric></span> after the grant date and have the contractual term of ten years. The total
outstanding stock options as of January 1, 2020 was <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20200101_zQk1dfuwYeD3" title="Number of options"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" contextRef="AsOf2020-01-01" id="Fact002132" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,405</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 30, 2020, the Company awarded options to purchase an aggregate of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20201130__20201130__srt--TitleOfIndividualAxis__custom--OfficerDirectorsAndEmployeesMember_zksfTFj1R4we" title="Number of shares purchased"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-11-302020-11-30_custom_OfficerDirectorsAndEmployeesMember" id="Fact002134" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">870</ix:nonFraction></span> shares of capital stock at an exercise price of JPY<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uJPYPShares_c20201130__20201130__srt--TitleOfIndividualAxis__custom--OfficerDirectorsAndEmployeesMember_zJy6MY93g2u3" title="Exercise price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2020-11-302020-11-30_custom_OfficerDirectorsAndEmployeesMember" id="Fact002136" format="ixt:numdotdecimal" decimals="INF" unitRef="JPYPShares">45,140</ix:nonFraction></span>
per share to various officers, directors and employees of the Company. The options vest on <span id="xdx_90E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingDate_c20201130__20201130__srt--TitleOfIndividualAxis__custom--OfficerDirectorsAndEmployeesMember_zJbUUyXiZZC3" title="Vesting date"><ix:nonNumeric contextRef="From2020-11-302020-11-30_custom_OfficerDirectorsAndEmployeesMember" format="ixt:datemonthdayyearen" id="Fact002138" name="SYT:ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingDate">August 26, 2022</ix:nonNumeric></span> with the expiration date on
<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20201130__20201130__srt--TitleOfIndividualAxis__custom--OfficerDirectorsAndEmployeesMember_zK8O6RUj9Bne" title="Expiration date"><ix:nonNumeric contextRef="From2020-11-302020-11-30_custom_OfficerDirectorsAndEmployeesMember" format="ixt:datemonthdayyearen" id="Fact002140" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">July 31, 2030</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 30, 2021, the Company awarded options to purchase <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210730__20210730__srt--TitleOfIndividualAxis__custom--ConsultantMember_zLmOGTCRVq98" title="Number of shares purchased"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-07-302021-07-30_custom_ConsultantMember" id="Fact002142" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50</ix:nonFraction></span> shares of capital stock at an exercise price of JPY<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uJPYPShares_c20210730__20210730__srt--TitleOfIndividualAxis__custom--ConsultantMember_zYlMmlF6rw6a" title="Exercise price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-07-302021-07-30_custom_ConsultantMember" id="Fact002144" format="ixt:numdotdecimal" decimals="INF" unitRef="JPYPShares">48,060</ix:nonFraction></span> per share to a consultant
of the Company. The options vest on <span id="xdx_904_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingDate_c20210730__20210730__srt--TitleOfIndividualAxis__custom--ConsultantMember_zvFBP3MUI7t8" title="Vesting date"><ix:nonNumeric contextRef="From2021-07-302021-07-30_custom_ConsultantMember" format="ixt:datemonthdayyearen" id="Fact002146" name="SYT:ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingDate">July 9, 2023</ix:nonNumeric></span> with the expiration date on <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20210730__20210730__srt--TitleOfIndividualAxis__custom--ConsultantMember_zkubPgaSUgnj" title="Expiration date"><ix:nonNumeric contextRef="From2021-07-302021-07-30_custom_ConsultantMember" format="ixt:datemonthdayyearen" id="Fact002148" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">July 31, 2031</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 13, 2022, the Company entered into a consulting and services agreement (the &#8220;Consulting Agreement&#8221;) with HeartCore Enterprises,
Inc. (&#8220;HeartCore&#8221;) pursuant to which it agreed to compensate HeartCore with cash consideration of US$<span id="xdx_902_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_uUSD_c20220512__20220513__us-gaap--TypeOfArrangementAxis__custom--ConsultingAndServicesAgreementMember__dei--LegalEntityAxis__custom--HeartCoreEnterprisesIncMember_zQI6f0Djnmo7" title="Cash consideration"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2022-05-122022-05-13_custom_ConsultingAndServicesAgreementMember_custom_HeartCoreEnterprisesIncMember" id="Fact002150" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span> and common share
purchase warrants (the &#8220;Warrants&#8221;) in exchange for professional services to be provided by HeartCore in connection with its IPO. <span id="xdx_90A_ecustom--DescriptionForWarrantsPurchasedForConsultingAgreement_c20220512__20220513__us-gaap--TypeOfArrangementAxis__custom--ConsultingAndServicesAgreementMember__dei--LegalEntityAxis__custom--HeartCoreEnterprisesIncMember_zT9ZtfWqrh75" title="Description for warrants purchased for consulting agreement"><ix:nonNumeric contextRef="From2022-05-122022-05-13_custom_ConsultingAndServicesAgreementMember_custom_HeartCoreEnterprisesIncMember" id="Fact002152" name="SYT:DescriptionForWarrantsPurchasedForConsultingAgreement">HeartCore may exercise the Warrants beginning on the date of IPO until ten
years following completion of an IPO to purchase 2% of the fully diluted shares of the Company&#8217;s capital stock as of the date of
IPO, for an exercise price per share of US$0.01, subject to adjustment as provided in the agreement</ix:nonNumeric></span>. The Consulting Agreement was further
amended in August and November 2022, respectively, to modify the payment terms and dates. The Warrants were also terminated upon the
issuance of the stock acquisition rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 9, 2022, <span id="xdx_90D_ecustom--DescriptionForStockAcquisitionRightsAllotmentAgreement_c20221109__20221109__dei--LegalEntityAxis__custom--HeartCoreEnterprisesIncMember_z8fDxv4zxGv8" title="Description for stock acquisition rights allotment agreement"><ix:nonNumeric contextRef="From2022-11-092022-11-09_custom_HeartCoreEnterprisesIncMember" id="Fact002154" name="SYT:DescriptionForStockAcquisitionRightsAllotmentAgreement">the Company and HeartCore entered into the 9th stock acquisition rights allotment agreement pursuant to which the Company
allotted <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20221109__20221109__dei--LegalEntityAxis__custom--HeartCoreEnterprisesIncMember_zr0KaVQZIrOb" title="Stock issued for acquisition"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2022-11-092022-11-09_custom_HeartCoreEnterprisesIncMember" id="Fact002156" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,771</ix:nonFraction></span> stock acquisition rights to HeartCore in substitution for the Warrants originally issued on May 13, 2022. The stock acquisition
right is exercisable upon a successful listing on the NASDAQ Capital Market or NYSE American and has an exercise price of US$0.01 per
share and is fully vested. The number of shares underlying each stock acquisition right is calculated as the number of issued and outstanding
shares of the Company&#8217;s capital stock on a fully diluted basis as of the previous day of the listing date on a stock exchange multiplied
by 2% and divided by 5,771, subject to adjustment as provided in the agreement. The stock acquisition right, subject to some conditions,
is exercisable upon the effectiveness of an IPO throughout a period of ten years from the listing date</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 20, 2023, the Company issued the underwriter (or its designees) a warrant to purchase <span id="xdx_906_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230420__20230420__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__dei--AdrMember_zaFiU8POKrYb" title="Number of shares purchased"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2023-04-202023-04-20_us-gaap_WarrantMember_dei_AdrMember" id="Fact002158" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">131,200</ix:nonFraction></span> ADSs (the &#8220;Representative&#8217;s
Warrant&#8221;) representing <span id="xdx_900_ecustom--SaleOfStockPercentageTransaction_pid_dp_uPure_c20230420__20230420__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__dei--AdrMember_z4lfwbQUVQHe" title="Sale of stock percentage"><ix:nonFraction name="SYT:SaleOfStockPercentageTransaction" contextRef="From2023-04-202023-04-20_us-gaap_WarrantMember_dei_AdrMember" id="Fact002160" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>% of the <span id="xdx_903_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230420__20230420__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z7iwBc1PZHdb" title="Number of shares purchased"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2023-04-202023-04-20_us-gaap_WarrantMember_us-gaap_IPOMember" id="Fact002162" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,875,000</ix:nonFraction></span> ADSs sold in the IPO. The Representative&#8217;s Warrant is fully vest and exercisable
upon grant with the expiration date on March 29, 2028. The exercise price of the Representative&#8217;s Warrant is $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20230420__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__dei--AdrMember_zUkb23rCSwOk" title="Exercise price of warrant"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2023-04-20_us-gaap_WarrantMember_dei_AdrMember" id="Fact002164" format="ixt:numdotdecimal" decimals="INF" unitRef="JPYPShares">10.00</ix:nonFraction></span> per ADS. The
stock-based compensation of the Representative&#8217;s Warrant was fully charged against capital surplus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 8, 2023, the Company awarded options to purchase <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230908__20230908_z4lRBbis0lS2" title="Number of shares purchased"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-09-082023-09-08" id="Fact002166" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,539</ix:nonFraction></span> shares of capital stock at an exercise price of $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20230908__20230908_zEzAd9aoL6V3" title="Exercise price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2023-09-082023-09-08" id="Fact002168" format="ixt:numdotdecimal" decimals="INF" unitRef="JPYPShares">800</ix:nonFraction></span> per share to an
investor relations company. The options vest on each annual anniversary of May 1, 2024, in an amount equal to one-third of the applicable
shares of capital stock, with the expiration date on July 31, 2028. The options were fully forfeited on December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002170" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z5caBdwibYxk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The
following table summarizes the stock option activities and related information for the years ended December 31, 2023, 2022 and 2021:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zsPpqib4i84k" style="display: none">SCHEDULE
OF STOCK OPTIONS ACTIVITY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number of Options</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Weighted Average Exercise Price</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Weighted Average Remaining Contractual Term</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(JPY)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20210101__20211231_z6X10tVilUL" title="Number of Options, Outstanding Beginning" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2020-12-31" id="Fact002172" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">51,255</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uJPYPShares_c20210101__20211231_zx5bNY8MTTQb" title="Weighted Average Exercise Price, Outstanding Beginning" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2020-12-31" id="Fact002174" format="ixt:numdotdecimal" decimals="INF" unitRef="JPYPShares">8,940</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20200101__20201231_zKPANEmRj2E7" title="Weighted Average Remaining Contractual Term" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><ix:nonNumeric contextRef="From2020-01-012020-12-31" format="ixt-sec:duryear" id="Fact002176" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">3.51</ix:nonNumeric></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Granted</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Outstanding as of December 31, 2022</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Granted</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uJPYPShares_c20230101__20231231_z6PU5dNStJCd" title="Weighted Average Exercise Price, Granted" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2023-01-01to2023-12-31" id="Fact002216" format="ixt:numdotdecimal" decimals="INF" unitRef="JPYPShares">64,103</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Forfeited/cancelled</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20230101__20231231_zJ13SJFKySvh" title="Number of Options, Forfeited/cancelled" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" contextRef="From2023-01-01to2023-12-31" id="Fact002220" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,619</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_uJPYPShares_c20230101__20231231_zeuFbEbrcf17" title="Weighted Average Exercise Price, Forfeited/cancelled" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice" contextRef="From2023-01-01to2023-12-31" id="Fact002222" format="ixt:numdotdecimal" decimals="INF" unitRef="JPYPShares">113,443</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AB_zyeuFXeRjPw9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 145; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002240" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zlP22L1LVt5a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the stock options was estimated as of the date of grant using the binomial model with the assistance of a third-party valuation
appraiser. The following table summarizes the significant assumptions used in the model to estimate the fair value of the stock options
for the years ended December 31, 2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_zigVrNybJMUl" style="display: none">SCHEDULE
OF SIGNIFICANT ASSUMPTIONS TO ESTIMATE FAIR VALUE OF THE STOCK OPTIONS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Exercise term</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230101__20231231_zgbw31xce1zk" title="Excercise term"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact002251" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">10.0</ix:nonNumeric></span> years</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A7_zpRAxFX0e42g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The stock acquisition rights granted to HeartCore during the year ended December 31, 2022 contained a performance
condition of exercisability upon a successful listing on the NASDAQ Capital Market or NYSE American. The Company did not recognize any
stock-based compensation in relation to the stock acquisition rights granted to HeartCore until the effectiveness of IPO on March 30,
2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, the Company recognized stock-based compensation related to the options of JPY<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uJPY_c20230101__20231231_zgioT3yIJRs7" title="Recognized stock based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002255" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">201,914</ix:nonFraction></span>,
JPY<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uJPY_c20220101__20221231_zTrTqrXW6gs7" title="Recognized stock based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31" id="Fact002257" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">6,580</ix:nonFraction></span>
and JPY<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uJPY_c20210101__20211231_zNdxjdpsX2U3" title="Recognized stock based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31" id="Fact002259" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">11,564</ix:nonFraction></span>,
respectively. As of December 31, 2023, all of the outstanding stock options were vest, there was no unrecognized stock based compensation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002261" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_80D_eus-gaap--EarningsPerShareTextBlock_zVZj12nJOF8j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15 &#8211; <span id="xdx_827_zp3JU1u1sHUc">NET INCOME PER SHARE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
net income per share is calculated on the basis of weighted average outstanding common shares. Diluted net income per share is computed
on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options. Dilutive common shares
are determined by applying the treasury stock method to the assumed conversion of share repurchase liability to common shares related
to the early exercised stock options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002263" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zBaM8QCj0I44" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
computation of basic and diluted net income per share in accordance with ASC Topic 260 for the years ended December 31, 2023, 2022 and
2021 is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B7_ziK5Puu5Gjnk" style="display: none">SCHEDULE
OF BASIC AND DILUTED NET INCOME LOSS PER SHARE</span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_40D_eus-gaap--IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_pid_zGH4JPvupSEd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<ix:exclude><!-- Field: Page; Sequence: 146; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002325" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_808_eus-gaap--IncomeTaxDisclosureTextBlock_zG8uwPAN8WXk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
16 - <span id="xdx_82B_z8Jo5PFQZNb6">INCOME TAXES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company conducts its major businesses in Japan and is subject to tax in this jurisdiction. During the years ended December 31, 2023,
2022 and 2021, substantially all taxable income of the Company is generated in Japan. As a result of its business activities, the Company
files tax returns that are subject to examination by the local tax authority. Income taxes in Japan applicable to the Company are imposed
by the national, prefectural, and municipal governments, and in the aggregate resulted in an effective statutory rate of approximately
<span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231_zTlmn3hEkYZk" title="Effective statutory rate"><span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231_zVGSgMZOC8pl" title="Effective statutory rate"><span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20210101__20211231_zNDOEZqE8773" title="Effective statutory rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact002327" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-012022-12-31" id="Fact002329" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2021-01-012021-12-31" id="Fact002331" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30.62</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>% for the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the years ended December 31, 2023, 2022 and 2021, the Company&#8217;s income tax expenses are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_z2UsDge68k57" style="display: none">SCHEDULE
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</ix:nonNumeric><p id="xdx_8AE_zMO2fTigX6G6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002347" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zCyhgdHqLVm5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reconciliation of the effective income tax rates reflected in the accompanying consolidated statements of operations and comprehensive
income to the Japanese statutory tax rate for the years ended December 31, 2023, 2022 and 2021 is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zD02G6NUHjdb" style="display: none">SCHEDULE
OF RECONCILIATION OF THE EFFECTIVE INCOME TAX RATES</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr id="xdx_404_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maars_zvDEjA4mgTL8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<ix:exclude><!-- Field: Page; Sequence: 147; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002398" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zwb51MzhGjKb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax effects of temporary differences that give rise to the deferred income tax assets and liabilities at December 31, 2023 and 2022 are
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zxt5vEa5Dvtk" style="display: none">SCHEDULE
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  <tr id="xdx_407_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_pn3n3_maDTAGz1j9_zC58fjO3VJ9h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_ecustom--DeferredTaxAssetsLeaseLiabilities_iI_pn3n3_maDTAGz1j9_z9CR1aqaF1Lg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_maDTAGz1j9_zvrsU3ZQFlsf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_maDTAGz1j9_zdtKqEgzqPWd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_ecustom--DeferredTaxLiabilitieChangeInCashSurrenderValueOfLifeInsurancePolicies_iNI_pn3n3_di_maDITLzk6T_zlgPqHU1YHfk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future
periods. The Company regularly assesses the ability to realize its deferred tax assets and establish a valuation allowance if it is more-likely-than-not
that some portion of the deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including
its earnings history and results of recent operations, projected future taxable income, and tax planning strategies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward
period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional
weight may be given to subjective evidence such as the Company&#8217;s projections for growth. The adjustments of a valuation allowance
against deferred tax assets may cause greater volatility in the effective tax rate in the periods in which the valuation allowance is
adjusted. Based upon the level of historical taxable profit and projections for future taxable profit over the periods for which the
deferred tax assets are deductible, management believes it is probable that the Company will utilize the benefits of these deferred tax
assets as of December 31, 2023 and 2022. Uncertainty of estimates of future taxable profit could increase due to changes in the economic
environment surrounding the Company, effects by market conditions, effects of currency fluctuations or other factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Uncertain
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical
merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2023 and 2022, the management considered
the Company did not have any significant unrecognized uncertain tax positions. The Company did <span id="xdx_906_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_do_c20230101__20231231_zQaVDQqlbLre" title="Unrecognized tax benefits income tax penalties and interest expense"><span id="xdx_90A_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_do_c20220101__20221231_zhbP7o8zfI76" title="Unrecognized tax benefits income tax penalties and interest expense"><span id="xdx_904_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_do_c20210101__20211231_zfd8LjAXfjBb" title="Unrecognized tax benefits income tax penalties and interest expense"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002461" format="ixt-sec:numwordsen" decimals="0" unitRef="JPY"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" contextRef="From2022-01-012022-12-31" id="Fact002463" format="ixt-sec:numwordsen" decimals="0" unitRef="JPY"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" contextRef="From2021-01-012021-12-31" id="Fact002465" format="ixt-sec:numwordsen" decimals="0" unitRef="JPY">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>t incur any interest or penalties tax
for the years ended December 31, 2023, 2022 and 2021. The Company does not anticipate any significant increases or decreases in unrecognized
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 148; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002469" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><p id="xdx_804_eus-gaap--RevenueFromContractWithCustomerTextBlock_zpOxCVwYOU11" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
17 &#8211; <span id="xdx_827_zAEu2RUOnTn9">DISAGGREGATION OF REVENUES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002471" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><p id="xdx_899_eus-gaap--DisaggregationOfRevenueTableTextBlock_zr2ko8ZX4qf7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zQGHIFg8ytX" style="display: none">SUMMARY
OF DISAGGREGATION OF REVENUES</span></span></p>

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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A4_zTqwWYkwd6m3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 149; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002551" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80A_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zIDDoL1K1r4l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
18 &#8211; <span id="xdx_823_zQF3Wh513bF4">RELATED PARTY TRANSACTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
related parties had material transactions for the years ended December 31, 2023, 2022 and 2021 consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Related Party</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 58%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nature
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sugimoto
    Hiroyuki</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO
    of the Company</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yuto
    Yoshiyuki</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COO
    of the Company</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Watanabe
    Takahide</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Strategy Officer (&#8220;CSO&#8221;) of the Company</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Li
    Tianqi</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">CAIO of the Company</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuchiwaki
    Takeshi</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Growth Officer (&#8220;CGO&#8221;) of the Company</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">SY Consulting Co., Ltd. (&#8220;SY Consulting&#8221;)</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><p style="margin: 0">A company controlled by CEO of the Company</p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sugimoto
    Architectural Design Foundation</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    company controlled by CEO of the Company</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYW
    Co., Ltd. (&#8220;SYW&#8221;)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    company controlled by CEO of the Company prior to April 2022, significantly influenced by CEO of the Company during the period from
    April 2022 to August 2023, and controlled by CEO of the Company after August 2023</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lifit
    Home Co., Ltd. (&#8220;Lifit Home&#8221;)*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiary
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GARNET
    Co., Ltd. (&#8220;GARNET&#8221;)*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiary
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYNS
    Co., Ltd. (&#8220;SYNS&#8221;)*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiary
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Flex
    Brain LLC (&#8220;Flex Brain&#8221;)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    company controlled by spouse of CGO of the Company</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
  <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These entities were divested in connection with the reorganization for the Company&#8217;s overseas listing and were
regarded as related parties of the Company prior to the disposal date. Upon completion of the disposition, the Company no longer holds
any equity interest or exercises significant influence over these entities. As a result, these entities ceased to be related parties to
the Company. The activities between the Company and these entities before the completion date of disposition were presented as related
party transactions in the consolidated statements of operations and comprehensive income and cash flows for all periods presented.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company borrowed JPY<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_uJPY_c20221231__srt--TitleOfIndividualAxis__custom--CAIOMember_zIzeSgjbiroj" title="Amount borrowed from related party"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-12-31_custom_CAIOMember" id="Fact002559" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">118,000</ix:nonFraction></span> from its CAIO during the year ended December 31, 2022 and repaid the amount
in full during the same year. The Company borrowed JPY400,000 from its CEO during the year ended December 31, 2021 and repaid the amount in full
during the same year and incurred interest expenses of JPY775.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 150; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company entered into a sale-leaseback transaction with SYW and sold a container for cash proceeds
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</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the year ended December 31, 2023. The operating
lease right-of-use assets and operating lease liabilities in connection with the lease are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002564" name="SYT:ScheduleOfOperatingLeaseRightOfUseAssetsAndLiabilitiesTableTextBlock"><p id="xdx_892_ecustom--ScheduleOfOperatingLeaseRightOfUseAssetsAndLiabilitiesTableTextBlock_zsLDpIovKR6c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zvoZRvojE1Ki" style="display: none">SCHEDULE
OF OPERATING LEASE RIGHT OF USE ASSETS AND OPERATING LEASE LIABILITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 18%">SYW</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left">Operating lease right-of-use assets</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span id="xdx_906_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SYWMember_zBWFopAHgJui" title="Operating lease right-of-use assets"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2023-12-31_custom_SYWMember" id="Fact002566" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">16,639</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span id="xdx_90E_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SYWMember_zmmPE8MwbLug" title="Operating lease right-of-use assets"><span style="-sec-ix-hidden: xdx2ixbrl2568">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">SYW</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease liabilities, current</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_902_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SYWMember_zx8E0GPMToP6" title="Operating lease liabilities current"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31_custom_SYWMember" id="Fact002570" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">11,684</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_901_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SYWMember_z3QsO6732vKh" title="Operating lease liabilities current"><span style="-sec-ix-hidden: xdx2ixbrl2572">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A1_ziEtISRoCpnk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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2023 and 2022 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zPQGEBpxWRbh">SCHEDULE OF RELATED PARTY TRANSACTIONS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr id="xdx_409_eus-gaap--AccountsPayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SYWMember__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherCurrentLiabilitiesMember__us-gaap--RelatedPartyTransactionAxis__custom--EntertainmentServiceMember_zv062VHgkDO6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
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receivable from related parties as of December 31, 2023 and 2022 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_8B2_zDkNbz6jlsXh">SCHEDULE
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</ix:nonNumeric></ix:nonNumeric><p id="xdx_8A5_z1UpmqcV4slg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002612" name="SYT:ScheduleOfRevenueFromRelatedPartiesTableTextBlock"><p id="xdx_892_ecustom--ScheduleOfRevenueFromRelatedPartiesTableTextBlock_zUkLlUwTdsci" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_z9Io6ZfQimZc" style="display: none">SCHEDULE
OF REVENUE FROM RELATED PARTIES</span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--Revenues_pn3n3_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YutoYoshiyukiMember__us-gaap--RelatedPartyTransactionAxis__custom--RentalIncomeAndRealEstateManagementIncomeMember_zuUMh4R7FEw2" title="Revenue from related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2021-01-012021-12-31_custom_YutoYoshiyukiMember_custom_RentalIncomeAndRealEstateManagementIncomeMember" id="Fact002624" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">63</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Watanabe Takahide</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Rental income</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WatanabeTakahideMember__us-gaap--RelatedPartyTransactionAxis__custom--RentalIncomeMember_zedtNHesnhY6" title="Revenue from related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-012023-12-31_custom_WatanabeTakahideMember_custom_RentalIncomeMember" id="Fact002626" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">1,095</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--Revenues_pn3n3_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WatanabeTakahideMember__us-gaap--RelatedPartyTransactionAxis__custom--RentalIncomeMember_zCG1QzK1Ojeh" title="Revenue from related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2022-01-012022-12-31_custom_WatanabeTakahideMember_custom_RentalIncomeMember" id="Fact002628" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">1,314</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--Revenues_pn3n3_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WatanabeTakahideMember__us-gaap--RelatedPartyTransactionAxis__custom--RentalIncomeMember_zcYVjYRB8Uc1" title="Revenue from related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2021-01-012021-12-31_custom_WatanabeTakahideMember_custom_RentalIncomeMember" id="Fact002630" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">1,314</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Li Tianqi</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Real estate management income</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--Revenues_pn3n3_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiTianqiMember__us-gaap--RelatedPartyTransactionAxis__custom--RealEstateManagementIncomeMember_zx1ndIqFpAsa" title="Revenue from related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-012023-12-31_custom_LiTianqiMember_custom_RealEstateManagementIncomeMember" id="Fact002632" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">482</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiTianqiMember__us-gaap--RelatedPartyTransactionAxis__custom--RealEstateManagementIncomeMember_zBy3VKgK8tO7" title="Revenue from related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2634">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiTianqiMember__us-gaap--RelatedPartyTransactionAxis__custom--RealEstateManagementIncomeMember_zXEefg0EEoM7" title="Revenue from related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2636">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Fuchiwaki Takeshi</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Real estate management income</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--Revenues_pn3n3_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FuchiwakiTakeshiMember__us-gaap--RelatedPartyTransactionAxis__custom--RealEstateManagementIncomeMember_zlPIONM74wR1" title="Revenue from related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-012023-12-31_custom_FuchiwakiTakeshiMember_custom_RealEstateManagementIncomeMember" id="Fact002638" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">142</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FuchiwakiTakeshiMember__us-gaap--RelatedPartyTransactionAxis__custom--RealEstateManagementIncomeMember_zEDCIwUefUK2" title="Revenue from related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2640">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">SYW</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Rental income, real estate management
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8A9_z8vjPE1wQpk9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 151; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002707" name="SYT:ScheduleOfRealEstatePropertiesPurchasedFromRelatedPartyTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfRealEstatePropertiesPurchasedFromRelatedPartyTableTextBlock_zI8mo1l5qNQ7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
estate properties purchased from related party for the years ended December 31, 2023, 2022 and 2021 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zbQFcFr4zsyf" style="display: none">SCHEDULE
OF REAL ESTATE PROPERTIES PURCHASED FROM RELATED PARTY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A7_zNdDlJQ3NCV3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002715" name="us-gaap:BusinessCombinationDisclosureTextBlock"><p id="xdx_807_eus-gaap--BusinessCombinationDisclosureTextBlock_zbQxVA0QYiv9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
19 &#8211; <span id="xdx_82B_zsB0XE8qTvF4">BUSINESS COMBINATION AND GOODWILL</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounted for business combination using the acquisition method of accounting under ASC Topic 805. The total purchase price was
allocated to the tangible and identifiable intangible assets acquired and liabilities and noncontrolling interests based on their estimated
fair values as of the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination of fair values involves the use of significant judgments and estimates. The judgments used to determine the estimated fair
value assigned to assets acquired and liabilities assumed, the intangible assets useful lives and noncontrolling interests, as well as the expected
future cash flows and related discount rate, can materially impact the Company&#8217;s consolidated financial statements. Significant
inputs and assumptions used for the model included the amount and timing of expected future cash flows and discount rate. The Company
utilized the assistance of third-party valuation appraisers to determine the fair values as of the date of acquisition for business combinations incurred during the years ended December 31, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Business
combination of the construction painting franchise business from ETP Inc.</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 20, 2023, SYLA Co completed the acquisition of the construction painting franchise business from ETP Inc. (&#8220;ETP
Construction Painting Franchise Business&#8221;). The Company aimed to enhance its real estate related business services through
this acquisition. The cash purchase consideration was JPY<span id="xdx_901_eus-gaap--BusinessCombinationPriceOfAcquisitionExpected_pn3n3_uJPY_c20231020__20231020__us-gaap--BusinessAcquisitionAxis__custom--ETPIncMember_z0MjSqqURgJ4" title="Purchase consideration"><ix:nonFraction name="us-gaap:BusinessCombinationPriceOfAcquisitionExpected" contextRef="From2023-10-202023-10-20_custom_ETPIncMember" id="Fact002717" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">5,800</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ETPIncMember" escape="true" id="Fact002719" name="us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--ETPIncMember_zMMys4ryDvmi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price was allocated on the acquisition date of ETP Construction Painting Franchise Business as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zYeNt0QdXn66" style="display: none">SCHEDULE
OF ACQUISITION OF PURCHASE PRICE</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_49B_20231020__us-gaap--BusinessAcquisitionAxis__custom--ETPIncMember_zWUeNVP56oD7" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total purchase consideration &#8211; ETP Construction Painting Franchise Business</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A0_zpQaB26RZqx2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
forma results of operations for the business combination of ETP Construction Painting Franchise Business have not been presented
because they are not material to the consolidated statements of operations and comprehensive income for the years ended December 31,
2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Business
combination of SYLA Solar</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 28, 2022, SYLA Tech completed the acquisition of <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20220228__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SYLASolarCoLtdMember_zlLJtJqvvkjj" title="Ownership percent"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-02-28_custom_SYLASolarCoLtdMember" id="Fact002731" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% equity interest of SYLA Solar and its subsidiaries. The Company aimed
to enter the field of solar power generation market, electricity wholesale and retail market and other renewable energy trading market
through this acquisition. The cash purchase consideration was JPY<span id="xdx_90D_eus-gaap--BusinessCombinationPriceOfAcquisitionExpected_pn3n3_uJPY_c20220228__20220228__us-gaap--BusinessAcquisitionAxis__custom--SYLASolarCoLtdMember_z5R4G2uQZbk6" title="Purchase consideration"><ix:nonFraction name="us-gaap:BusinessCombinationPriceOfAcquisitionExpected" contextRef="From2022-02-282022-02-28_custom_SYLASolarCoLtdMember" id="Fact002733" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">610,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SYLASolarCoLtdMember" escape="true" id="Fact002735" name="us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--SYLASolarCoLtdMember_zvYCFKmI2QVf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price was allocated on the acquisition date of SYLA Solar and its subsidiaries as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_z7KqrkVxuyG1" style="display: none">SCHEDULE
OF ACQUISITION OF PURCHASE PRICE</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_499_20220228__us-gaap--BusinessAcquisitionAxis__custom--SYLASolarCoLtdMember_zPcVMeit2Fb2" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pn3n3_zqSsvLu51BS7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify">Property, plant, and equipment, net</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" contextRef="AsOf2022-02-28_custom_SYLASolarCoLtdMember47762171" id="Fact002737" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">422,757</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSolarPowerSystems_iI_pn3n3_zuL1d1PdpyUa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Solar power systems, net</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="SYT:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSolarPowerSystems" contextRef="AsOf2022-02-28_custom_SYLASolarCoLtdMember47762171" id="Fact002739" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">365,419</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFavourableContracts_iI_pn3n3_zzMRIdLOiEbd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Favorable contracts</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="SYT:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFavourableContracts" contextRef="AsOf2022-02-28_custom_SYLASolarCoLtdMember47762171" id="Fact002741" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">247,527</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets_iNI_pn3n3_di_zJXv0k5vgzQ1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Deferred income tax liabilities, net</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets" contextRef="AsOf2022-02-28_custom_SYLASolarCoLtdMember47762171" id="Fact002743" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">154,246</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther_iNI_pn3n3_di_zSjGuCbVOXm1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other net liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther" contextRef="AsOf2022-02-28_custom_SYLASolarCoLtdMember47762171" id="Fact002745" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">578,266</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr id="xdx_40B_eus-gaap--Goodwill_iI_pn3n3_zLOM0CojKHX9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt">Goodwill</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2022-02-28_custom_SYLASolarCoLtdMember47762171" id="Fact002747" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">306,809</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest_iTI_pn3n3_zf0eAAwCm1Bd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Total purchase consideration &#8211; SYLA Solar</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest" contextRef="AsOf2022-02-28_custom_SYLASolarCoLtdMember47762171" id="Fact002749" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">610,000</ix:nonFraction></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zh1FcBjSCjxg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
forma results of operations for the business combination of SYLA Solar have not been presented because they are not material to the consolidated
statements of operations and comprehensive income for the years ended December 31, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Business
combination of SYLA Brain</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2021, SYLA Tech completed the acquisition of <span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20211231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SYLABrainCoLtdMember_zu6xvXhoKUe1" title="Ownership percent"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-31_custom_SYLABrainCoLtdMember" id="Fact002751" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">67</ix:nonFraction></span>% equity interest of SYLA Brain. The Company aimed to enter the field of
artificial intelligence in relation to real estate market and cryptocurrency mining market through this acquisition. The purchase consideration
was JPY<span id="xdx_906_eus-gaap--BusinessCombinationPriceOfAcquisitionExpected_pn3n3_uJPY_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--SYLABrainCoLtdMember_zsaa122UXrm8" title="Purchase consideration"><ix:nonFraction name="us-gaap:BusinessCombinationPriceOfAcquisitionExpected" contextRef="From2021-01-012021-12-31_custom_SYLABrainCoLtdMember" id="Fact002753" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">469,001</ix:nonFraction></span>, consisted of JPY<span id="xdx_90C_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_uJPY_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--SYLABrainCoLtdMember_zsZui59BvTki" title="Cash consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-01-012021-12-31_custom_SYLABrainCoLtdMember" id="Fact002755" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">210,000</ix:nonFraction></span> cash and JPY<span id="xdx_90E_eus-gaap--BusinessCombinationConsiderationTransferredOther1_pn3n3_uJPY_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--SYLABrainCoLtdMember_z3uutC0u1WXg" title="Consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferredOther1" contextRef="From2021-01-012021-12-31_custom_SYLABrainCoLtdMember" id="Fact002757" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">259,001</ix:nonFraction></span> equivalent to <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--SYLABrainCoLtdMember_z4gZLcEQXZr5" title="Shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2021-01-012021-12-31_custom_SYLABrainCoLtdMember" id="Fact002759" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,389</ix:nonFraction></span> SYLA Tech&#8217;s shares issued to SYLA Brain&#8217;s
original owners fair valued at the acquisition date. The Company withdrew from the mining machine business in December 2022 and disposed
of the business in January 2023. See Note 21.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SYLABrainCoLtdMember" escape="true" id="Fact002761" name="us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--SYLABrainCoLtdMember_zogKQ81AE6dg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price was allocated on the acquisition date of SYLA Brain as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_zt8LkbtV80k4" style="display: none">SCHEDULE
OF ACQUISITION OF PURCHASE PRICE</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_491_20211231__us-gaap--BusinessAcquisitionAxis__custom--SYLABrainCoLtdMember_zKperH4pFala" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory_iI_pn3n3_z3ooL5mZfh9i" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory" contextRef="AsOf2021-12-31_custom_SYLABrainCoLtdMember47762218" id="Fact002763" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">116,248</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTechnology_iI_pn3n3_zdiwvfwViSC6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Technologies</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets_iNI_pn3n3_di_zyjEvqluKrYf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Deferred income tax liabilities, net</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets" contextRef="AsOf2021-12-31_custom_SYLABrainCoLtdMember47762218" id="Fact002767" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">81,014</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther_iNI_pn3n3_di_zRANKpxOVWP7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther" contextRef="AsOf2021-12-31_custom_SYLABrainCoLtdMember47762218" id="Fact002769" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">27,956</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr id="xdx_408_eus-gaap--Goodwill_iI_pn3n3_zsMdVfxiMKY1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Goodwill</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2021-12-31_custom_SYLABrainCoLtdMember47762218" id="Fact002771" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">425,943</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue_iNI_pn3n3_di_zQzkwpxQ3pV" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt">Noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue" contextRef="AsOf2021-12-31_custom_SYLABrainCoLtdMember47762218" id="Fact002773" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">199,829</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest_iI_pn3n3_zeHbd7f3iru3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Total purchase consideration &#8211; SYLA Brain</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest" contextRef="AsOf2021-12-31_custom_SYLABrainCoLtdMember47762218" id="Fact002775" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">469,001</ix:nonFraction></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zIxd53vTbNLa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
forma results of operations for the business combination of SYLA Brain have not been presented because they are not material to the consolidated
statements of operations and comprehensive income for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Step
acquisition of SYLA Biotech</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 27, 2022, SYLA Tech and Makoto Ariki, a <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220427__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SYLABrainCoLtdMember_zRUtKA4mUAKj" title="Ownership percent"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-04-27_custom_SYLABrainCoLtdMember" id="Fact002777" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% shareholder of SYLA Brain, co-established SYLA Biotech. SYLA Tech and Makoto Ariki each
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shares of SYLA Biotech, at a price of JPY<span id="xdx_905_eus-gaap--BusinessCombinationPriceOfAcquisitionExpected_pn3n3_uJPY_c20220913__20220914__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SYLABiotechCoLtdMember_zLzEgWd9VWdc" title="Purchase consideration"><ix:nonFraction name="us-gaap:BusinessCombinationPriceOfAcquisitionExpected" contextRef="From2022-09-132022-09-14_custom_SYLABiotechCoLtdMember" id="Fact002783" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">10,000</ix:nonFraction></span> per share for a total consideration of JPY<span id="xdx_907_eus-gaap--PaymentsToAcquireBusinessesGross_pn3n3_uJPY_c20220913__20220914__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SYLABiotechCoLtdMember_zbd6NVZ4Hpsh" title="Cash consideration"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2022-09-132022-09-14_custom_SYLABiotechCoLtdMember" id="Fact002785" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">5,990</ix:nonFraction></span> in cash. SYLA Tech&#8217;s ownership
of SYLA Biotech thereby increased to <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220914__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SYLABiotechCoLtdMember__srt--RangeAxis__srt--MaximumMember_znrbDh6jlI0i" title="Ownership percent"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-09-14_custom_SYLABiotechCoLtdMember_srt_MaximumMember" id="Fact002787" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>%, and SYLA Biotech became a subsidiary of the SYLA Tech. The transaction was accounted for as
a step acquisition whereby the Company remeasured to fair value its previously held equity investment in SYLA Biotech and included such
in the determination of the purchase price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SYLABiotechCoLtdMember" escape="true" id="Fact002789" name="us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--SYLABiotechCoLtdMember_ziySQGnfySp1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price was allocated on the acquisition date of SYLA Biotech as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zsClEEpRoTTc" style="display: none">SCHEDULE OF ACQUISITION OF PURCHASE PRICE</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_497_20220427__us-gaap--BusinessAcquisitionAxis__custom--SYLABiotechCoLtdMember_zpyyIr2KEXg5" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_iI_pn3n3_zsc1My3ciGv6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Accounts receivables</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" contextRef="AsOf2022-04-27_custom_SYLABiotechCoLtdMember" id="Fact002791" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">8,852</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iNI_pn3n3_di_zSNAmhNLnCyg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Accounts payable</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" contextRef="AsOf2022-04-27_custom_SYLABiotechCoLtdMember" id="Fact002793" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">13,543</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_pn3n3_zTl8yapUHhk2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other net assets</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther" contextRef="AsOf2022-04-27_custom_SYLABiotechCoLtdMember" id="Fact002795" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">9,699</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--Goodwill_iI_pn3n3_zOLNSYcnfyb1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Goodwill</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2022-04-27_custom_SYLABiotechCoLtdMember" id="Fact002797" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">2,995</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue_iNI_pn3n3_di_zI6wOfsDhRxe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilities_iI_pn3n3_zhcd2dnoiw83" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredEquityMethodInvestment_iNI_pn3n3_di_zHSmj6ABLr1d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest_iI_pn3n3_zlAb28jppPPd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AA_zrMSyBgC3OVl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
forma results of operations for the business combination of SYLA Biotech have not been presented because they are not material to the
consolidated statements of operations and comprehensive income for the years ended December 31, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results of operations, financial position and cash flows of ETP Construction Painting Franchise Business, SYLA Solar and its subsidiaries,
SYLA Brain and SYLA Biotech have been included in the Company&#8217;s consolidated financial statements since the date of acquisition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s policy is to perform its annual impairment testing on goodwill for its reporting unit on December 31, of each fiscal
year or more frequently if events or changes in circumstances indicate that an impairment may exist. The Company did not recognize any
impairment loss on goodwill during the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002807" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_800_eus-gaap--IntangibleAssetsDisclosureTextBlock_zWlu9UxOxBjg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
20 &#8211;<span id="xdx_822_z6wddmXLqAE6"> INTANGIBLE ASSETS, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002809" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zzdEbhBZiMoa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B7_z1jiFxL1ZZV3" style="display: none">SCHEDULE
OF INTANGIBLE ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_msFLIANzBGG_zeWfBYeh8yC" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_mtFLIANzBGG_zQU0MFAbGdKc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2023-12-31" id="Fact002825" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">133,226</ix:nonFraction></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AD_zHW0eVyRTlSc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization expense was JPY<span id="xdx_901_eus-gaap--AccumulatedAmortizationOfOtherDeferredCosts_iI_uJPY_c20231231_zRKeCziAOek9" title="Amortization expense"><ix:nonFraction name="us-gaap:AccumulatedAmortizationOfOtherDeferredCosts" contextRef="AsOf2023-12-31" id="Fact002828" format="ixt:numdotdecimal" decimals="0" unitRef="JPY">61,135</ix:nonFraction></span>, JPY<span id="xdx_907_eus-gaap--AccumulatedAmortizationOfOtherDeferredCosts_iI_pn3n3_uJPY_c20221231_z9S5TLqcUzmj" title="Amortization expense"><ix:nonFraction name="us-gaap:AccumulatedAmortizationOfOtherDeferredCosts" contextRef="AsOf2022-12-31" id="Fact002830" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">117,026</ix:nonFraction></span> and <span id="xdx_90B_eus-gaap--AccumulatedAmortizationOfOtherDeferredCosts_iI_dxL_uJPY_c20211231_zbxcFfbmqW02" title="Amortization expense::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2832">nil</span></span> for the years ended December 31, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002834" name="us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock"><p id="xdx_891_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zjwKqzeLHEqd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the future estimated amortization costs for intangible assets are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_zm9sowZtAArh" style="display: none">SCHEDULE
OF FUTURE AMORTIZATION COSTS</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Years Ended December 31,</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_maFLIANzEtw_zqI1VPV3DqWe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_maFLIANzEtw_zokaSi8pypdd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8AD_zUZKwTA55Rnh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 153; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002850" name="us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock"><p id="xdx_809_eus-gaap--DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_zN5pzoLqBEcf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
21 &#8211; <span id="xdx_826_zCmjhvyrk1Cb">DISCONTINUED OPERATIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 30, 2022, in light of the deterioration of the crypto and mining machine market conditions, the Board of Directors of the Company
approved to withdraw from the mining machine business and dispose of the business to Getworks Co., Ltd. The disposal transaction was
closed on January 23, 2023 and the Company does not expect to have any continuing involvement in the mining machine business subsequent
to the closing. The disposition of the mining machine business represented a strategic shift that has or will have a major effect on
the Company&#8217;s operations and financial results. Accordingly, all results of the mining machine business have been removed from
continuing operations and presented as discontinued operations in our consolidated statements of operations and comprehensive income
for all periods presented. Additionally, all assets and liabilities of the mining machine business have been presented separately as
assets and liabilities of discontinued operations in the accompanying consolidated balance sheets as of December 31, 2023 and 2022. In
connection with the held for sale classification, the Company recognized an impairment of JPY<span id="xdx_900_ecustom--DiscontinuedOperationsForImpairment_pn3n3_uJPY_c20220101__20221231_zLlPa5ZfreMj" title="Discontinued operations for impairment"><ix:nonFraction name="SYT:DiscontinuedOperationsForImpairment" contextRef="From2022-01-012022-12-31" id="Fact002852" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">258,760</ix:nonFraction></span>, partially offset by a deferred
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in the accompanying consolidated statement of operations and comprehensive income for the year ended December 31, 2022.</span></p>

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January 23, 2023, the Company closed the transaction of disposition of the mining machine business. The Company recognized a loss of
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table presents financial results from discontinued operations, net of income taxes in our consolidated statements of operation
and comprehensive income for the period indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_402_eus-gaap--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentAbstract_iB_zh1pgEGOIYak" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" contextRef="AsOf2022-12-31_custom_MiningMachineBusinessMember" id="Fact002967" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">3,308</ix:nonFraction></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A8_zusQbcstz3dh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: center"><span id="xdx_F05_zFPWMgonxdFj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zAlAcV879whh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002968" xml:lang="en-US">In
    connection with the discontinued operation of mining machine business, the Company measured the disposal group at its fair value
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  </table>
<p id="xdx_8AF_zNV1uBtwpjuj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 154; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002972" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_802_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zSnuzV7Bt75j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
22 &#8211;<span id="xdx_82C_zbhHHiPn4RQl"> COMMITMENT AND CONTINGENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Purchase
Commitment</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of contractual commitments for the acquisition of real estate properties was JPY<span id="xdx_902_eus-gaap--ContractualObligation_iI_pn3n3_uJPY_c20231231_z2cXzug62g6j" title="Contractual commitment"><ix:nonFraction name="us-gaap:ContractualObligation" contextRef="AsOf2023-12-31" id="Fact002974" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">94,276</ix:nonFraction> </span>and JPY<span id="xdx_90F_eus-gaap--ContractualObligation_iI_pn3n3_uJPY_c20221231_zaYLKHefuMg3" title="Contractual commitment"><ix:nonFraction name="us-gaap:ContractualObligation" contextRef="AsOf2022-12-31" id="Fact002976" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">2,025,870</ix:nonFraction></span> as of December 31, 2023
and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Contingencies</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is involved in legal proceedings and claims in the ordinary course of business. In the opinion of management, none of such proceedings
and claims will have a significant impact on the Company&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002978" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80E_eus-gaap--SubsequentEventsTextBlock_zd7evI2GzBoh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
23 &#8211; <span id="xdx_82A_z0Uvf5N8XXbk">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the subsequent period, the Company entered into various loans with banks and financial institutions for working capital purpose and for
the purpose of purchasing and constructing real estate properties and solar power plants and systems. The Company paid off certain loans
in an aggregate amount of approximately JPY<span id="xdx_905_eus-gaap--PaymentsForLoans_pn3n3_uJPY_c20240513__20240513__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zUiE3FfH15ml" title="Paid off certain loans"><ix:nonFraction name="us-gaap:PaymentsForLoans" contextRef="From2024-05-132024-05-13_us-gaap_SubsequentEventMember" id="Fact002980" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">2,800,000</ix:nonFraction></span> ahead of schedule as the pledged real estate properties were sold to customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the subsequent period, the Company entered into various lease agreements for the purpose of subleasing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 15, 2023, the Company and Riberesute Corporation (&#8220;Riberesute&#8221;), a company listed on the Tokyo Stock Exchange,
entered into a share transfer agreement, pursuant to which the Company purchased <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20231115__20231115__dei--LegalEntityAxis__custom--RIBERESUTECorporationMember_zNyRATHLXbr3" title="Purchase of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-11-152023-11-15_custom_RIBERESUTECorporationMember" id="Fact002982" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,158,800</ix:nonFraction></span>
shares of Riberesute, equivalent to a <span id="xdx_904_ecustom--EquityInterestRate_iI_pid_dp_c20231115__dei--LegalEntityAxis__custom--RIBERESUTECorporationMember_zzDfxAcGGUif" title="Equity interest rate"><ix:nonFraction name="SYT:EquityInterestRate" contextRef="AsOf2023-11-15_custom_RIBERESUTECorporationMember" id="Fact002984" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20.39</ix:nonFraction></span>% equity interest in Riberesute, from four shareholders of Riberesute in an aggregate
cash consideration of approximately JPY<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pid_c20231115__20231115__dei--LegalEntityAxis__custom--RIBERESUTECorporationMember_ztt4nTg44JIk" title="Cash consideration amount"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2023-11-152023-11-15_custom_RIBERESUTECorporationMember" id="Fact002986" format="ixt:numdotdecimal" decimals="INF" unitRef="JPY">1,988,000</ix:nonFraction></span>.
On January 12, 2024, the Company closed the transaction of share purchase.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 26, 2024, <span id="xdx_904_ecustom--ExpirationDateOfStockDescription_c20240426__20240426__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zGC5aS9uvj47" title="Expiration date of stock, description"><ix:nonNumeric contextRef="From2024-04-262024-04-26_us-gaap_SubsequentEventMember" id="Fact002988" name="SYT:ExpirationDateOfStockDescription">the
Board of Directors of the Company approved the extension of the stock options expiration date from April 30, 2024 to April 30, 2027
for the stock options granted on May 31, 2014 and October 1, 2017, respectively. The valuation of stock options modification has not
yet completed as of the date of this report.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 30, 2024, SYLA Co issued <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240430__20240430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zZHYQQBcQmI8" title="Stock issued during period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2024-04-302024-04-30_us-gaap_SubsequentEventMember" id="Fact002990" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">45</ix:nonFraction></span>
shares to Riberesute for cash consideration of approximately JPY<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20240430__20240430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z5nnnI5v63p2" title="Cash consideration amount"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2024-04-302024-04-30_us-gaap_SubsequentEventMember" id="Fact002992" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="JPY">300,000</ix:nonFraction></span>.</span></p>

</ix:nonNumeric><p id="xdx_812_zEvDupIWhAQ6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_027"></span>ITEM
19. EXHIBITS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBIT
INDEX-</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.65in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1946216/000149315223012779/ex1-1.htm" style="-sec-extract: exhibit">Articles of Incorporation of the Registrant (English translation), included as Exhibit 1.1 to Annual Report on Form 20-F filed on April 18, 2023 and incorporated herein by reference.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1946216/000149315223023827/ex1-1.htm" style="-sec-extract: exhibit">Amendment to Articles of Incorporation of the registrant, included as Exhibit 1.1 to Form 6-K filed on July 6, 2023 and incorporated herein by reference.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1946216/000149315222032659/ex4-1.htm" style="-sec-extract: exhibit">Form of Deposit Agreement among the Registrant, the depositary, and holders and beneficial owners of the American Depositary Receipts, filed as Exhibit 4.1 to Form F-1 (File No. 333-268420) filed on November 16, 2022 and incorporated herein by reference.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1946216/000149315222032659/ex4-1.htm" style="-sec-extract: exhibit">Specimen American Depositary Receipt of the Registrant, included as Exhibit A in Exhibit 4.1 to Form F-1 (File No. 333-268420), filed on November 16, 2022 and incorporated herein by reference.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1946216/000149315223012779/ex2-3.htm" style="-sec-extract: exhibit">Description of Securities (Description of American Depositary Shares), included as Exhibit 2.3 to Annual Report on Form 20-F filed on April 18, 2023 and incorporated herein by reference.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1946216/000149315222032659/ex10-4.htm" style="-sec-extract: exhibit">9th Stock Acquisition Rights Allotment Agreement, dated November 9, 2022, between SYLA Technologies Co., Ltd. and HeartCore Enterprises, Inc., filed as Exhibit 10.4 to Form F-1 (File No. 333-268420) filed on November 16, 2022 and incorporated herein by reference.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1946216/000149315223003037/ex10-6.htm" style="-sec-extract: exhibit">Business Transfer Agreement, dated as of January 20, 2023, between SYLA Technologies Co., Ltd. and Getworks Co., Ltd., filed as Exhibit 10.6 to Form F-1 (File No. 333-268420) filed on January 30, 2023 and incorporated herein by reference.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1946216/000149315223010434/ex4-1.htm" style="-sec-extract: exhibit">Form of Representative&#8217;s Warrant from SYLA Technologies Co., Ltd. to Boustead Securities, LLC, filed as Exhibit 4.1 to Form 6-K filed on March 31, 2023 and incorporated by reference herein.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6*</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-6.htm">Share Transfer Agreement, dated November 15, 2023, between SYLA Technologies Co., Ltd. and Riberesute Corporation.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7*</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-7.htm">Basic Agreement on Collaboration, dated December 8, 2023, between SYLA Technologies Co., Ltd. and BlackRock Japan Co., Ltd.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8*</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-8.htm">Capital and Business Alliance Agreement, dated January 23, 2024, between SYLA Technologies Co., Ltd. and Riberesute Corporation.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1946216/000149315223012779/ex11-1.htm" style="-sec-extract: exhibit">Code of Ethics and Business Conduct of the Registrant., included as Exhibit 11.1 to Annual Report on Form 20-F filed on April 18, 2023 and incorporated herein by reference.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1946216/000149315223012779/ex11-2.htm" style="-sec-extract: exhibit">Insider Trading Policy of the Registrant, included as Exhibit 11.2 to Annual Report on Form 20-F filed on April 18, 2023 and incorporated herein by reference.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-1.htm">Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-2.htm">Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-1.htm">Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-2.htm">Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex15-1.htm">Consent of Independent Registered Public Accounting Firm.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex97-1.htm">Compensation Recovery Policy of the Registrant</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Instance Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Schema Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furnished
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_028"></span>SIGNATURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SYLA
    Technologies Co., Ltd.</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 50%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    15, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Hiroyuki Sugimoto</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hiroyuki
    Sugimoto</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
20-F
☐
REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
    the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
file number
001-41662
SYLA
TECHNOLOGIES CO., LTD.
(Exact
name of registrant as specified in its charter)
Japan
(Jurisdiction
of incorporation or organization)
Ebisu
Prime Square Tower 7F
, 1-1-39
Hiroo,
Shibuya-ku
, Tokyo,
Japan
Telephone:
+81 3-4560-0650
(Address
of principal executive offices)
Hiroyuki
Sugimoto
Chief
Executive Officer
Ebisu
Prime Square
Tower 7F, 1-1-39
Hiroo,
Shibuya-ku
, Tokyo,
Japan
Telephone:
+
81
3-4560-0650
Email:
info@syla.jp
(Name,
Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    Symbol
Name
of each exchange on which registered
American
    Depositary Shares, each representing one one-hundredth of one common share
SYT
The
Nasdaq
Stock Market LLC
Common
    Shares, no par value*
The
Nasdaq
Stock Market LLC
*
Not for trading, but only in connection with the listing of the American Depositary Shares on The Nasdaq Stock Market LLC.
Securities
registered or to be registered pursuant to Section 12(g) of the Act: None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report:
260,891
Common Shares
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or Section 15(d) of the Securities Exchange Act of 1934.
Yes
☐
No
☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of "large accelerated filer," "accelerated filer" and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer
☒ Emerging growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒ International Financial Reporting Standards as issued by the International Accounting Standards Board ☐ Other ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.
☐
Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes
☐ No
☒
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
Yes
☐ No ☐
TABLE
OF CONTENTS
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
PART I.
ITEM
    1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
ITEM
    2.
OFFER STATISTICS AND EXPECTED TIMETABLE
1
ITEM
    3.
KEY INFORMATION
1
ITEM
    4.
INFORMATION ON THE COMPANY
36
ITEM
    4A.
UNRESOLVED STAFF COMMENTS
61
ITEM
    5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
61
ITEM
    6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
77
ITEM
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
88
ITEM
    8.
FINANCIAL INFORMATION
90
ITEM
    9.
THE OFFER AND LISTING
91
ITEM
    10.
ADDITIONAL INFORMATION
91
ITEM
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
103
ITEM
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
104
PART II.
ITEM
    13.
DEFAULTS, DIVIDENDS ARREARAGES AND DELINQUENCIES
106
ITEM
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
107
ITEM
    15.
CONTROLS AND PROCEDURES
107
ITEM
    16.
[RESERVED]
ITEM
    16A.
AUDIT COMMITTEE FINANCIAL EXPERT
108
ITEM
    16B.
CODE OF ETHICS
108
ITEM
    16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
108
ITEM
    16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
109
ITEM
    16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
109
ITEM
    16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
109
ITEM
    16G.
CORPORATE GOVERNANCE
109
ITEM
    16H.
MINE SAFETY DISCLOSURE
112
ITEM
    16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
112
ITEM
    16J.
INSIDER TRADING POLICIES
112
ITEM
    16K.
CYBERSECURITY
112
PART III.
ITEM
    17.
FINANCIAL STATEMENTS
112
ITEM
    18.
FINANCIAL STATEMENTS
112
ITEM
    19.
EXHIBITS
113
Signatures
114
i
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Various
statements contained in this annual report, including those that express a belief, expectation or intention, as well as those that are
not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates
concerning our possible or assumed future results of operations, financial condition, business strategies and plans, market opportunity,
competitive position, industry environment, and potential growth opportunities. In some cases, you can identify forward-looking statements
by terms such as "may", "will", "should", "believe", "expect", "could",
"intend", "plan", "anticipate", "estimate", "continue", "predict",
"project", "potential", "target," "goal" or other words that convey the uncertainty of
future events or outcomes. You can also identify forward-looking statements by discussions of strategy, plans or intentions. We have
based these forward-looking statements on our current expectations and assumptions about future events. While our management considers
these expectations and assumptions to be reasonable, because forward-looking statements relate to matters that have not yet occurred,
they are inherently subject to significant business, competitive, economic, regulatory and other risks, contingencies and uncertainties,
most of which are difficult to predict and many of which are beyond our control. These and other important factors, including, among
others, those discussed in this annual report under the headings "Risk Factors", "Operating and Financial Review and
Prospects", and "Business Overview" may cause our actual results, performance or achievements to differ materially
from any future results, performance or achievements expressed or implied by the forward-looking statements in this annual report. Some
of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements
in this annual report include:
●
the
    size and growth potential of the markets for our services, and our ability to serve those markets;
●
the
    rate and degree of market acceptance of our services;
●
our
    ability to expand our sales organization to address effectively existing and new markets that we intend to target;
●
impact
    from future regulatory, judicial, and legislative changes or developments in the U.S. and foreign countries;
●
our
    ability to compete effectively in a competitive industry;
●
our
    ability to obtain funding for our operations;
●
our
    ability to attract collaborators and strategic partnerships;
●
our
    ability to continue to meet the Nasdaq requirements;
●
our
    ability to meet our other financial operating objectives;
●
the
    availability of qualified employees for our business operations;
●
general
    business and economic conditions (including, without limitation, risks associated construction plans and labor-related matters);
●
our
    ability to meet our financial obligations as they become due;
●
positive
    cash flows and financial viability of our operations and new business opportunities;
●
ability
    to secure intellectual property rights over our proprietary services;
●
our
    ability to be successful in new markets;
●
our
    ability to avoid infringement of intellectual property rights; and
●
the
    positive cash flows and financial viability of our operations and new business opportunities
We
describe certain material risks, uncertainties, and assumptions that could affect our business, including our financial condition and
results of operations, under "
Risk Factors
." We base our forward-looking statements on our management's beliefs
and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes
and results may, and are likely to, differ materially from what is expressed, implied or forecast by our forward-looking statements.
Accordingly, potential investors should be careful about relying on any forward-looking statements. Except as required under the federal
securities laws, we do not have any intention or obligation to update publicly any forward-looking statements after the date of this
annual report, whether as a result of new information, future events, changes in assumptions, or otherwise.
Any
forward-looking statement that we make in this annual report speaks only as of the date of this annual report. Except as required by
law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking
statements in this annual report, whether as a result of new information, future events or otherwise, after the date of this annual report.
ii
PART
I.
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
applicable.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
3. KEY INFORMATION
A.
[Reserved]
B.
Capitalization and Indebtedness
Not
applicable.
C.
Reasons for the Offer and Use of Proceeds
Not
applicable.
D.
Risk Factors
RISK
FACTORS
An
investment in the ADSs is highly speculative and involves a high degree of risk. We operate in a dynamic and rapidly changing industry
that involves numerous risks and uncertainties. You should carefully consider the factors described below, together with all of the other
information contained in this annual report, including the audited financial statements and the related notes included in this annual
report, before deciding whether to invest in the ADSs. These risk factors are not presented in the order of importance or probability
of occurrence. If any of the following risks actually occurs, our business, financial condition and results of operations could be materially
and adversely affected. In that event, the market price of the ADSs could decline, and you could lose part or all of your investment.
Some statements in this annual report, including statements in the following risk factors, constitute forward-looking statements. Please
refer to the section entitled "Cautionary Statement Regarding Forward-Looking Statements."
We
operate in a dynamic and rapidly changing industry that involves numerous risks and uncertainties. You should carefully consider the
factors described below, together with all of the other information contained in this annual report, including the audited financial
statements and the related notes included in this annual report. These risk factors are not presented in the order of importance or probability
of occurrence. If any of the following risks actually occurs, our business, financial condition and results of operations could be materially
and adversely affected. Some statements in this annual report, including statements in the following risk factors, constitute forward-looking
statements. Please refer to the section entitled "Cautionary Note Regarding Forward-Looking Statements."
As
used in this annual report, the terms "the Company", "SYLA Technologies", "we", "our"
or "us" may, depending upon the context, refer solely to the Company, to one or more of the Company's consolidated
subsidiaries or to all of them taken as a whole.
Our
functional currency and reporting currency is the Japanese yen (which we refer to as "JPY" or "¥"). The terms
"dollar," "USD," "US$" or "$" refer to U.S. dollars, the legal currency of the United
States. Convenience translations included in this annual report of Japanese yen into U.S. dollars have been made at the exchange rate
of ¥140.92= US$1.00, which was the foreign exchange rate on December 29, 2023 as reported by the Board of Governors of the Federal
Reserve System (which we refer to as the "U.S. Federal Reserve") in weekly release on January 2, 2024. Historical and current
exchange rate information may be found at www.federalreserve.gov/releases/h10/.
1
Summary
Risk Factors
Investing
in our company involves significant risks. You should carefully consider all of the information in this annual report before making an
investment in our company. These risks include the following:
●
Our
                                            ability to raise capital in the future may be limited, and our failure to raise capital when
                                            needed could prevent us from growing.
●
There
                                            is a risk that we will be a passive foreign investment company (which we refer to as "PFIC")
                                            for the current or any future taxable year, which could result in material adverse U.S. federal
                                            income tax consequences if you are a U.S. holder.
●
It
                                            may not be possible for investors to effect service of process within the United States upon
                                            most our directors, corporate auditors and executive officers, or to enforce against us or
                                            those persons judgments obtained in U.S. courts predicated upon the civil liability provisions
                                            of the federal securities laws of the United States.
●
Rights
                                            of shareholders under Japanese law may be different from rights of shareholders in other
                                            jurisdictions.
●
Substantially
                                            all of our revenues are generated in Japan, but an increase of our international presence
                                            could expose us to fluctuations in foreign currency exchange rates, or a change in monetary
                                            policy may harm our financial results.
●
As
                                            a "foreign private issuer" we are permitted, and intend, to follow certain home
                                            country corporate governance and other practices instead of otherwise applicable SEC and
                                            Nasdaq requirements, which may result in less protection than is accorded to investors under
                                            rules applicable to domestic U.S. issuers.
●
As
                                            an "emerging growth company" under the JOBS Act, we are permitted to rely on
                                            exemptions from certain disclosure requirements.
●
If
                                            we are unable to implement and maintain effective internal control over financial reporting
                                            in the future, investors may lose confidence in the accuracy and completeness of our financial
                                            reports and have an adverse effect on the value of our securities.
●
As
                                            an emerging growth company, our auditor will not be required to attest to the effectiveness
                                            of our internal controls.
●
We incur significant costs as a result of operating
                                            as a public company, and our management is required to devote substantial time to new
                                            compliance initiatives.
●
We
                                            depend on certain officers of the Company, the loss of whom could materially harm our business.
●
Real
                                            estate development projects are subject to numerous risks outside the Company's control
                                            such as governmental regulations and associated legal concerns, delays in permitting and
                                            other governmental approvals, potential delays in project initiation or completion, increased
                                            expenses, restrictions on construction or other activities, increased costs, and labor shortages.
●
Commercial
                                            and residential property building is subject to warranty and construction defect claims in
                                            the ordinary course of business that can be significant.
●
We
                                            rely on subcontractors, which can expose us to various liability risks.
●
We
                                            rely on our ability and the ability of our customers to obtain bank loans.
●
Failure
                                            to manage land acquisitions, inventory and construction and development processes could result
                                            in significant cost overruns or errors in valuing sites.
●
If
                                            land is not available at competitive prices, our sales and results of operations could be
                                            adversely affected.
●
If
                                            the value of our land inventory decreases, our results of operations could be adversely affected
                                            by impairments and write-downs.
●
A
                                            material amount of our revenues may be concentrated in one or more large customers. If we
                                            lose or experience a significant reduction in sales to such key customers, our revenues may
                                            decrease substantially and our results of operations and financial condition may be harmed.
●
Historically,
                                            we have relied to a material extent on certain suppliers. If we encounter delays or difficulties
                                            in securing the required materials from such suppliers and are unable to find replacements
                                            or immediately transition to alternative suppliers, the lack of supplies delaying the production
                                            of our products could have a material adverse effect on our financial condition, results
                                            of operations and reputation.
●
If
                                            we experience shortages in labor supply, increased labor costs or labor disruptions, there
                                            could be delays or increased costs in developing our real estate, which could adversely affect
                                            our operating results.
●
Failure
                                            to recruit, retain and develop highly skilled, competent people at all levels may have a
                                            material adverse effect on our standards of service.
2
●
Regulations
                                            regarding environmental matters and climate change may affect us by substantially increasing
                                            our costs and exposing us to potentially liability.
●
Raw
                                            materials and building supply shortages and price fluctuations could delay or increase the
                                            cost of commercial and residential property construction and adversely affect our operating
                                            results.
●
We
                                            intend to have significant operations in certain geographic areas, which will subject us
                                            to an increased risk of loss of revenue or decreases in the market value of our land and
                                            commercial and residential properties in these regions from factors which may affect any
                                            of these regions.
●
We
                                            participate in certain unconsolidated joint ventures, including those where we do not have
                                            a controlling interest, where we may be adversely impacted by the failure of the unconsolidated
                                            joint venture or the other partners in the unconsolidated joint venture to fulfill their
                                            obligations.
●
A
                                            major health and safety incident relating to our business could be costly in terms of potential
                                            liabilities and reputational damage.
●
Ownership
                                            or occupation of land and the use of hazardous materials carries potential environmental
                                            risks and liabilities.
●
Shortages
                                            of utilities and resources and fluctuations in rates could adversely affect our business.
●
The
                                            illiquidity of real estate investments could significantly impede our ability to respond
                                            to adverse changes in the performance of our properties.
●
We
                                            may not make a profit if we sell a property.
●
Competition
                                            for acquisitions may result in fewer acquisition opportunities and increased prices for properties,
                                            which may impede our growth and materially and adversely affect us.
●
The
                                            consideration paid for our target acquisition may exceed fair market value, which may harm
                                            our financial condition and operating results. We may also be unable to lease vacant space
                                            or renegotiate existing leases at market rates, which would adversely affect our returns
                                            on a target acquisition.
●
The
                                            real estate crowdfunding platforms may not operate as we anticipate.
●
If
                                            the security of our investors' confidential information stored on the real estate crowdfunding
                                            platforms is breached or otherwise subjected to unauthorized access, their secure information
                                            may be stolen.
●
Any
                                            significant disruption in service on the real estate crowdfunding platforms or in their computer
                                            or communications systems could reduce their attractiveness and result in a loss of users.
●
If
                                            we were to enter bankruptcy proceedings, the operation of the real estate crowdfunding platforms
                                            and the activities with respect to our operations and business would be interrupted.
●
Inappropriate
                                            business behavior of entrepreneurs raising funds via our platforms could result in reputational
                                            or financial damages to our business.
●
Our
                                            crowdfunding platform operates on an online distribution model and is, therefore, subject
                                            to internet cyber risk.
●
Increasing
                                            competition within our emerging industry could have an impact on our business prospects.
●
Our
                                            level of indebtedness could materially and adversely affect our business, financial condition
                                            and results of operations.
●
Our
                                            outstanding debt agreements may limit our flexibility in operating and expanding our business.
●
We
                                            might obtain lines of credit and other borrowings, which increases our risk of loss due to
                                            potential foreclosure.
●
We
                                            have broad authority to incur debt.
●
Investors
                                            will not receive the benefit of the regulations provided to real estate investment trusts
                                            or investment companies.
●
If
                                            we are deemed to be an investment company, we may be required to institute burdensome compliance
                                            requirements and our activities may be restricted.
●
The
                                            exemption from the Investment Company Act of 1940 may restrict our operating flexibility.
                                            Failure to maintain this exemption may adversely affect our profitability.
●
We
                                            may suffer losses that are not covered by insurance.
●
Solar
                                            power generation is weather-dependent, and power production fluctuates depending on weather
                                            conditions such as clouds and rain. This can make power generation inconsistent and difficult
                                            to predict.
●
AI-related
                                            businesses are subject to risks such as slow market growth, competition, inability to secure
                                            development personnel, leakage of confidential information, procurement of semiconductors,
                                            and dependence on certain individuals (Tianqi Li, Chief AI Officer of SYLA Technologies Co.,
                                            Ltd, and the Representative Director of SYLA Brain Co., Ltd.), which could affect our business
                                            and earnings if the AI-related market growth slows significantly.
●
Failure
                                            to protect our intellectual property could substantially harm our business and operating
                                            results.
●
Assertions
                                            by third parties of infringement or other violation by us of their intellectual property
                                            rights could result in significant costs and substantially harm our business and operating
                                            results.
●
If
                                            our cost efficiency measures are not successful, we may become less competitive.
●
Failure
                                            to deliver high-quality products, software, and services could lead to loss of customers
                                            and diminished profitability.
3
●
Cyber-attacks
                                            and other security incidents that disrupt our operations or result in the breach or other
                                            compromise of proprietary or confidential information about us or our workforce, customers,
                                            or other third parties could disrupt our business, harm our reputation, cause us to lose
                                            clients and expose us to costly regulatory enforcement and litigation.
●
We
                                            may not successfully implement our acquisition strategy, which could result in unforeseen
                                            operating difficulties and increased costs.
●
Our
                                            ability to generate substantial non-U.S. net revenue is subject to additional risks and uncertainties.
●
Compliance
                                            requirements of current or future environmental and safety laws, or other laws, may increase
                                            costs, expose us to potential liability and otherwise harm our business.
●
Natural
                                            disasters, terrorism, armed hostilities, pandemics or other public health issues could harm
                                            our business.
●
Global
                                            climate change, and legal, regulatory, or market measures to address climate change, may
                                            negatively affect or business, operations, and financial results.
●
We
                                            may face substantial damages or be enjoined from pursuing important activities as a result
                                            of future litigation, arbitration or other claims.
●
Constriction
                                            of the capital markets could limit our ability to access capital and increase our costs of
                                            capital.
●
We
                                            anticipate having a substantial amount of debt which could adversely affect our business,
                                            financial condition or results of operations and prevent us from fulfilling our debt-related
                                            obligations.
●
Markets
                                            in which the Company is anticipated to invest are subject to a high degree of volatility
                                            and, therefore, the Company's performance may be volatile.
●
The
                                            volatile credit and capital markets could have a material adverse effect on our financial
                                            condition.
●
A
                                            prolonged economic downturn could materially affect us in the future.
●
The
                                            Company is subject to changes in the Labor Standards Law and other regulations, and violations
                                            of such laws and regulations may adversely affect the Company's business performance
                                            and reputation.
●
Failure
                                            to strengthen our internal controls could have a significant adverse impact on the Company
                                            and its business performance and reputation.
●
The
                                            ADSs are listed on Nasdaq, and there can be no assurance that we will be able to comply with
                                            Nasdaq's continued listing standards.
●
The
                                            price of ADSs could be subject to rapid and substantial volatility.
●
The
                                            price of the ADSs may fluctuate substantially.
●
If
                                            securities or industry analysts do not publish research or publish inaccurate or unfavorable
                                            research about our business, the price of the ADSs and trading volume could decline.
●
If
                                            the voting power of our capital stock continues to be highly concentrated, it may prevent
                                            you and other minority shareholders from influencing significant corporate decisions and
                                            may result in conflicts of interest.
●
If
                                            the benefits of any proposed acquisition do not meet the expectations of investors, stockholders
                                            or financial analysts, the market price of the ADSs may decline.
●
The
                                            payment of future dividends on our common shares, if any, will be at the discretion of our
                                            board of directors and will depend on many factors on which the board of directors may determine
                                            not to do so.
●
Sales
                                            of a substantial number of common shares or ADSs in the public markets by our existing shareholders
                                            in the future could cause the price of the ADSs to fall.
●
The
                                            future issuance of additional common shares in connection with our stock options, convertible
                                            bonds, acquisitions or otherwise may adversely affect the market of the ADSs.
●
The
                                            right of holders of ADSs to participate in any future rights offerings may be limited, which
                                            may cause dilution to their holdings and holders of ADSs may not receive cash dividends if
                                            it is impractical to make them available to them.
●
Issuance
                                            of ADSs and surrender of ADSs for the purpose of withdrawal of shares may be suspended.
●
We
                                            may amend the deposit agreement without consent from holders of ADSs and, if such holders
                                            disagree with our amendments, their choices will be limited to selling the ADSs or withdrawing
                                            the underlying common shares.
●
Holders
                                            of ADSs may not receive distributions on our common shares or any value for them if it is
                                            illegal or impractical to make them available to such holders.
●
ADS
                                            holders may not be entitled to a jury trial with respect to claims arising under the deposit
                                            agreement, which could result in less favorable outcomes to the plaintiff(s) in any such
                                            action.
Risks
Related to our Business
Our
ability to raise capital in the future may be limited, and our failure to raise capital when needed could prevent us from growing.
Our
business and operations may consume resources faster than we anticipate. In the future, we may need to raise additional funds to invest
in future growth opportunities. Additional financing may not be available on favorable terms, if at all. If adequate funds are not available
on acceptable terms, we may be unable to invest in future growth opportunities, which could seriously harm our business and operating
results. If we incur debt, the debt holders would have rights senior to equity holders to make claims on our assets, and the terms of
any debt could restrict our operations, including our ability to pay dividends on our ADSs. Furthermore, if we issue equity securities,
holders of our ADSs will experience dilution, and the new equity securities could have rights senior to those of our common shares and
ADSs. Any additional equity or equity-linked financings would be dilutive to our holders of ADSs. Because our decision to issue securities
in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount,
timing or nature of our future offerings. As a result, holders of our ADSs bear the risk of our future securities offerings reducing
the market price of our ADSs and diluting their interest.
4
There
is a risk that we will be a passive foreign investment company (which we refer to as "PFIC") for the current or any future
taxable year, which could result in material adverse U.S. federal income tax consequences if you are a U.S. holder.
A
non-U.S. corporation, such as our Company, is classified as a PFIC for any taxable year in which, after applying relevant look-through
rules with respect to the income and assets of its subsidiaries, either:
(i)
50% or more of the value of the corporation's assets either produce passive income or are held for the production of passive income,
based on the quarterly average of the fair market value of such assets; or
(ii)
at least 75% of the corporation's gross income is passive income. "Passive income" generally includes, for example,
dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities
transactions. In determining the value and composition of our assets, the cash we raised in our initial public offering generally was
considered to be held for the production of passive income and thus was considered a passive asset.
The
determination of whether a corporation is a PFIC for a taxable year depends, in part, on the application of complex U.S. federal income
tax rules that are subject to differing interpretations. In addition, the determination of whether a corporation will be a PFIC for any
taxable year can only be made after the close of such taxable year. Our PFIC status depends, in part, on the amount of cash that we raise
and how quickly we utilize the cash in our business. Furthermore, a decrease in the market price of the ADSs may also cause us to be
classified as a PFIC for the current or any future taxable year. Based upon the foregoing, it is uncertain whether we will be a PFIC
for our current taxable year or any future taxable year. We believe we were not a PFIC in prior taxable year 2023 because less than 75%
of our gross income was passive income and less than 50% of the average value of our assets consisted of assets that would produce passive
income in 2022.
5
If
we are a PFIC for any taxable year during which a U.S. holder (as defined below) owns common shares or ADSs, certain adverse U.S. federal
income tax consequences could apply to such U.S. holder. We have not determined, if we were to be classified as a PFIC for a taxable
year, whether we will provide information necessary for a U.S. holder to make a "qualified electing fund" election which,
if available, would result in tax treatment different from (and generally less adverse than) the general tax treatment for PFICs. Accordingly,
U.S. holders should assume that they will not be able to make a qualified electing fund election with respect to the common shares or
ADSs. The PFIC rules are complex, and each U.S. holder should consult its own tax advisor regarding the PFIC rules, the elections which
may be available to it, and how the PFIC rules may affect the U.S. federal income tax consequences relating to the ownership and disposition
of our common shares or ADSs.
It
may not be possible for investors to effect service of process within the United States upon most our directors, corporate auditors and
executive officers, or to enforce against us or those persons judgments obtained in U.S. courts predicated upon the civil liability provisions
of the federal securities laws of the United States.
We
are a joint stock corporation organized under Japanese law. Most of our directors, corporate auditors and executive officers reside in
Japan, and significantly all of our assets and the assets of such persons are located outside of the United States. As a result, it may
not be possible for investors to effect service of process within the United States upon these persons or us, or to enforce against them
or us judgments obtained in U.S. courts, whether or not predicated upon the civil liability provisions of the federal securities laws
of the United States or of the securities laws of any state of the United States. There is doubt as to the enforceability in Japan, either
in original actions or in actions for enforcement of judgments of U.S. courts, of civil liabilities predicated solely on the federal
securities laws of the United States or the securities laws of any state of the United States. A Japanese court may refuse to apply provisions
of U.S. securities laws in original actions, or to enforce judgments of U.S. courts that are based on such provisions, if it considers
such provisions to be contrary to the public policy of Japan. The United States and Japan do not currently have a treaty providing for
reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters, and a Japanese court
may deem that there is not sufficient basis for the reciprocity on the enforcement of judgments. Therefore, if you obtain a civil judgment
by a U.S. court, you may not be able to enforce it in Japan.
Rights
of shareholders under Japanese law may be different from rights of shareholders in other jurisdictions.
Our
articles of incorporation and the Companies Act of Japan (which we refer to as the "Companies Act") govern our corporate
affairs. Legal principles relating to matters such as the validity of corporate procedures, directors' fiduciary duties and obligations,
and shareholders' rights under Japanese law may be different from, or less clearly defined than, those that would apply to a company
incorporated in any other jurisdiction. Shareholders' rights under Japanese law may not be as extensive as shareholders'
rights under the laws of other countries. For example, under the Companies Act, only holders of 3% or more of our total voting rights
or our outstanding shares are entitled to examine our accounting books and records. Furthermore, there is a degree of uncertainty as
to what duties the directors of a Japanese joint stock corporation may have in response to an unsolicited takeover bid, and such uncertainty
may be more pronounced than that in other jurisdictions.
Substantially
all of our revenues are generated in Japan, but an increase of our international presence could expose us to fluctuations in foreign
currency exchange rates, or a change in monetary policy may harm our financial results.
Our
functional currency and reporting currency is the Japanese yen. Substantially all of our revenues are generated in Japan, but an increase
in our international presence could expose us to fluctuations in foreign currency exchange rates. We are subject to the effects of exchange
rate fluctuations with respect to any of these currencies which, among other factors, may be influenced by governmental policies and
domestic and international economic and political developments. If our non-Japanese revenues increase substantially in the future, any
significant change in the value of the currencies of the countries in which we do business against the Japanese yen could adversely affect
our financial condition and results of operations due to translational and transactional differences in exchange rates.
We
cannot predict the effects of exchange rate fluctuations upon our future operating results because of the number of currencies involved,
the amount of our revenues that will be generated in other countries, the variability of currency exposures, and the potential volatility
of currency exchange rates. We do not take actions to manage our foreign currency exposure, such as entering into hedging transactions.
6
As
a "foreign private issuer" we are permitted, and intend, to follow certain home country corporate governance and other practices
instead of otherwise applicable SEC and Nasdaq requirements, which may result in less protection than is accorded to investors under
rules applicable to domestic U.S. issuers.
Our
status as a foreign private issuer exempts us from compliance with certain SEC laws and regulations and certain regulations of The Nasdaq
Capital Market (which we refer to as "Nasdaq"), including certain governance requirements such as independent director oversight
of the nomination of directors and executive compensation. Further, consistent with corporate governance practices in Japan, we do not
have a standalone compensation committee or nomination and corporate governance committee under our board. In addition, we are not required
under the Exchange Act to file current reports and financial statements with the U.S. Securities and Exchange Commission (which we refer
to as the "SEC") as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange
Act and we are generally exempt from filing quarterly reports with the SEC. Also, we are not required to provide the same executive compensation
disclosures regarding the annual compensation of our five most highly compensated senior executives on an individual basis as are required
of U.S. domestic issuers. As a foreign private issuer, we are permitted to disclose executive compensation on an aggregate basis and
need not supply a Compensation Discussion & Analysis, as is required for domestic companies. Furthermore, as a foreign private issuer,
we are also not subject to the requirements of Regulation FD (Fair Disclosure) promulgated under the Exchange Act. These exemptions and
accommodations will reduce the frequency and scope of information and protections to which you are entitled as an investor.
As
an "emerging growth company" under the JOBS Act, we are permitted to rely on exemptions from certain disclosure requirements.
We
qualify as an "emerging growth company" under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions
from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to:
●
have
    an auditor report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;
●
comply
    with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation
    or a supplement to the auditors' report providing additional information about the audit and the consolidated financial statements
    (i.e., an auditor discussion and analysis);
●
submit
    certain executive compensation matters to stockholder advisory votes, such as "say-on-pay" and "say-on-frequency";
    and
●
disclose
    certain executive compensation related items such as the correlation between executive compensation and performance and comparisons
    of the chief executive officer's compensation to median employee compensation.
In
addition, Section 102 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period
provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging
growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We have elected to take advantage of the benefits of this extended transition period. Our consolidated financial statements may therefore
not be comparable to those of companies that comply with such new or revised accounting standards.
We
will remain an "emerging growth company" for up to five years, or until the earliest of (i) the last day of the first fiscal
year in which our total annual gross revenues exceed US$1 billion, (ii) the date that we become a "large accelerated filer"
as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our membership interests that is held by non-affiliates
exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter or (iii) the date on which we
have issued more than US$1 billion in non-convertible debt during the preceding three year period.
7
Until
such time, however, we cannot predict if investors will find our securities less attractive because we may rely on these exemptions.
If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the
price of our securities may be more volatile.
If
we are unable to implement and maintain effective internal control over financial reporting in the future, investors may lose confidence
in the accuracy and completeness of our financial reports and have an adverse effect on the value of our securities.
As
a public company, we would be required to maintain internal control over financial reporting and to report any material weaknesses in
such internal control. Further, we will be required to report any changes in internal controls on annual basis. In addition, we would
be required to furnish a report by management on the effectiveness of internal control over financial reporting pursuant to Section 404
of the Sarbanes-Oxley Act. We will design, implement, and test the internal controls over financial reporting required to comply with
these obligations. If we identify material weaknesses in our internal control over financial reporting, if we are unable to comply with
the requirements of Section 404 in a timely manner, or assert that our internal control over financial reporting is effective, or if
our independent registered public accounting firm is unable to express an opinion as to the effectiveness of its internal control over
financial reporting when required, investors may lose confidence in the accuracy and completeness of our financial reports and the value
of our securities could be negatively affected. We also could become subject to investigations by the Commission or other regulatory
authorities, which could require additional financial and management resources.
As
an emerging growth company, our auditor will not be required to attest to the effectiveness of our internal controls.
Our
independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial
reporting while we are an emerging growth company. This means that the effectiveness of our financial operations may differ from our
peer companies in that they may be required to obtain independent registered public accounting firm attestations as to the effectiveness
of their internal controls over financial reporting and we are not. While our management is required to attest to internal control
over financial reporting and we are required to detail changes to our internal controls in our annual reports on Form 20-F, we cannot provide assurance that the independent registered public accounting firm's
review process in assessing the effectiveness of our internal controls over financial reporting, if obtained, would not find one or more
material weaknesses or significant deficiencies. Further, once we cease to be an emerging growth company (as described below), we will
be subject to independent registered public accounting firm attestation regarding the effectiveness of our internal controls over financial
reporting. Even if management finds such controls to be effective, our independent registered public accounting firm may decline to attest
to the effectiveness of such internal controls and issue a qualified report.
We will incur significant costs as a result of operating as a public company, and our management
is required to devote substantial time to new compliance initiatives.
We incur significant legal, accounting and other expenses as a public company.
In addition, the Sarbanes-Oxley Act has imposed various requirements on public companies, including requiring establishment and maintenance
of effective disclosure and financial controls. Our management and other personnel devote a substantial amount of time to
these compliance initiatives. Moreover, these rules and regulations have increased and will continue to increase our legal and financial
compliance costs and will make some activities more time-consuming and costly. For example, these rules and regulations
can make it more difficult and more expensive for us to obtain directors' and officers' liability insurance, which could
make it more difficult for us to attract and retain qualified members of our board of directors.
8
The
Sarbanes-Oxley Act requires, among other things, that we maintain effective internal control over financial reporting and disclosure
controls and procedures. In particular, we must perform system and process evaluation and testing of our internal control over financial
reporting to allow management to report on the effectiveness of our internal control over financial reporting, as required by Section
404 of the Sarbanes-Oxley Act. In addition, we will be required to have our independent registered public accounting firm attest to the
effectiveness of our internal control over financial reporting the later of our second annual report on Form 20-F or the first annual
report on Form 20-F following the date on which we are no longer an emerging growth company. Our compliance with Section 404 of the Sarbanes-Oxley
Act will require that we incur substantial accounting expense and expend significant management efforts. We currently do not have an
internal audit group, and we will need to hire additional accounting and financial staff with appropriate public company experience and
technical accounting knowledge. If we are not able to comply with the requirements of Section 404 in a timely manner, the value of our securities could decline and we could be subject to sanctions or investigations by the SEC
or other regulatory authorities, which would require additional financial and management resources.
Our
ability to successfully implement our business plan and comply with Section 404 requires us to be able to prepare timely and accurate
financial statements. We expect that we will need to continue to improve existing, and implement new operational and financial systems,
procedures and controls to manage our business effectively. Any delay in the implementation of, or disruption in the transition to, new
or enhanced systems, procedures or controls, may cause our operations to suffer and we may be unable to conclude that our internal control
over financial reporting is effective and to obtain an unqualified report on internal controls from our auditors as required under Section
404 of the Sarbanes-Oxley Act. This, in turn, could have an adverse impact on value of our securities, and could adversely affect our
ability to access the capital markets.
We
depend on certain officers of the Company, the loss of whom could materially harm our business.
We
rely upon the accumulated knowledge, skills and experience of the officers and personnel of our Company and its affiliates. If Hiroyuki
Sugimoto, our Chief Executive Officer, Yoshiyuki Yuto, our Chief Operating Officer, and Takahide Watanabe, our Chief Strategy Officer,
or any of the other officers or personnel were to leave the Company or become incapacitated, we might suffer in our planning and execution
of business strategy and operations, impacting our brand and financial results.
Risks
Related to the Commercial and Residential Real Estate Construction and Development Business
Real
estate development projects are subject to numerous risks outside the Company's control such as governmental regulations and associated
legal concerns, delays in permitting and other governmental approvals, potential delays in project initiation or completion, increased
expenses, restrictions on construction or other activities, increased costs, and labor shortages.
Any
properties in which the Company invests relating to real estate development projects are subject to a variety of risks that will be outside
of the Company's control, including
governmental regulations and legal concerns,
delays in obtaining entitlements,
permits, and other governmental approvals. Development projects may also take longer than anticipated, increasing the time that part
or all of the residential or commercial units are not available for rent or sale, and thus lowering the property's cash flow or
other income potential. Strong demand for skilled laborers and contractors may result in labor shortages and contractor unavailability,
delaying project schedules and/or increasing costs. The costs of construction have increased dramatically during recent years and may
continue to increase. The Company may enter into contracts to purchase properties before they are finished, and the foregoing risks could
adversely impact the purchase prices, valuations, or closings dates of those properties. Although the Company will not undertake such
transactions without reviewing detailed budgets, such budgets may understate the expense.
Commercial
and residential property building is subject to warranty and construction defect claims in the ordinary course of business that can be
significant.
We
are subject to commercial and residential property warranty and construction defect claims arising in the ordinary course of business.
There can be no assurance that any developments we undertake will be free from defects once completed. Construction defects may occur
on projects and developments and may arise a significant period of time after completion. Defects arising on a development attributable
to us may lead to significant contractual or other liabilities.
As
a consequence, we maintain products and completed operations excess liability insurance, obtain indemnities and certificates of insurance
from subcontractors generally covering claims related to damages resulting from faulty workmanship and materials and maintain warranty
and other reserves for the commercial and residential properties we sell based on historical experience in our markets and our judgment
of the risks associated with the types of commercial and residential properties built. Although we actively monitor our insurance reserves
and coverage, because of the uncertainties inherent to these matters, we cannot provide assurance that our insurance coverage, our subcontractor's
indemnity and warranty arrangements and our reserves together will be adequate to address all of our warranty and construction defect
claims in the future. In addition, contractual indemnities with our subcontractors can be difficult to enforce. We may also be responsible
for applicable self-insured retentions and some types of claims may not be covered by insurance or may exceed applicable coverage limits.
Additionally, the coverage offered by and the availability of products and completed operations excess liability insurance for construction
defects is currently limited and costly. This coverage may be further restricted or become more costly in the future.
Unexpected
expenditures attributable to defects or previously unknown sub-surface conditions arising on a development project may have a material
adverse effect on our business, financial condition and operating results. In addition, severe or widespread incidents of defects giving
rise to unexpected levels of expenditures, to the extent not covered by insurance or redress against subcontractors, may adversely affect
our reputation, business, financial condition and operating results.
9
We
rely on subcontractors, which can expose us to various liability risks.
We
rely on subcontractors to perform approximately 85% of the construction of our commercial and residential properties and to select and
obtain raw materials. In addition, orders are distributed among multiple companies so as not to rely on a specific subcontractor. In
the case of in-house construction, we rely on subcontractors for approximately 85% of the total, and when the entire construction is
outsourced to another construction company, the entire work will be done by the construction company or a subcontractor ordered by the
construction company. We are exposed to various risks as a result of such reliance on these subcontractors and their suppliers, including,
as described above, the possibility of defects in our commercial and residential properties due to improper workmanship or materials
used by such parties, which may require us to comply with our warranty obligations and/or bring a claim under an insurance policy. The
subcontractors we rely on to perform the actual construction of our commercial and residential properties are also subject to a significant
and evolving number of local and national governments, including laws involving matters that are not within our control. If these subcontractors
who construct our commercial and residential properties fail to comply with all applicable laws, we can suffer reputational damage and
may be exposed to liability.
Subcontractors
are independent of the commercial and residential property builders that contract with them under normal management practices and the
terms of trade contracts and subcontracts within the commercial and residential property building industry. We do not have the ability
to control what these independent subcontractors pay to or the work rules they impose on their employees. However, various federal and
local governmental agencies have sought, and may in the future seek, to hold contracting parties like us responsible for our subcontractors'
violations of wage and hour laws, or workers' compensation, collective bargaining and/or other employment-related obligations related
to subcontractors' workforces. Governmental agency determinations or attempts by others to make us responsible for our subcontractors'
labor practices or obligations, whether under "joint employer" theories, specific prefecture laws or regulations, or otherwise,
could create substantial adverse exposure for us in situations that are not within our control and could be material to our business,
financial condition and results of operations. We can also suffer damage to our reputation, and may be exposed to possible liability,
if subcontractors fail to comply with applicable laws, including laws involving actions or matters that are not within our control. However,
regardless of the steps we take after we learn of practices that do not comply with applicable laws, rules or regulations, we can in
some instances be subject to fines or other governmental penalties, and our reputation can be injured, due to the practices having taken
place.
We
rely on our ability and the ability of our customers to obtain bank loans.
Our
commercial and residential real estate construction is dependent on loans from financial institutions. We rely on bank loans for 20%
of the financing that goes into construction of our development projects. Our commercial and residential real estate construction is
dependent on our customers being able to obtain loans from financial institutions. The customers who purchase our properties rely on
bank loans for the ability to make purchases. Additionally, more than 95% of our client purchasers use our affiliated bank loans to purchase
condominiums. Affiliated loans are only offered to real estate agents that meet the standards set by financial institutions, such as
sales and compliance. Therefore, in the event that a financial institution ceases to provide financing to a client who purchases a condominium,
our business performance could be affected. If we are unable to obtain this funding at any time and for any reason, as we rely on bank
loans for 65% of the financing for our construction and development projects, our business performance could be affected.
Failure
to manage land acquisitions, inventory and construction and development processes could result in significant cost overruns or errors
in valuing sites.
We
intend on owning and purchasing indirectly through our acquisition of preferred equity interests in construction and development projects
and managing the construction and development of such projects each year and are therefore dependent on our ability to process a number
of transactions (which include, among other things, evaluating the site, designing the layout of the development, sourcing materials
and subcontractors and managing contractual commitments) efficiently and accurately. Errors by employees, failure to comply with regulatory
requirements and conduct of business rules, failings or inadequacies in internal control processes, equipment failures, natural disasters
or the failure of external systems, including those of our suppliers or counterparties, could result in operational losses that could
adversely affect our business, financial condition and operating results and our relationships with our customers.
10
In
addition, we incur many costs even before we begin to build commercial and residential properties. Depending on the stage of development
of a land parcel, these may include: costs of preparing land, finishing and entitling lots, installing roads, sewers, water systems and
other utilities, taxes and other costs related to ownership of the land on which we plan to build commercial and residential properties;
constructing model commercial and residential properties; and promotional and marketing expenses to prepare for the opening of new commercial
and residential properties for sales. Moreover, local municipalities may impose development-related requirements resulting in additional
costs. If the rate at which we sell and deliver commercial and residential properties slows or falls, or if our opening of new commercial
and residential properties for sales is delayed, we may incur additional costs, which would adversely affect our gross profit margins,
and it will take a longer period of time for us to recover our costs, including those we incurred in acquiring and developing land.
In
certain circumstances, a grant of entitlements or development agreement with respect to a particular parcel of land may include restrictions
on the transfer of such entitlements to a buyer of such land, which may increase our exposure to decreases in the price of such entitled
land by restricting our ability to sell it for its full entitled value. In addition, inventory carrying costs can be significant and
can result in reduced margins or losses in a poorly performing community or market. Further, if we were required to record a significant
inventory impairment, it could negatively affect our earnings and negatively impact the market perception of our business.
If
land is not available at competitive prices, our sales and results of operations could be adversely affected.
Our
long-term profitability depends in large part on the price at which we are able to obtain suitable land for the development of our real
estate. Increases in the price (or decreases in the availability) of suitable land could adversely affect our profitability. Moreover,
changes in the general availability of desirable land, competition for available land, limited availability of financing to acquire land,
zoning regulations that limit housing density, environmental requirements and other market conditions may hurt our ability to obtain
land for real estate development at prices that will allow us to be profitable. If the supply of land that are appropriate for development
of our real estate becomes more limited because of these factors, or for any other reason, the cost of land could increase and the number
of buildings that we are able to build and sell could be reduced, which could adversely affect our results of operations and financial
condition.
If
the value of our land inventory decreases, our results of operations could be adversely affected by impairments and write-downs.
The
value of our land and commercial and residential real estate is subject to market conditions. There is a significant time lag between
the acquisition of land for development and the sale of residential and commercial real estate. Currently, it is difficult to acquire
land that is in good shape and ready to begin construction. This is due to soaring land prices. Therefore, the Company is taking its
time in acquiring smaller pieces of land. However, since it takes a considerable amount of time from development to sales, the Company
may be affected by impairment or write-downs due to changes in social conditions or development in the neighborhood during that time.
There
is an inherent risk that the value of the land owned by us may decline after purchase. The valuation of property is inherently subjective
and based on the individual characteristics of each property. We may have acquired options on or bought and developed land at a cost
we will not be able to recover fully or on which we cannot build and sell property profitably. In addition, our deposits for lots controlled
under option or similar contracts may be put at risk, and depressed land values may cause us to abandon and forfeit deposits on land
option contracts and other similar contracts if we cannot satisfactorily renegotiate the purchase price of the subject land. Factors
such as changes in regulatory requirements and applicable laws (including in relation to building regulations, taxation and planning),
political conditions, the condition of financial markets, both local and national economic conditions, the financial condition of customers,
potentially adverse tax changes, and interest and inflation rate fluctuations subject valuations to uncertainty. Moreover, all valuations
are made on the basis of assumptions that may not prove to reflect economic or demographic reality. If commercial or residential property
demand decreases below what we anticipated when we acquired our inventory, our profitability may be adversely affected and we may not
be able to recover our costs when we sell and build the commercial and residential properties. In addition, we may incur charges against
our earnings for inventory impairments if the value of our owned inventory, including land we decide to sell, is reduced or for land
option contract abandonments if we choose not to exercise land option contracts or other similar contracts, and these charges may be
substantial.
11
We
intend to regularly review the value of our land holdings and continue to review our holdings on a periodic basis. If material write-downs
and impairments in the value of our inventory are required and, if in the future we are required to sell land or commercial and residential
properties at a loss, our results of operations and financial condition would be adversely affected.
A
material amount of our revenues may be concentrated in one or more large customers. If we lose or experience a significant reduction
in sales to such key customers, our revenues may decrease substantially and our results of operations and financial condition may be
harmed.
It
is the nature of our business that a high concentration of our revenue is in the real estate division and therefore when we sell buildings
and condominiums that we construct there is a tendency to have large customers who acquire such properties. Accordingly, in each year
there may be a small number of customer purchasers from whom we generate our revenue. These customers may not be repeat customers and
in each year it may be different single purchaser or small number of purchasers from which we generate a large percentage of our revenues.
We rely on these purchasers and there is a risk that these purchasers may be unable to make payment under their obligations to us thereby
affecting our revenues.
During
the year ended December 31, 2022, we constructed and sold seven buildings, Kameido PJ (total units: 39), Nishi-koyama PJ (total units:
35), Asakusa II PJ (total units: 27), Edogawabashi PJ (total units: 27), Higashi-ikebukuro PJ (total units: 26), Kiba I (total units:
45), Kiba II (total units: 24) to a single customer, Mitsui & Co. Digital Asset Management. Three properties (Nishi-Koyama PJ, Asakusa
II PJ, and Edogawabashi PJ) were paid in a lump sum during the third quarter of FY 2022. Sales of seven properties account for 34.59%
of the total sales for the fiscal year. There are no long-term contracts or arrangements.
In
2023, Motomachi Chinatown PJ (95 units), Tabata PJ (51 units), and Oji II PJ (43 units) were constructed and sold to a private fund managed
by BlackRock's Real Estate Division, with the purchase price for each of these properties being a lump-sum payment at the time
of property delivery. In connection with such sale, a business consignment agreement in respect of property management was finalized.
Additionally, Meguro PJ (651.72m2) was sold to ES-CON Japan by land, with the purchase price being a lump-sum payment at the time of
property delivery. However, for such sale there is no long-term contract or arrangement for property management after delivery.
Any
payment issues encountered by these large customers would likely harm our financial condition and results of operations.
Historically,
we have relied to a material extent on certain suppliers. If we encounter delays or difficulties in securing the required materials from
such suppliers and are unable to find replacements or immediately transition to alternative suppliers, the lack of supplies delaying
the production of our products could have a material adverse effect on our financial condition, results of operations and reputation.
Historically,
we have relied to a material extent on certain suppliers. Although the Company has over 100 suppliers, certain suppliers are consistently
supplying over 10% of the Company's total construction costs per year.
As
part of our real estate business, we resell buildings and land that have been constructed and developed by general contractors, general
real estate companies or developers to third parties. In the case where we own the land, we engage a general contractor, general real
estate company or developer to construct and develop the building or land and we make progress payments towards the construction and
development of the building or land. In the case where we do not own the land (but rather the general contractor, general real estate
company or developer owns the land), we purchase the constructed building with the land or developed land from the general contractor,
general real estate company or developer upon completion. In Japan, we consider the general contractor, general real estate company or
developer in these types of arrangements to be that of a supplier of buildings and land. In the past, we have routinely engaged Jyukyo
Construction Co., Ltd., among several general contractors to construct condominiums under this type of supply arrangement for us.
During
the year ended December 31, 2022, Sankoh Build. Inc. accounted for 19.35%, Fuetsu Construction Corp. for 16.69%, GODA KOUMUTEN CO., LTD.
for 14.23%, and Jyukyo Construction Co., Ltd. for 13.48% of the supplies we received from our suppliers. Total sales prices for condominium
buildings were paid by us within five months of the completion of such buildings. Thereafter, we resold such condominium buildings to
our client. We have no long-term contract or arrangement with the aforementioned general contractors.
During
the year ended December 31, 2023, Shinei Kogyo Ltd. accounted for 29.98%, Kazakoshi Kensetsu Co. for 21.80%, Mugishima Kensetsu for 11.39%,
Misaki-gumi for 8.22%, and in-house construction for 7.68% of the supplies we received from our suppliers. Total construction costs were
paid by the Company within 3 months after completion of construction. We have no long-term contract or arrangement with the aforementioned
general contractors.
12
If
we should encounter delays or difficulties in obtaining the building or land in these supply arrangements, our business related to these
supplies and our financial condition, results of operations and reputation could be adversely affected.
If
we experience shortages in labor supply, increased labor costs or labor disruptions, there could be delays or increased costs in developing
our real estate, which could adversely affect our operating results.
We
require a qualified labor force to develop our commercial and residential properties and build our commercial and residential properties.
Access to qualified labor may be affected by circumstances beyond our control, including:
●
work
    stoppages resulting from labor disputes;
●
shortages
    of qualified trades people, such as carpenters, roofers, electricians and plumbers;
●
changes
    in laws relating to union organizing activity;
●
changes
    in immigration laws and trends in labor force migration; and
●
increases
    in sub-contractor and professional services costs.
Any
of these circumstances could give rise to delays in the start or completion of, or could increase the cost of, developing one or more
of our commercial or residential properties. We may not be able to recover these increased costs by raising our commercial or residential
property prices because the prices for each commercial and residential properties are typically set months prior to its delivery pursuant
to sales contracts with our buyers. In such circumstances, our operating results could be adversely affected. Additionally, market and
competitive forces may also limit our ability to raise the sales prices of our commercial and residential properties.
Failure
to recruit, retain and develop highly skilled, competent people at all levels may have a material adverse effect on our standards of
service.
Key
employees, including management team members, are fundamental to our ability to obtain, generate and manage opportunities. Key employees
working in the real property building and construction industries are highly sought after. Failure to attract and retain such personnel
or to ensure that their experience and knowledge are not lost when they leave the business through retirement, redundancy or otherwise
may adversely affect the standards of our service and may have an adverse impact on our business, financial conditions and operating
results. In addition, we do not maintain key person insurance in respect of any member of our senior management team. The loss of any
of our management members or key personnel could adversely impact our business, financial condition and operating results.
The
majority of work on site is performed by contractors. In addition, the number of young craftsmen has decreased due to the image of hard
labor. At the same time, the number of skilled craftsmen is declining due to the retirement of baby boomers and other factors. In addition,
if contractors are unable to secure sufficient human resources, delays in construction and development and quality problems may occur,
leading to a decline in customer satisfaction. If salaries are raised to secure highly skilled craftsmen, this will also affect the price
of construction.
13
Regulations
regarding environmental matters and climate change may affect us by substantially increasing our costs and exposing us to potentially
liability.
We
are subject to various environmental laws and regulations, which may affect aspects of our operations such as how we manage stormwater
runoff, wastewater discharges and dust; how we develop or operate on properties on or affecting resources such as cultural resources,
or areas subject to preservation laws; and how we address contamination. Developers and commercial and residential property builders
may become subject to more stringent requirements under such laws. It is unclear how these future developments and related matters, including
at the prefectural or municipal level, will ultimately affect the regulated areas in which we may operate. While we cannot predict with
certainty the extent to which developments in areas with stringent building requirements or legal restrictions or other environmental
requirements that may become effective will affect us, they could require time-consuming and costly compliance programs or result in
significant expenditures, which could lead to delays and increased operating costs. Our failure to comply with environmental laws could
result in fines, penalties, restoration obligations, revocation of permits, and other sanctions. Pollution and other environmental conditions
at or near our development sites could result in litigation against us for personal injury, property damage, or other losses. For example,
if we conduct development activities in an area that has been developed with fill, even if we have obtained a development permit, we
may conduct sloppy construction work or cause landslides due to downpours and other disasters. In such cases, people may die.
In
addition, there is a variety of legislation being enacted, or considered for enactment, at the national, prefectural, and municipal government
levels relating to energy and climate change. This legislation relates to items such as carbon dioxide emissions control and building
codes that impose energy efficiency standards. New building code requirements that impose stricter energy efficiency standards could
significantly increase our cost to construct commercial and residential properties. As climate change concerns continue to grow, legislation
and regulations of this nature are expected to continue and become more costly to comply with. In addition, it is possible that some
form of expanded energy efficiency legislation may be passed by the federal agencies and certain state legislatures, which may, despite
being phased in over time, significantly increase our costs of building commercial and residential properties and the sale price to our
buyers and adversely affect our sales volumes. We may be required to apply for additional approvals or modify our existing approvals
because of changes in local circumstances or applicable law. Energy-related initiatives affect a wide variety of companies throughout
Japan and the world and, because our operations are heavily dependent on significant amounts of raw materials, such as lumber, steel
and concrete, they could have an indirect adverse impact on our operations and profitability to the extent the manufacturers and suppliers
of our materials are burdened with expensive cap and trade and similar energy related taxes and regulations.
14
Raw
materials and building supply shortages and price fluctuations could delay or increase the cost of commercial and residential property
construction and adversely affect our operating results.
The
commercial and residential real estate construction industry has experienced numerous difficulties in procuring raw materials and has
been adversely affected by fluctuations in global commodity prices. In particular, shortages and price fluctuations in critical raw materials
such as concrete, gypsum board, and lumber could delay the start or completion of one or more other commercial or residential real estate
developments and increase development costs. Our needs for steel-related materials are particularly vulnerable to shortages. In addition,
the delivery of raw materials and the transportation of workers to work sites and the cost of fuel oil used for heavy equipment are highly
variable and may be subject to geopolitical events, major storms, other severe weather conditions, and the consequences of significant
environmental incidents. Environmental laws and regulations may also negatively impact the availability and prices of raw materials such
as lumber and concrete. These increased costs could adversely affect our operating margins and results of operations. In addition, we
may not be able to pass on increased construction costs to customers with whom we have already entered into purchase contracts. In addition,
such increased costs could adversely affect the economies of the regions in which we operate and reduce demand for our commercial and
residential real estate.
We
intend to have significant operations in certain geographic areas, which will subject us to an increased risk of loss of revenue or decreases
in the market value of our land and commercial and residential properties in these regions from factors which may affect any of these
regions.
We
anticipate that our operations will be concentrated in 23 wards of Tokyo, Kanagawa, Kyoto, and Osaka. Some or all of these regions could
be affected by:
●
severe
    weather;
●
natural
    disasters;
●
climate
    change;
●
shortages
    in the availability or increased costs in obtaining land, equipment, labor or building supplies;
●
unemployment;
●
changes
    to the population growth rates and therefore the demand for commercial and residential properties in these regions; and
●
changes
    in the regulatory and fiscal environment.
Due
to our business is concentrated in urban areas, negative factors affecting one or a number of these geographic regions at the same time
could result in a relatively greater impact on our results of operations than they might have on other companies that have a more diversified
portfolio of operations. To the extent that regions in which our business is concentrated are impacted by an adverse event, we could
be disproportionately affected compared to companies whose operations are less geographically concentrated.
The
markets in which we operate are, to some extent, dependent on certain sectors of the economy, and declines in those sectors could affect
our sales and activities in those areas. For example, the oil and gas industry is highly volatile and is subject to declining commodity
prices, climate change, laws and regulations, and other factors that could reduce employment or otherwise adversely affect the economy,
which in turn could adversely affect commercial and residential real estate sales and activities. Similarly, slowing or declining population
growth in our key markets, especially when compared to historically high population growth rates, could affect demand for rental real
estate and result in lower rents in these markets, which could adversely affect our business, financial condition and results of operations.
15
We
participate in certain unconsolidated joint ventures, including those where we do not have a controlling interest, where we may be adversely
impacted by the failure of the unconsolidated joint venture or the other partners in the unconsolidated joint venture to fulfill their
obligations.
We
have investments in and commitments to certain unconsolidated joint ventures with related and unrelated strategic partners to acquire
and develop land and, in some cases, build and deliver commercial and residential properties. To finance these activities, our unconsolidated
joint ventures often obtain loans from third-party lenders that are secured by the unconsolidated joint venture's assets. To the
extent any of our joint ventures default on obligations secured by the assets of such joint venture, the assets could be forfeited to
third-party lenders.
We
have provided non-recourse carve-out guarantees to certain third-party lenders to our unconsolidated joint ventures (i.e., guarantees
of losses suffered by the lender in the event that the borrowing entity or its equity owners engage in certain conduct, such as fraud,
misappropriation of funds, unauthorized transfers of the financed property or equity interests in the borrowing entity, or the borrowing
entity commences a voluntary bankruptcy case, or the borrowing entity violates environmental law, or hazardous materials are located
on the property, or under other circumstances provided for in such guarantee or indemnity). In the future, we may provide other guarantees
and indemnities to such lenders, including secured guarantees, in which case we may have increased liability in the event that a joint
venture defaults on its obligations to a third party.
If
the other partners in our unconsolidated joint ventures do not provide such cooperation or fulfill these obligations due to their financial
condition, strategic business interests (which may be contrary to ours), or otherwise, we may be required to spend additional resources
(including payments under the guarantees we have provided to the unconsolidated joint ventures' lenders) or suffer losses, each
of which could be significant. Moreover, our ability to recoup such expenditures and losses by exercising remedies against such partners
may be limited due to the contractual terms of the joint venture agreement, potential legal defenses they may have, their respective
financial condition and other circumstances. Furthermore, because we lack a controlling interest in our unconsolidated joint ventures
we cannot exercise sole decision-making authority, which could create the potential risk of impasses on decisions and prevent the joint
venture from taking actions that we believe may be in our best interests. In addition, as our relationships with our partners are contractual
in nature and may be terminated or dissolved under the terms of the applicable joint venture agreements, including buy-sell provisions,
we may not continue to own or operate the interests or assets underlying such relationship or may need to purchase additional interests
or assets in the venture to continue ownership. In the event a joint venture is terminated or dissolved, we could also be exposed to
lawsuits and legal costs.
16
A
major health and safety incident relating to our business could be costly in terms of potential liabilities and reputational damage.
Building
sites are inherently dangerous and pose certain inherent health and safety risks to construction workers and other persons on the site.
Due to health and safety regulatory requirements and the number of projects we anticipate working on, health and safety performance is
critical to the success of all areas of our business. Any failure in health and safety performance may result in penalties for non-compliance
with relevant regulatory requirements, and a failure that results in a major or significant health and safety incident is likely to be
costly in terms of potential liabilities incurred as a result. Such a failure could generate significant negative publicity and have
a corresponding impact on our reputation, our relationships with relevant regulatory agencies or governmental authorities, and our ability
to attract customers and employees, which in turn could have a material adverse effect on our business, financial condition and operating
results.
Ownership
or occupation of land and the use of hazardous materials carries potential environmental risks and liabilities.
We
are subject to various local, regional, and national laws, rules, and regulations regarding land use and the protection of health and
the environment, including discharges of pollutants to water and air, storm water discharges, the presence and exposure to asbestos,
handling of hazardous materials, and cleaning contaminated sites. In addition, as a commercial and residential real estate construction
business, we are subject to future claims for damages arising from the past or present use of hazardous materials, including building
materials that will be known or suspected to be hazardous in the future. We may be liable for the cost of removal, investigation and
correction of hazardous or toxic substances on real property now or formerly owned, leased or occupied by us, whether or not we caused
the contamination and whether or not we had knowledge of the contamination. The costs of removal, investigation, and remediation of such
materials and the costs of defending against environmental litigation may be substantial, and insurance coverage for such litigation
may be limited or nonexistent. The presence of such materials or the failure to properly dispose of such materials could also adversely
affect our ability to sell the land or borrow against the land. Environmental impacts from past activities may be identified in some
of the projects we develop. Future projects may also be located on land that may be contaminated by past uses. While we do not intend
to acquire projects that require soil remediation as a result of past contamination, we cannot assure you that there will not be significant
future litigation or liability associated with such development. In addition, such contamination or other environmental conditions at
or near our development site could result in litigation against us for personal injury, property damage or other losses.
17
The
particular impact and requirements of environmental laws that apply to any given site vary greatly according to the site, the site's
environmental conditions and the present and former use of the site. We expect that increasingly stringent requirements may be imposed
on commercial and residential property builders in the future. In addition, violations of environmental laws and regulations can result
in injunctions, civil penalties, remediation expenses and other costs. Further, some environmental laws impose strict liability, which
means that we may be held liable for unlawful environmental conditions on property we own, or previously owned, which we did not create.
Shortages
of utilities and resources and fluctuations in rates could adversely affect our business.
Several
of the markets in which we intend to operate have historically been affected by electricity, gas, water supply and natural resource shortages.
Shortages of electricity, gas, water supply and natural resources in our markets could present difficulties in obtaining regulatory approvals
for new development and result in other adverse effects. In Japan, energy prices are historically sensitive to global conditions because
of the country's scarcity of fuel resources. For example, the sharp rise in fuel prices triggered by the Ukraine crisis is expected
to lead to higher costs in Japan at all stages of the construction process. The Company may face difficulties incorporating higher infrastructure
resource prices into its selling prices, which could reduce the Company's business performance.
To
the extent tight supply and demand for electricity results in restrictions on power usage and days on which construction cannot be performed,
we expect to incur additional labor and other costs due to schedule delays. For example, the Tokyo Metropolitan Government, the municipality
in which our company's main development site is located, enacted an ordinance that takes effect in 2025, which mandates the installation
of solar panels on residences for house builders and other businesses with a total annual supply floor area of 20,000 m2 or more in Tokyo.
Although we are not currently subject to such regulation, if the scope of the ordinance is expanded in the future, developers will be
compelled to change their design plans due to higher than expected construction costs to install solar power generation equipment. Even
if sales prices were to rise, but associated rents do not keep pace, the relevant property may become less attractive as an investment
property and as a result sales may slow down.
Any
of the above, individually or in combination, could adversely affect the economies of the regions in which we operate, which could limit,
impair or delay our ability to acquire and develop land and/or construct and deliver commercial and residential properties. In turn,
such developments could increase our production costs or decrease the demand for our commercial and residential properties, which could
adversely affect our business and results of operations.
The
illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our
properties.
Real
estate investments are relatively illiquid. As a result, we may not be able to sell a property or properties quickly or on favorable
terms in response to changing economic, financial and investment conditions when it otherwise may be prudent to do so. Deteriorating
conditions in the Japanese economy and credit markets may make it difficult to sell properties at attractive prices. We cannot predict
whether we will be able to sell any property for the price or on the terms set by us or whether any price or other terms offered by a
prospective purchaser would be acceptable to us. We also cannot predict the length of time needed to find a willing purchaser and to
close the sale of a property. We may be required to expend funds to correct defects or to make improvements before a property can be
sold, and we cannot provide any assurances that we will have funds available to correct such defects or to make such improvements. Our
inability to dispose of assets at opportune times or on favorable terms could adversely affect our cash flows and results of operations.
We
may not make a profit if we sell a property.
The
prices that we can obtain when we determine to sell a property will depend on many factors that are presently unknown, including the
operating history, tax treatment of real estate investments, demographic trends in the area and available financing. There is a risk
that we will not realize any significant appreciation on our investment in a property. Accordingly, your ability to recover all or any
portion of your investment under such circumstances will depend on the amount of funds so realized and claims to be satisfied therefrom.
18
Competition
for acquisitions may result in fewer acquisition opportunities and increased prices for properties, which may impede our growth and materially
and adversely affect us.
Our
growth depends in part on our ability to identify attractive real estate investment opportunities that are compatible with our acquisition
strategy. We may not be successful in identifying such investment opportunities or in consummating acquisitions on favorable terms, if
at all. In addition, we can provide no assurances regarding the availability of, or our ability to source and close, off-market or limited-market
deals. Failure to identify or consummate acquisitions on favorable terms, or at all, would impede our growth and materially and adversely
affect us.
Further,
we face significant competition for attractive investment opportunities from an indeterminate number of other real estate investors,
including investors with significantly greater capital resources and access to capital than we have, such as commercial developers, real
estate companies, and foreign investors that operate in the markets in which we may operate, that will compete with us in acquiring residential,
commercial, and other properties that will be seeking investments and tenants for these properties. Moreover, if current market conditions
deteriorate resulting in depressed real estate values, owners of real estate may be reluctant to sell, resulting in fewer acquisition
opportunities. As a result of such increased competition and limited opportunities, we may be unable to acquire additional properties
as we desire or the purchase price of such properties may be significantly elevated, which may impede our growth and materially and adversely
affect us.
In
addition, our properties may be located in close proximity to other properties that will compete against our properties for tenants.
Many of these competing properties may be better located and/or appointed than the properties that we will acquire, giving these properties
a competitive advantage over our properties, and we may, in the future, face additional competition from properties not yet constructed
or even planned. This competition could adversely affect our business. The number of competitive properties could have a material effect
on our ability to rent space at our properties and the amount of rents charged. We could be adversely affected if additional competitive
properties are built in locations competitive with our properties, causing increased competition for residential renters. In addition,
our ability to charge premium rental rates to tenants may be negatively impacted. This increased competition may increase our costs of
acquisitions or lower the occupancies and the rent we may charge tenants. This could result in decreased cash flow from tenants and may
require us to make capital improvements to properties which we would not have otherwise made.
The
consideration paid for our target acquisition may exceed fair market value, which may harm our financial condition and operating results.
We may also be unable to lease vacant space or renegotiate existing leases at market rates, which would adversely affect our returns
on a target acquisition.
The
consideration that we pay will be based upon numerous factors, and the target acquisition may be purchased in a negotiated transaction
rather than through a competitive bidding process. We cannot assure anyone that the purchase price that we pay for a target acquisition
or its appraised value will be a fair price, that we will be able to generate an acceptable return on such target acquisition, or that
the location, lease terms or other relevant economic and financial data of any properties that we acquire will meet acceptable risk profiles.
We may also be unable to lease vacant space or renegotiate existing leases at market rates, which would adversely affect our returns
on a target acquisition. As a result, our investments in our target acquisition may fail to perform in accordance with our expectations,
which may substantially harm our operating results and financial condition.
19
Risks
Related to the Real Estate Crowdfunding Platforms and Crowdfunding
The
real estate crowdfunding platforms may not operate as we anticipate.
We
expect that the real estate crowdfunding platforms will be a source of investment leads for the Company. In addition, potential sponsors
of real estate opportunities come directly to the real estate crowdfunding platforms to seek financing for their projects. We anticipate
that sponsors of real estate opportunities will continue to seek financing for their projects through the real estate crowdfunding platforms.
If the real estate crowdfunding platforms experience technical challenges resulting in sponsors not continuing to seek financing through
the real estate crowdfunding platforms, we may need to implement more manpower-intensive strategies to source investments, which could
lead to an increase in expenses and a corresponding decrease in the value of our ADSs.
If
the security of our investors' confidential information stored on the real estate crowdfunding platforms is breached or otherwise
subjected to unauthorized access, their secure information may be stolen.
The
real estate crowdfunding platforms may store investors' bank information and other personally-identifiable sensitive data. The
real estate crowdfunding platforms are hosted in data centers that are compliant with payment card industry security standards and the
website uses daily security monitoring services. However, any accidental or willful security breach or other unauthorized access could
cause investors' secure information to be stolen and used for criminal purposes, and investors would be subject to increased risk
of fraud or identity theft. Because techniques used to obtain unauthorized access or to sabotage systems change frequently and generally
are not recognized until they are launched against a target, the real estate crowdfunding platforms and their third-party hosting facilities
may be unable to anticipate these techniques or to implement adequate preventative measures. In addition, many states have enacted laws
requiring companies to notify individuals of data security breaches involving their personal data. These mandatory disclosures regarding
a security breach are costly to implement and often lead to widespread negative publicity, which may cause our investors and real estate
companies to lose confidence in the effectiveness of our data security measures. Any security breach, whether actual or perceived, would
harm our reputation, could result in a loss of investors, and the value of your investment in us could be adversely affected.
20
Any
significant disruption in service on the real estate crowdfunding platforms or in their computer or communications systems could reduce
their attractiveness and result in a loss of users.
If
a catastrophic event resulted in a real estate crowdfunding platform outage and physical data loss, the real estate crowdfunding platform's
ability to perform its obligations would be materially and adversely affected. The satisfactory performance, reliability, and availability
of our technology and our underlying hosting services infrastructure are critical to our operations, level of customer service, reputation
and ability to attract new users and retain existing users. Our hosting services infrastructure is provided by a third party hosting
provider (the "Hosting Provider"). We also maintain a backup system at a separate location that is owned and operated by
a third party. There is no guarantee that access to the real estate crowdfunding platforms will be uninterrupted, error-free or secure.
Our operations depend on the Hosting Provider's ability to protect its and our systems in its facilities against damage or interruption
from natural disasters, power or telecommunications failures, air quality, temperature, humidity and other environmental concerns, computer
viruses or other attempts to harm our systems, criminal acts and similar events. If our arrangement with the Hosting Provider is terminated,
or there is a lapse of service or damage to its facilities, the real estate crowdfunding platforms could experience interruptions in
their service as well as delays and additional expense in arranging new facilities. Any interruptions or delays in our service, whether
as a result of an error by the Hosting Provider or other third-party error, our own error, natural disasters or security breaches, whether
accidental or willful, could harm our ability to perform any services for corresponding project investments or maintain accurate accounts,
and could harm our relationships with our users and our reputation. Additionally, in the event of damage or interruption, our insurance
policies may not adequately compensate us for any losses that we may incur. Our disaster recovery plan has not been tested under actual
disaster conditions, and it may not have sufficient capacity to recover all data and services in the event of an outage at a facility
operated by the Hosting Provider. Any of these factors could prevent us from processing or posting payments on the corresponding investments,
damage us and our brand and reputation, divert our employees' attention, and cause users to abandon the real estate crowdfunding
platforms.
If
we were to enter bankruptcy proceedings, the operation of the real estate crowdfunding platforms and the activities with respect to our
operations and business would be interrupted.
If
we were to enter bankruptcy proceedings or were to cease operations, we would be required to find other ways to meet obligations regarding
our operations and business. Pursuing such alternatives could harm our operations and business by resulting in delays in the disbursement
of distributions or the filing of reports or requiring us to pay significant fees to another company that we engage to perform services
for us.
Inappropriate
business behavior of entrepreneurs raising funds via our platforms could result in reputational or financial damages to our business.
By
providing a platform for matching investors and entrepreneurs, there is a possibility that inappropriate business behavior exhibited
by any of the entrepreneurs raising capital through our platform could result in reputational or financial damages to us. We enforce
a thorough due diligence process for all companies raising funds via our products and we require participating entrepreneurs to sign
legally binding terms of use releasing us from any responsibility for entrepreneur impropriety or misdeed. Nevertheless, our clients
might regard us as being responsible for any inappropriate behavior of the entrepreneur and this could result in reputation damage to
us that could impact our future revenues.
Our
crowdfunding platform operates on an online distribution model and is, therefore, subject to internet cyber risk.
Our
online crowdfunding distribution model could be subject to cyber-attacks aiming to breach our security protocols. We take reasonable
and commercial precautions to make our systems as secure as possible, including but not limited to daily back-ups, banking grade hosting
solutions, divisions between systems to ensure, for example, that our banking backend cannot be reached via our online distribution network,
and continuous monitoring of the systems as well as sequential system checks. However, we cannot fully exclude the possibility of cyber-attacks,
third party breaches, software bugs or other forms of internet malfeasance. If any of these events occur, our reputation could be negatively
impacted and our future revenues could suffer as a result.
21
Increasing
competition within our emerging industry could have an impact on our business prospects.
The
crowdfunding market is an emerging industry where new competitors are entering the market frequently. These competing companies may have
significantly greater financial and other resources than we have and may have been developing their products and services longer than
we have been developing ours. Although our portfolio of products and related revenue stream sources are broad, increasing competition
may have a negative impact on our profit margins.
Further,
in Japan a new small investment tax exemption system for investments in stocks, investment trusts, and other financial instruments has
been in effect since January 2024. This new tax exemption system may reduce the inflow of funds into the crowdfunding business, and the
growth of such business may be adversely affected.
Risks
Related to Our Indebtedness
Our
level of indebtedness could materially and adversely affect our business, financial condition and results of operations.
The
total debt outstanding under our credit facilities as of December 31, 2023 was ¥23,243,757 thousand (approximately US$164,943 thousand)
on a consolidated basis. Our indebtedness could have significant effects on our business, such as:
●
limiting
    our ability to borrow additional amounts to fund working capital, capital expenditures, acquisitions, debt service requirements,
    execution of our growth strategy and other purposes;
●
requiring
    us to dedicate a substantial portion of our cash flow from operations to pay principal and interest on our debt, which would reduce
    availability of our cash flow to fund working capital, capital expenditures, acquisitions, execution of our growth strategy and other
    general corporate purposes;
●
making
    us more vulnerable to adverse changes in general economic, industry and competitive conditions, in government regulation and in our
    business by limiting our ability to plan for and react to changing conditions;
●
diluting
    the economic and voting rights of our existing equity holders or reduce the market price of the common shares or ADSs or both upon
    redemption of the convertible bonds; and
●
placing
    us at a competitive disadvantage compared with our competitors that have less debt.
In
addition, we may not be able to generate sufficient cash flow from our operations to repay our indebtedness when it becomes due and to
meet our other cash needs. If we are not able to pay our debts as they become due, we will be required to pursue one or more alternative
strategies, such as selling assets, refinancing or restructuring our indebtedness or selling additional debt or equity securities. We
may not be able to refinance our debt or sell additional debt or equity securities or our assets on favorable terms, if at all, and if
we must sell our assets, it may negatively affect our ability to generate revenues.
Our
outstanding debt agreements may limit our flexibility in operating and expanding our business.
As
of December 31, 2023, we had a total of 189 loans with 52 Japanese financial institutions for an aggregate principal amount of
¥25,910,152 thousand (approximately US$183,864 thousand) on a consolidated basis. None of the loan agreements contain any
material financial covenants, although certain of the government-sponsored loans set a limit on the total loan amount we may borrow
from other government-sponsored lenders. However, 79 of the loan agreements have our Chief Operating Officer as a personal guarantor
of such debt obligations of our Company. If we release our Chief Operating Officer from such a guarantor burden, the lenders may
request us to provide them with alternative collateral and/or seek additional negative covenants on the existing loan agreements.
This could limit our discretion to invest, utilize, and/or dispose of our assets for business.
22
Furthermore,
the potential restrictive covenants to be contained in our existing and future loan agreements may restrict our access to future debt
financing, on which our business operations and expansion plans, in part, depend. If our revenues decrease materially or we experience
a significant increase in our interest expenses, we may not have enough available cash or be able to raise additional funds on satisfactory
terms, if at all, through equity or debt financings to make any required prepayment or repay such indebtedness at the time any such event
of default occurs. In such an event, we may be required to delay, limit, reduce or terminate our business development or expansion efforts.
Our business, financial condition and results of operations could be materially adversely affected as a result.
Risks
Related to Financing
We
might obtain lines of credit and other borrowings, which increases our risk of loss due to potential foreclosure.
We
may obtain lines of credit and long-term financing that may be secured by our assets. As with any liability, there is a risk that we
may be unable to repay our obligations from the cash flow of our assets. Therefore, when borrowing and securing such borrowings with
our assets, we risk losing such assets in the event we are unable to repay such obligations or meet such demands.
We
have broad authority to incur debt.
Our
policies do not limit us or our subsidiary entities from incurring debt. We intend to borrow as much as 65% of the value of such properties.
High debt levels would cause us to incur higher interest charges and higher debt service payments and may also be accompanied by restrictive
covenants.
Risks
Related to our Corporate Structure
Investors
will not receive the benefit of the regulations provided to real estate investment trusts or investment companies.
We
are not a real estate investment trust and enjoy a broader range of permissible activities. Under the Investment Company Act of 1940,
an "investment company" is defined as an issuer which is or holds itself out as being engaged primarily, or proposes to engage
primarily, in the business of investing, reinvesting, or trading in securities; is engaged or proposes to engage in the business of issuing
face-amount certificates of the installment type, or has been engaged in such business and has any such certificate outstanding; or is
engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes
to acquire investment securities having a value exceeding 40 percent of the value of such issuer's total assets (exclusive of Government
securities and cash items) on an unconsolidated basis.
We
intend to operate in such manner as not to be classified as an "investment company" within the meaning of the Investment
Company Act of 1940 as we intend on primarily holding and managing real estate. The management and the investment practices and policies
of ours are not supervised or regulated by any federal or state authority. As a result, investors will be exposed to certain risks that
would not be present if we were subjected to a more restrictive regulatory situation.
If
we are deemed to be an investment company, we may be required to institute burdensome compliance requirements and our activities may
be restricted
If
we are ever deemed to be an investment company under the Investment Company Act of 1940, we may be subject to certain restrictions including:
●
restrictions on the nature of our
    investments; and
●
restrictions on the issuance of securities.
In addition, we may have imposed upon us certain burdensome
    requirements, including:
●
registration as an investment company;
●
adoption of a specific form of corporate structure;
    and
●
reporting, record keeping, voting, proxy, compliance
    policies and procedures and disclosure requirements and other rules and regulations.
23
The
exemption from the Investment Company Act of 1940 may restrict our operating flexibility. Failure to maintain this exemption may adversely
affect our profitability.
We
do not believe that at any time we will be deemed an "investment company" under the Investment Company Act of 1940 as we
do not intend on trading or selling securities. Rather, we intend to hold and manage real estate. However, if at any time we may be deemed
an "investment company," we believe we will be afforded an exemption under Section 3(c)(5)(C) of the Investment Company Act
of 1940, as amended (referred to herein as the "1940 Act"). Section 3(c)(5)(C) of the 1940 Act excludes from regulation as
an "investment company" any entity that is primarily engaged in the business of purchasing or otherwise acquiring "mortgages
and other liens on and interests in real estate". To qualify for this exemption, we must ensure our asset composition meets certain
criteria. Generally, 55% of our assets must consist of qualifying mortgages and other liens on and interests in real estate and the remaining
45% must consist of other qualifying real estate-type interests. Maintaining this exemption may adversely impact our ability to acquire
or hold investments, to engage in future business activities that we believe could be profitable, or could require us to dispose of investments
that we might prefer to retain. If we are required to register as an "investment company" under the 1940 Act, then the additional
expenses and operational requirements associated with such registration may materially and adversely impact our financial condition and
results of operations in future periods.
Risks
Related to Insurance
We
may suffer losses that are not covered by insurance.
Certain
weather and environmental events, such as fire, lightning, bursts and explosions, wind, hail, snow, and water damage, can cause damage
to real estate. Fire insurance policies can be acquired to prepare for such events. In addition, earthquake insurance can be purchased
along with fire insurance. Even in the event of an unprecedented disaster such as the Great East Japan Earthquake, earthquake insurance
is a highly public insurance policy operated under the Earthquake Insurance Law, which by law guarantees insurance payments of up to
¥5,500,000,000 thousand (Note: ¥6,200,000,000 thousand from April 1, 2012) per earthquake. However, not all perils are covered
by insurance, as some are subject to insurance exclusions. For example, earthquake insurance does not pay out if there is no damage to
the building itself, but only to gates, fences, or hedges, nor does it pay out for damage caused by war, civil war, or other similar
events or riots. Damage caused by land subsidence, uplift, movement, or vibration. will also not be paid.
In
the event of a significant loss, insurance coverage may be insufficient to pay the full market value or general reacquisition cost of
the underlying property. Factors such as inflation, changes in building codes and ordinances, and environmental considerations may make
it impossible to replace the underlying property with insurance proceeds if the underlying property is damaged or destroyed. Under these
circumstances, the insurance proceeds received may be insufficient to restore the property.
Risks
Related to Solar Business
Solar
power generation is weather-dependent, and power production fluctuates depending on weather conditions such as clouds and rain. This
can make power generation inconsistent and difficult to predict.
Solar
panels can degrade over time, reducing the efficiency of power generation. This may affect the life of the equipment and maintenance
costs.
Solar
projects are dependent on government subsidies and regulations. Changes or elimination of subsidies or the introduction of new regulations
could affect investment returns.
In
addition to the above, the solar business is subject to retail price fluctuations for electricity, diffusion of solar technology, rising
interest rates, competition, dependence on specific regions, development of alternative technologies, system failures, solar equipment
failures, and other risks that may affect our financial results.
24
Risks
Related to the AI Business
AI-related
businesses are subject to risks such as slow market growth, competition, inability to secure development personnel, leakage of confidential
information, procurement of semiconductors, and dependence on certain individuals (Tianqi Li, Chief AI Officer of SYLA Technologies Co.,
Ltd, and the Representative Director of SYLA Brain Co., Ltd.), which could affect our business and earnings if the AI-related market
growth slows significantly.
Risks
Related to Intellectual Property
Failure
to protect our intellectual property could substantially harm our business and operating results.
The
success of our business depends in part on our ability to protect and enforce our trade secrets, trademarks and copyrights and all other
intellectual property rights, including the intellectual property rights underlying our products. We seek to protect our intellectual
property under trade secrets, trademarks, and copyrights as well as through a combination of confidentiality agreements with employees
and third parties, other contractual restrictions, technical measures and other methods. The protection they afford is limited. Although
we strive to protect our intellectual property and trade secrets, nevertheless, unauthorized persons may attempt to use our trademarks
or obtain or use our trade secrets and other confidential information. Moreover, monitoring our intellectual property rights is difficult,
costly, and not always effective.
Assertions
by third parties of infringement or other violation by us of their intellectual property rights could result in significant costs and
substantially harm our business and operating results.
Companies
may be sued based on allegations of infringement, misappropriation, or other violations of intellectual property rights. Certain companies,
including our competitors, own patents, copyrights, trademarks, and trade secrets and may enforce them to assert claims against us. Third
parties may in the future claim that we have infringed, misappropriated, or violated their intellectual property rights. Existing laws
and regulations may evolve and be interpreted differently, and local governments and legislative or regulatory bodies may expand existing
laws and regulations or enact new ones. It is difficult for us to guarantee that we have not infringed or violated the intellectual property
rights of any third party.
We
cannot predict whether any claim of infringement or misappropriation arising out of any third party's intellectual property rights
or any such claim will have a material adverse effect on our business and results of operations. If we are forced to defend against an
infringement or misappropriation claim, we may have to expend significant time and resources defending against such claim, even if there
is no merit to the claim, the claim has been settled out of court, or a decision has been rendered in our favor. In addition, as an unfavorable
outcome of a dispute, we may be required to If we are found to have willfully infringed on the intellectual property of a party in Japan,
we may be required to pay damages, including criminal penalties and attorneys' fees; cease manufacturing, licensing, or using products
or services that are alleged to infringe or misappropriate the intellectual property rights of others; use further development resources
to redesign our products; or use of development resources, entering into potentially adverse royalty/license agreements to obtain the
right to use necessary technology or materials, or indemnification of our partners and other third parties. Royalty and license agreements,
if necessary or desirable, may not be available on terms that we are willing to accept, or may not be available at all, and may require
the expenditure of significant royalty and other fees. In addition, we do not have broadly applicable patent liability insurance coverage,
and litigation relating to patent rights, even if we prevail, could be costly to resolve and could be a drain on our operations.
25
General
Risks
If
our cost efficiency measures are not successful, we may become less competitive.
We
continue to focus on minimizing operating expenses through cost improvements and simplification of our corporate structure. We may experience
delays or unanticipated costs in implementing our cost efficiency plans, which could prevent the timely or full achievement of expected
cost efficiencies and adversely affect our competitive position.
Failure
to deliver high-quality products, software, and services could lead to loss of customers and diminished profitability.
We
must identify and address quality issues associated with our products, software, and services, many of which include third-party components.
Although quality testing is performed regularly to detect quality problems and implement required solutions, failure to identify and
correct significant product quality issues before the sale of such products to customers could result in lower sales, increased warranty
or replacement expenses, and reduced customer confidence, which could harm our operating results.
Cyber-attacks
and other security incidents that disrupt our operations or result in the breach or other compromise of proprietary or confidential information
about us or our workforce, customers, or other third parties could disrupt our business, harm our reputation, cause us to lose clients
and expose us to costly regulatory enforcement and litigation.
We
routinely manage, store, transmit and otherwise process large amounts of proprietary information and confidential data, including sensitive
and personally identifiable information, relating to our operations, products, and customers. We face numerous evolving cyber threats
of increasing scale, volume, severity, and complexity, making it increasingly difficult to defend against security incidents successfully
or to implement adequate preventative measures.
Despite
our internal controls and significant investment in security measures, criminal or other unauthorized threat actors, including nation
prefectures or prefecture-sponsored organizations, may be able to penetrate our security measures, breach our information technology
systems, misappropriate or compromise confidential and proprietary information of our Company and our customers, cause system disruptions
and shutdowns, or introduce ransomware, malware, or vulnerabilities into our products, systems, and networks or those of our customers
and partners. Employees, contractors, or other insiders may introduce vulnerabilities into our environments or otherwise may seek to
misappropriate our intellectual property and proprietary information. In addition, cyber-attacks are increasingly being used in geopolitical
conflicts. The re-shift to work-from-home and flexible work arrangements resulting from future pandemics also may increase our vulnerability,
as employees and contractors of our Company and third-party providers are working remotely and using home networks that may pose a significant
risk to network and cyber security.
26
The
costs to address cyber risks, both before and after a security incident, could be significant, regardless of whether incidents result
from an attack on us directly or on third-party vendors upon which we rely. Our third-party vendors continue to experience security incidents
of varying severity, including but not limited to increased ransomware attacks, network intrusions, and unauthorized data exfiltration,
which have directly and indirectly impacted our operations in the past. Targeted cyber-attacks or those that may result from a security
incident directed at a third-party vendor could compromise our internal systems and products and the systems of our customers, resulting
in interruptions, delays, or cessation of service that could disrupt business operations for us and our customers. Our proactive measures
and remediation efforts may not be successful or timely. In addition, breaches of our security measures and the unapproved dissemination
of proprietary information or sensitive or confidential data about us, our customers, or other third parties could impair our intellectual
property rights and expose us, our customers, or such other third parties to a risk of loss or misuse of such information or data. Any
such incidents also could subject us to government investigations and regulatory enforcement actions, litigation, potential liability,
damage our brand and reputation, or otherwise harm our business and operations.
Hardware
and operating system software and applications that we produce or procure from third parties also may contain defects in design or manufacture
or other deficiencies, including security vulnerabilities that could interfere with the operation or security of our products, services,
and offerings. In the event of a security vulnerability or other flaws in third-party components or software code, we may have to rely
on multiple third parties to mitigate vulnerability. Such mitigation techniques may be ineffective or may result in adverse performance,
system instability or data loss, and may not always be available, or available on a timely basis. Any actual or perceived security vulnerabilities
in our products or services, or those of third parties we sell, could lead to loss of existing or potential customers, and may impede
our sales, manufacturing, distribution, outsourcing services, information technology solutions, and other critical functions and offerings.
Failure to promptly mitigate security vulnerabilities may adversely affect our brand and reputation and subject us in government investigations,
regulatory enforcement actions, litigation and potential liability resulting from our inability to fulfill our contractual obligations
to our customers and partners.
As
a global enterprise, we are subject to an increasing number of laws and regulations in Japan and numerous other countries relating to
the collection, use, transfer, and protection of customer data and other sensitive, confidential, and proprietary information. Our ability
to execute transactions and to process and use personal information and other data in the conduct of our business and service of our
customers subjects us to increased obligations to comply with applicable laws and regulations and may require us to notify regulators,
customers, employees, or other individuals or entities of a security incident or data or privacy breach. We continue to incur significant
expenditures to comply with mandatory privacy, security, data protection and localization requirements and controls imposed by law, regulation,
industry standards and contractual obligations. Despite such expenditures, we may face regulatory and other legal actions, including
potential liability, in the event of a security incident or data or privacy breach or perceived or actual non-compliance with such requirements
and controls.
We
may not successfully implement our acquisition strategy, which could result in unforeseen operating difficulties and increased costs.
We
make strategic acquisitions of other companies as part of our growth strategy. We could experience unforeseen operating difficulties
in integrating the businesses, technologies, services, products, personnel, or operations of acquired companies, especially if we are
unable to retain the key personnel of an acquired company. Further, future acquisitions may result in a delay or reduction of sales for
both us and the acquired company because of customer uncertainty about the continuity and effectiveness of solutions offered by either
company and may disrupt our existing business by diverting resources and significant management attention that otherwise would be focused
on development of the existing business. Acquisitions also may negatively affect our relationships with strategic partners if the acquisitions
are seen as bringing us into competition with such partners.
To
complete an acquisition, we may be required to use substantial amounts of cash, engage in equity or debt financings, or enter into credit
agreements to secure additional funds. Such debt financings could involve restrictive covenants that might limit our capital-raising
activities and operating flexibility. Further, an acquisition may negatively affect our results of operations because it may expose us
to unexpected liabilities, require the incurrence of charges and substantial indebtedness or other liabilities, have adverse tax consequences,
result in acquired in-process research and development expenses, or in the future require the amortization, write-down, or impairment
of amounts related to deferred compensation, goodwill, and other intangible assets, or fail to generate a financial return sufficient
to offset acquisition costs.
27
In
addition, we periodically divest businesses, including businesses that are no longer a part of our strategic plan. These divestitures
similarly require significant investment of time and resources, may disrupt our business and distract management from other responsibilities,
and may result in losses on disposition or continued financial involvement in the divested business, including through indemnification
or other financial arrangements, for a period following the transaction, which could adversely affect our financial results.
Our
ability to generate substantial non-U.S. net revenue is subject to additional risks and uncertainties.
Sales
outside the United States accounted for 100% of our consolidated net revenue for the year ended December 31, 2023. Our future growth
rates and success are substantially dependent on the continued growth of our business outside of the United States. Our international
operations face many risks and uncertainties, including varied local economic and labor conditions; political instability; public health
issues; changes in the U.S. and international regulatory environments; the impacts of trade protection measures, including increases
in tariffs and trade barriers due to the current geopolitical climate and changes and instability in government policies and international
trade arrangements, which could adversely affect our ability to conduct business in non-U.S. markets; changes in tax laws (including
laws imposing U.S. taxes on foreign operations); potential theft or other compromise of our technology, data, or intellectual property;
copyright levies; and foreign currency exchange rates. We could incur additional operating costs, or sustain supply chain disruptions,
due to any such changes. Any of these factors could negatively affect our international business results and growth prospects.
Compliance
requirements of current or future environmental and safety laws, or other laws, may increase costs, expose us to potential liability
and otherwise harm our business.
Our
operations are subject to environmental and safety regulations in all areas in which we conduct business. Product design and procurement
operations must comply with new and future requirements relating to climate change laws and regulations, materials composition, sourcing,
energy efficiency and collection, recycling, treatment, transportation, and disposal of electronics products, including restrictions
on mercury, lead, cadmium, lithium metal, lithium ion, and other substances. If we fail to comply with applicable rules and regulations
regarding the transportation, source, use, and sale of such regulated substances, we could be subject to liability. The costs and timing
of costs under environmental and safety laws are difficult to predict, but could have an adverse impact on our business.
In
addition, we and our subsidiaries are subject to various anti-corruption laws that prohibit improper payments or offers of payments to
foreign governments and their officials for the purpose of obtaining or retaining business, and are also subject to export controls,
customs, and economic sanctions laws. Violations of the anti-corruption laws or export control, customs, or economic sanctions laws may
result in severe criminal or civil sanctions and penalties, and we and our subsidiaries may be subject to other liabilities which could
have a material adverse effect on our business, results of operations, and financial condition.
28
Natural
disasters, terrorism, armed hostilities, pandemics or other public health issues could harm our business.
Natural
disasters, terrorism or armed hostilities, such as the attack on Ukraine, pandemics or other public health issues, such as those resulting
from the COVID-19 pandemic, whether in Japan or in other countries, could cause damage or disruption to us or our suppliers and customers,
or could create political or economic instability, any of which could harm our business. Any such events could cause a decrease in demand
for our products, make it difficult or impossible to deliver products or for suppliers to deliver components, and create delays and inefficiencies
in our supply chain.
Global
climate change, and legal, regulatory, or market measures to address climate change, may negatively affect or business, operations, and
financial results.
We
are subject to risks associated with the long-term effects of climate change on the global economy and on the IT industry in particular.
The physical risks associated with climate change include the adverse effects of carbon dioxide and other greenhouse gases on global
temperatures, weather patterns, and the frequency and severity of natural disasters. Extreme weather and natural disasters within or
outside Japan could make it more difficult and costly for us to manufacture and deliver our products to our customers, obtain production
materials from our suppliers, or perform other critical corporate functions.
The
increasing concern over climate change could also result in transition risks such as shifting customer preferences or regulatory changes.
Changing customer preferences may result in increased demands regarding our solutions, products, and services, including the use of packaging
materials and other components in our products and their environmental impact on sustainability. These demands may cause us to incur
additional costs or make other changes to other operations to respond to such demands, which could adversely affect our financial results.
If we fail to manage transition risks, including such demands, in an effective manner, customer demand for our solutions, products, and
services could diminish, and our profitability could suffer.
The
increasing concern over climate change could result in new domestic or international legal requirements for us to reduce greenhouse gas
emissions and other environmental impacts of our operations, improve our energy efficiency, or undertake sustainability measures that
exceed those we currently pursue. Any such regulatory requirements could cause disruptions in the manufacture of our products and result
in increased procurement, production, and distribution costs. Our reputation and brand could be harmed if we fail, or are seen as having
failed, to respond responsibly and effectively to changes in legal and regulatory measures adopted to address climate change.
We
may face substantial damages or be enjoined from pursuing important activities as a result of future litigation, arbitration or other
claims.
We
may be involved in various litigation and legal claims in the normal course of our business operations, including actions brought on
behalf of various classes of claimants.
We
will establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential
loss is reasonably estimated. We will accrue for such matters based on the facts and circumstances specific to each matter and revise
these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued.
In view of the inherent difficulty of predicting the outcome of these legal and regulatory matters, we generally cannot predict the ultimate
resolution, the related timing or any eventual loss. To the extent the liability arising from the ultimate resolution of any matter exceeds
the estimates reflected in the recorded reserves relating to such matter, we could incur additional charges that could be significant.
Unfavorable litigation, arbitration or claims could also generate negative publicity in various media outlets that could be detrimental
to our reputation.
Constriction
of the capital markets could limit our ability to access capital and increase our costs of capital.
We
intend to fund our operations from cash from operations, capital markets financings and borrowings and other loan facilities. Volatile
economic conditions and the constriction of the capital markets could reduce the sources of liquidity available to us and increase our
costs of capital. If the size or availability of our banking facilities is reduced in the future, or if we are unable to obtain new,
or renew existing, facilities in the future on favorable terms or otherwise access the loan or capital markets, it would have an adverse
effect on our liquidity and operations.
29
We
believe we will be able to meet these capital requirements with our cash resources and future cash flows and, if required, other sources
of financing that we anticipate will be available to us. However, we can provide no assurance that we will continue to be able to do
so, particularly if industry or economic conditions deteriorate. The future effects on our business, liquidity and financial results
of these conditions could be adverse, both in the ways described above and in other ways that we do not currently foresee.
We
anticipate having a substantial amount of debt which could adversely affect our business, financial condition or results of operations
and prevent us from fulfilling our debt-related obligations.
We
anticipate having a substantial amount of debt. Such substantial debt could have important consequences, including:
●
making
    it more difficult for us to satisfy our obligations with respect to our debt or to our trade or other creditors;
●
increasing
    our vulnerability to adverse economic or industry conditions;
●
limiting
    our ability to obtain additional financing to fund capital expenditures and land acquisitions, particularly when the availability
    of financing in the capital markets is limited;
●
requiring
    us to pay higher interest rates upon refinancing or on our variable rate indebtedness if interest rates rise;
●
requiring
    a substantial portion of our cash flows from operations and the proceeds of any capital markets offerings or loan borrowings for
    the payment of interest on our debt thus reducing our ability to use our cash flows to fund working capital, capital expenditures,
    land acquisitions and general corporate requirements;
●
limiting
    our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; and
●
placing
    us at a competitive disadvantage to less leveraged competitors.
We
cannot ensure that our business will generate sufficient cash flow from operations or that future borrowings will be available to us
through capital markets financings or under our credit facilities or otherwise in an amount sufficient to enable us to pay our indebtedness,
or to fund our other liquidity needs. We may need to refinance all or a portion of our indebtedness, on or before its maturity. We cannot
ensure that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. In addition, we may incur
additional indebtedness in order to finance our operations, to fund acquisitions, or to repay existing indebtedness. If we cannot service
our indebtedness, we may have to take actions such as selling assets, seeking additional debt or equity or reducing or delaying capital
expenditures, strategic acquisitions, investments and alliances. We cannot ensure that any such actions, if necessary, could be effected
on commercially reasonable terms or at all, or on terms that would be advantageous to us or on terms that would not require us to breach
the terms and conditions of our existing or future debt agreements.
Markets
in which the Company is anticipated to invest are subject to a high degree of volatility and, therefore, the Company's performance
may be volatile.
The
Company's business will involve a high degree of financial risk. Markets in which the Company is anticipated to invest are subject
to a high degree of volatility and therefore the Company's performance may be volatile. There can be no assurance that the Company's
investment objective will be realized or that investors will receive a full return of their investment. The Manager in its sole discretion
may employ such investment strategies and methods as it determines to adopt.
30
The
volatile credit and capital markets could have a material adverse effect on our financial condition.
Our
ability to manage our future debt and liquidity will be dependent on our level of positive cash flow. An economic downturn may negatively
impact our cash flows. Credit and capital markets can be volatile, which could make it more difficult for us to refinance our debt or
to obtain additional debt or equity financings in the future. Such constraints could increase our costs of borrowing and could restrict
our access to other potential sources of future liquidity. Our failure to have sufficient liquidity to make interest and other payments
required by our debt could result in a default of such debt and acceleration of our borrowings, which would have a material adverse effect
on our business and financial condition.
A
prolonged economic downturn could materially affect us in the future.
The
bursting of the Heisei Bubble in 1990 and the Lehman Shock in 2008 brought a prolonged recession to Japan. Looking at land price movements
before and after the Heisei Bubble, official land prices in the Tokyo area rose by an astonishing 60% year-on-year for both residential
and commercial land in 1988. Since then, they did not rise to positive levels until just before the Lehman Shock. The Lehman Shock made
it difficult to obtain loans from financial institutions even in Japan, and some companies went bankrupt due to lack of cash reserves
even though their financial statements showed a profit, and there were some surplus bankruptcies. There is a possibility that a similar
event could have a negative impact on the Company's business and earnings.
The
Company is subject to changes in the Labor Standards Law and other regulations, and violations of such laws and regulations may adversely
affect the Company's business performance and reputation.
The
"Law Concerning Reforms in the Workplace" in Japan, which generally took effect in April 2019, imposes a cap on overtime
work and other restrictions in relation to working conditions., While such law and its associated regulations were initially postponed
in their application to the construction industry, such law and regulations will be in effect starting from April 2024. Accordingly,
the Company's construction department is in the process of addressing these new legal and regulatory changes. To the extent that
there are any violations of these laws and regulations, there may be an adverse affect to the Company's business performance and
reputation.
Failure
to strengthen our internal controls could have a significant adverse impact on the Company and its business performance and reputation.
Although
the Company is actively engaged in new business and M&A activities, to the extent a situation arises where the Company is unable
to maintain and establish adequate internal controls due to an inability to continue hiring additional employees in connection with its
business expansion, there may be difficulties in properly managing the Company's business, which in turn may adversely affect the
business performance of the Company and its affiliates. As described in ●● below, at the current time there are material
weaknesses in the financial reporting process and in the management system for related-party transactions.
Risks
Related to Ownership of the ADSs
The
ADSs are listed on Nasdaq, and there can be no assurance that we will be able to comply with Nasdaq's continued listing standards.
Although
the ADSs are listed, there can be no assurance any broker will be interested in trading ADSs. Therefore, it may be difficult to sell
your ADSs if you desire or need to sell them. Our underwriters are not obligated to make a market in the ADSs, and even if it makes a
market, it can discontinue market making at any time without notice. Neither we nor the underwriters can provide any assurance that an
active and liquid trading market in the ADSs will develop or, if developed, that such market will continue. Furthermore, although we
have a mechanism allowing common shares to be exchanged at a certain ratio to ADSs in connection with our initial public offering, we
may experience procedural or regulatory difficulties, from time to time, in the exchange of common shares for ADSs.
Although
the ADSs have been listed on Nasdaq, there is no guarantee that we will be able to maintain such listing for any period of time by perpetually
satisfying Nasdaq's continued listing requirements. Our failure to continue to meet these requirements may result in the ADSs being
delisted from Nasdaq.
31
The
price of ADSs could be subject to rapid and substantial volatility.
There
have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial
public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with relatively
small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity
than large-capitalization companies. In particular, the ADSs may be subject to rapid and substantial price volatility, low volumes of
trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected
operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing
value of the ADSs.
In
addition, if the trading volumes of the ADSs are low, persons buying or selling in relatively small quantities may easily influence prices
of the ADSs. This low volume of trades could also cause the price of the ADSs to fluctuate greatly, with large percentage changes in
price occurring in any trading day session. Holders of the ADSs may also not be able to readily liquidate their investment or may be
forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions
may also adversely affect the market price of the ADSs. As a result of this volatility, investors may experience losses on their investment
in the ADSs. A decline in the market price of the ADSs also could adversely affect our ability to sell additional shares or ADSs or other
securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in the ADSs
will develop or be sustained. If an active market does not develop, holders of the ADSs may be unable to readily sell the ADSs they hold
or may not be able to sell their ADSs at all.
The
price of the ADSs may fluctuate substantially.
You
may not be able to sell your ADSs at the time that you would like to sell. You should consider an investment in the ADSs to be risky,
and you should invest in the ADSs only if you can withstand a total loss and wide fluctuations in the market value of your investment.
Some factors that may cause the market price of the ADSs to fluctuate, in addition to the other risks mentioned in this section of the
annual report, are:
●
any
    failure to meet or exceed revenue and financial projections we provide to the public;
●
actual
    or anticipated variations in our quarterly financial condition and operating results or those of other companies in our industry;
●
our
    failure to meet or exceed the estimates and projections of the investment community;
●
announcements
    of significant acquisitions, strategic partnerships, joint ventures or capital commitments by us or our competitors;
●
additions
    or departures of our key management personnel;
●
issuances
    by us of debt or equity securities;
●
litigation
    involving our Company, including shareholder litigation; investigations or audits by regulators into the operations of our Company;
    or proceedings initiated by our competitors, franchisees, or customers;
●
changes
    in the market valuations of similar companies;
●
ADSs
    price and volume fluctuations attributable to inconsistent trading volume levels of the ADSs;
●
significant
    sales of the ADSs by our insiders or our shareholders in the future;
●
the
    trading volume of the ADSs in the United States; and
●
general
    economic and market conditions.
32
These
and other market and industry factors may cause the market price and demand for the ADSs to fluctuate substantially, regardless of our
actual operating performance, which may limit or prevent investors from readily selling their ADSs and may otherwise negatively affect
the liquidity of the ADSs. Future market fluctuations may also materially adversely affect the market price of the ADSs.
In
the past, following periods of volatility in the market price of a company's securities, shareholders have often instituted securities
class action litigation against that company. Any such class action suit or other securities litigation would divert the attention of
our senior management, require us to incur significant expense and, whether or not adversely determined, could materially adversely affect
our business, financial condition, results of operations and prospects.
If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the price of
the ADSs and trading volume could decline.
The
trading market for the ADSs depends in part on the research and reports that securities or industry analysts publish about us or our
business. If few or no securities or industry analysts cover us, the trading price for the ADSs would be negatively impacted. If one
or more of the analysts who covers us downgrades the ADSs, publishes incorrect or unfavorable research about our business, ceases coverage
of our Company, or fails to publish reports on us regularly, demand for the ADSs could decrease, which could cause the price of the ADSs
or trading volume to decline.
If
the voting power of our capital stock continues to be highly concentrated, it may prevent you and other minority shareholders from influencing
significant corporate decisions and may result in conflicts of interest.
Management
controls approximately 63.85% of the voting power of our outstanding common shares if all the common shares being offered are sold. As
a result, management has majority voting power over all matters requiring shareholder votes, including: the election of directors; mergers,
consolidations and acquisitions; the sale of all or substantially all of our assets and other decisions affecting our capital structure;
amendments to our certificate of incorporation or our bylaws; and our winding up and dissolution.
This
concentration of voting power may delay, deter or prevent acts that would be favored by our other shareholders. The interests of management
may not always coincide with our interests or the interests of our other shareholders. This concentration of voting power may also have
the effect of delaying, preventing or deterring a change in control of us. Also, management may seek to cause us to take courses of action
that, in their judgment, could enhance their investment in us, but which might involve risks to our other shareholders or adversely affect
us or our other shareholders. As a result, the market price of the ADSs could decline or holders of ADSs might not receive a premium
over then-current market price of their ADSs upon a change in control. In addition, this concentration of voting power may adversely
affect the trading price of the ADSs because investors may perceive disadvantages in owning ADSs in a company with significant holders
of common shares.
If
the benefits of any proposed acquisition do not meet the expectations of investors, stockholders or financial analysts, the market price
of the ADSs may decline.
If
the benefits of any proposed acquisition do not meet the expectations of investors or securities analysts, the market price of our ADSs
prior to the closing of the proposed acquisition may decline. The market values of our ADSs at the time of the proposed acquisition may
vary significantly from their prices on the date the acquisition target was identified.
33
In
addition, broad market and industry factors may materially harm the market price of our ADSs irrespective of our operating performance.
The stock market in general has experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating
performance of the particular companies affected. The trading prices and valuations of these stocks, and of our ADSs, may not be predictable.
A loss of investor confidence in the market for retail stocks or the stocks of other companies which investors perceive to be similar
to us could depress our stock price regardless of our business, prospects, financial conditions or results of operations. A decline in
the market price of our ADSs also could adversely affect our ability to issue additional securities and our ability to obtain additional
financing in the future.
The
payment of future dividends on our common shares, if any, will be at the discretion of our board of directors and will depend on many
factors on which the board of directors may determine not to do so.
The
payment of future dividends on our common shares, if any, will be at the discretion of our board of directors and will depend on, among
other things, our results of operations, cash requirements and surplus, financial condition, contractual restrictions and other factors
that our board of directors may deem relevant, including retaining future earnings, if any, for reinvestment in the development and expansion
of our business. Therefore, you may not receive any dividends on your ADSs for the foreseeable future, and the success of an investment
in the ADSs will depend upon any future appreciation in its value. Moreover, any ability to pay may be restricted by the terms of any
future credit agreement or any future debt or preferred equity securities of us or our subsidiaries. Consequently, investors may need
to sell all or part of their holdings of ADSs after price appreciation, which may never occur, as the only way to realize any future
gains on their investment. There is no guarantee that the ADSs will appreciate in value or even maintain the price at which our shareholders
have purchased the ADSs.
Sales
of a substantial number of common shares or ADSs in the public markets by our existing shareholders in the future could cause the price
of the ADSs to fall.
Sales
of a substantial number of common shares or ADSs in the public market in the future or the perception that these sales might occur, could
depress the market price of the ADSs and could impair our ability to raise capital through the sale of additional equity securities from
time to time. We are unable to predict the effect that any such sales may have on the prevailing market price of the ADSs.
The
future issuance of additional common shares in connection with our stock options, convertible bonds, acquisitions or otherwise may adversely
affect the market of the ADSs.
As
of December 31, 2023, we had an aggregate of 48,787 common shares issuable upon exercise of outstanding stock options at a weighted average
exercise price of ¥8,709 (US$62) per share. If and when these options are exercised for our common shares, the number of common
shares outstanding will increase. Such an increase in our outstanding securities, and any sales of such shares, could have a material
adverse effect on the market for the ADSs, and the market price of the ADSs.
We
currently plan to continue granting stock options and other incentives so that we can continue to secure talented personnel in the future.
Any common shares issued in connection with the exercise of outstanding stock options would dilute your ownership interest.
The
right of holders of ADSs to participate in any future rights offerings may be limited, which may cause dilution to their holdings and
holders of ADSs may not receive cash dividends if it is impractical to make them available to them.
We
may, from time to time, distribute rights to our shareholders, including rights to acquire our securities. However, we cannot make any
such rights available to the holders of ADSs in the United States unless we register such rights and the securities to which such rights
relate under the Securities Act or an exemption from the registration requirements is available. In addition, the deposit agreement provides
that the depositary bank will not make rights available to holders of ADSs unless the distribution to such holders of both the rights
and any related securities are either registered under the Securities Act or exempted from registration under the Securities Act. We
are under no obligation to file a registration statement with respect to any such rights or securities or to endeavor to cause such a
registration statement to be declared effective. Moreover, we may not be able to establish an exemption from registration under the Securities
Act.
34
Issuance
of ADSs and surrender of ADSs for the purpose of withdrawal of shares may be suspended.
The
depositary may suspend the issuance of ADSs or the right to surrender ADSs for the purpose of withdrawal of shares from time to time
when our books or the books of the depositary are closed, or at any time if the depositary deems it advisable to do so.
We
may amend the deposit agreement without consent from holders of ADSs and, if such holders disagree with our amendments, their choices
will be limited to selling the ADSs or withdrawing the underlying common shares.
We
may agree with the depositary to amend the deposit agreement without consent from holders of ADSs. If an amendment increases fees, charges
or expenses to be charged to ADS holders or otherwise prejudices a substantial existing right of ADS holders, it will not become effective
until 30 days after the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, ADS holders are
considered, by continuing to hold their ADSs, to have agreed to the amendment and to be bound by the amended deposit agreement. If holders
of ADSs do not agree with an amendment to the deposit agreement, their choices will be limited to selling the ADSs or withdrawing the
underlying common shares. No assurance can be given that a sale of ADSs could be made at a price satisfactory to the holder in such circumstances.
Holders
of ADSs may not receive distributions on our common shares or any value for them if it is illegal or impractical to make them available
to such holders.
The
depositary of ADSs has agreed to pay holders of ADSs the cash dividends or other distributions it or the custodian for the ADSs receives
on common shares or other deposited securities after deducting its fees and expenses. Holders of ADSs will receive these distributions
in proportion to the number of our common shares that such ADSs represent. However, the depositary is not responsible for making such
payments or distributions if it is unlawful or impractical to make a distribution available to any holders of ADSs. For example, it would
be unlawful to make a distribution to a holder of ADSs if it consists of securities that require registration under the Securities Act,
but that are not properly registered or distributed pursuant to an applicable exemption from registration. The depositary is not responsible
for making a cash distribution available to any holders of ADSs if any government approval or registration required for such distribution
cannot be obtained by the depositary at a reasonable cost and within a reasonable time. We have no obligation to take any other action
to permit distributions on our common shares to holders of ADSs. This means that holders of ADSs may not receive the distributions we
make on our common shares if it is illegal or impractical to make them available to such holders. These restrictions may materially reduce
the value of the ADSs.
ADS
holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable
outcomes to the plaintiff(s) in any such action.
The
deposit agreement governing the ADSs representing our common shares provides that, to the fullest extent permitted by law, ADS holders
waive the right to a jury trial for any claim they may have against us or the depositary arising out of or relating to our common shares,
the ADSs, the ADRs, the deposit agreement, or any transaction contemplated therein or the breach thereof, which may include any claim
under the U.S. federal securities laws.
If
we or the depositary were to oppose a jury trial based on this waiver, the court would have to determine whether the waiver was enforceable
based on the facts and circumstances of the case in accordance with applicable state and federal law. To our knowledge, the enforceability
of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally
adjudicated by the United States Supreme Court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally
enforceable, including under the laws of the State of New York, which govern the deposit agreement, or by a federal or state court in
the City of New York, which has non-exclusive jurisdiction over matters arising under the deposit agreement. In determining whether to
enforce a contractual pre-dispute jury trial waiver, courts will generally consider whether a party knowingly, intelligently and voluntarily
waived the right to a jury trial. We believe that this would be the case with respect to the deposit agreement and the ADSs. It is advisable
that you consult legal counsel regarding the jury waiver provision before investing in the ADSs.
35
If
any owner or holder of ADSs, including purchasers of ADSs in secondary market transactions, brings a claim against us or the depositary
in connection with matters arising under the deposit agreement or the ADSs, including claims under U.S. federal securities laws, such
owner or holder may incur increased costs of bringing a claim and may not be entitled to a jury trial with respect to such claims, which
may have the effect of limiting and discouraging lawsuits against us or the depositary. If a lawsuit is brought against us or the depositary
under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according
to different civil procedures and may result in different outcomes than a trial by jury would have, including outcomes that could be
less favorable to the plaintiff(s) in any such action. Nevertheless, if this jury trial waiver is not permitted by applicable law, an
action could proceed under the terms of the deposit agreement with a jury trial. No condition, stipulation or provision of the deposit
agreement or the ADSs serves as a waiver by any holder or beneficial owner of ADSs (including purchasers of our ADSs in the secondary
market) or by us or the depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and
regulations promulgated thereunder.
ITEM
4. INFORMATION ON THE COMPANY
A.
History
    and Development of the Company
SYLA
Technologies Co., Ltd. was founded in Japan on March 3, 2009. The subsidiaries of SYLA Technologies include SYLA Co., Ltd. (100% owned),
SYLA Solar Co., Ltd. (formerly known as Nihon Taiyoko Hatsuden Co., Ltd.) (100% owned), SYLA Brain Co., Ltd. (formerly known as DEVEL
Co., Ltd.) (67% owned), and SYLA Biotech Co., Ltd. (formerly known as RE100.com Co., Ltd.) (100% owned, since on December 15, 2023 SYLA
Technologies Co. Ltd. acquired the outstanding 40% from a private shareholder). Our agent for service of process in the United States
is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor, New York, NY 10168. Our principal place of business is located on
the 7th floor of Ebisu Prime Square, 1-1-39 Hiroo, Shibuya-ku, Tokyo, Japan, and our telephone number is +81345600650. Our website is
https://syla-tech.jp/. Information on our website or accessible via our website is not reflected in this annual report and is not part
of this annual report. Any information on our website should not be considered part of this annual report. The address of our website
is included in this annual report for informational purposes only. We operate pursuant to the Companies Act. See "Item 5. Operating
and Financial Review and Prospects," and "Item 7. Major Shareholders and Related Party Transactions-B. Related Party Transactions
for a detailed discussion of our capital expenditures and divestitures.
On
March 30, 2023, the Company entered into an Underwriting Agreement (the "Underwriting Agreement") with Boustead Securities,
LLC as the representative ("Representative") of the underwriters, relating to the Company's firm commitment underwritten
initial public offering (the "Offering") of American Depositary Shares (the "ADSs"), each 100 ADSs represent
one common share, no par value, of the Company. Pursuant to the Underwriting Agreement, the Company agreed to sell 1,875,000 ADSs to
the underwriters at a public offering price of $8.00 per ADS (the "Offering Price"), On April 4, 2023, the Company closed
the Offering of the 1,875,000 ADSs at a price to the public of $8.00 per ADS, for total gross proceeds of $15,000,000. After deducting
the underwriting commissions, discounts, and offering expenses payable by the Company, the Company received net proceeds of approximately
$13.6 million. The Company intends to use the net proceeds of the offering for working capital and general corporate purposes, which
may include investments, acquisitions, or strategic collaborations to expand its customer base, as well as the development and marketing
of new services. The ADSs began trading on the Nasdaq Capital Market on March 31, 2023, under the symbol "SYT." The Company
rang the Nasdaq opening bell on April 10, 2023. Boustead Securities, LLC acted as the managing underwriter and bookrunner for the Offering.
The
SEC maintains an internet site (http://www.sec.gov), which contains reports, information we are required to provide to our shareholders
or otherwise make public under our home country laws, and other information regarding us that file electronically with the SEC.
36
B.
Business
    Overview
Business
Overview
Our
primary mission is to democratize real estate investment around the world and we aim to enrich the 100-year life era with technology
and asset management.
We
are engaged in four primary businesses:
Business
    Name
Main
    Businesses
(1)
    Real Estate Development and Sales Business
Development,
    design, construction, and sales of real estate
centered on the "SYFORME" series condominiums developed
    by the company. Includes land sales and income through Rimawari-kun Crowdfunding Business.
(2)
    Asset Management Business
Rental
    management and building management. Includes income through Rimawari-kun Crowdfunding Business.
(3)
    Renewable Energy Business (Solar Power Generation)
Design,
    construction, maintenance of solar power generation facilities, sale of solar power plants, and sale of other renewable energy related
    products, sale of electricity
(4)
    Others
Mainly
    containerized data center business
37
For
the years ended December 31, 2023, 2022 and 2021, the Company reported revenues of ¥22,743,410 thousand (US$161,392 thousand),
¥22,055,785 thousand and ¥16,665,382 thousand, respectively, net income from continuing operations of ¥749,361 thousand
(US$5,318 thousand), ¥310,761 thousand and ¥278,688 thousand, respectively, and net cash used in or provided by operating
activities from continuing operations to be ¥6,338,698 thousand (US$44,981 thousand), ¥3,401,712 thousand and ¥25,098 thousand, respectively. As stated
in the consolidated financial statements, as of December 31, 2023, the Company had retained earnings of ¥3,413,644 thousand (US$24,224
thousand). During the year ended December 31, 2023, the Company generated revenues from sales of real estate, sales of land, rental services,
real estate management services, sales of solar power plants, solar power plants operation and maintenance services, sales of electricity,
sales of containers and container operation and management services. The Company started real estate
crowdfunding business in June 2021 and generated minimal revenues from real estate crowdfunding for the years ended December 31, 2023
and 2022 and 2021.
Our
Strategy
Real
estate financing by banks in Japan is in a rigid state, with loans heavily weighted toward real estate in certain urban areas.
As
a result, while some popular cities have experienced localized price increases, we believe that there are many properties in regional
cities that have been unfairly undervalued due to a lack of bank financing. In order to solve this problem, our real estate crowdfunding
service Rimawari-kun plays a role as an indirect financial tool.
In
2021, online transactions in the banking and brokerage industries were 66% and 50%, respectively, of the transactions in the respective
industries. On May 16, 2022, the law in Japan was amended to allow real estate transactions to be conducted online. Seizing this opportunity,
our mission is to increase convenience and transparency in real estate online transactions.
Sales by services
Service
Sales (thousand yen) for the Years ended December 31,
2023
2022
2021
Real estate development and sales
19,567,216
19,649,505
15,250,878
Asset management
1,902,598
1,630,298
1,414,504
Renewable energy
881,545
775,982
-
Others (mainly containerized data center business)
392,051
-
-
Total
22,743,410
22,055,785
16,665,382
Company
    name by services
Service
Group
    company name
Real
    estate development and sales
SYLA,
    SYLA Technologies
Asset
    management
SYLA,
    SYLA Realty, SYLA Technologies
Renewable
    energy
SYLA
    Solar, SYLA Biotech
Others
                                            (mainly containerized data center business)
SYLA
    Biotech
38
Refer
to 2021 figures from the Japan Securities Dealers Association's "National Survey on Securities Investment (Summary of Survey
Results)" (2021).
Although
real estate investment is an attractive method of asset management in Japan, numerous significant issues remain unresolved. First, a
major difference compared with the U.S. is that detailed information such as price and distribution channels are not recorded in the
registration information after sale and there is less transparency of information for individuals. Furthermore, the real estate transaction
platform designated by the Minister of Land, Infrastructure, Transport and Tourism for corporate clients is accessible only by real estate
companies due to legal restrictions, resulting in information asymmetry between real estate companies and individuals.
In
order to address these issues, we will continue to take on the challenge as a property-technology ("prop-tech") company in
Japan.
We
operate platforms aimed at improving centralized real estate transactions (which have traditionally been left to major real estate companies
and financial institutions) by making real estate information transparent, reducing asymmetry, and enabling diverse financing through
online indirect financing.
The
Company has taken the following measures seeking to incentivize people to move money from their bank accounts into investments: (i) offering
a minimum investment as low as ¥10,000 (approximately US$70.96), (ii) providing what it believes to be a user-friendly online platform
to invest on, and (iii) offering the ability to generate returns on their investments while offering investments in socially responsible
causes related to (a) clean energy (such as construction of solar power plants and apartments utilizing solar energy), (b) the elderly
(such as construction of apartments with aging-in-place renovations to permit elderly to live independently), (c) animals (such as construction
of pet-friendly apartments that allows multiple pets to be kept to reduce the number of animals ending up in shelters and euthanized),
and (d) other local corporate initiatives.
39
With
the Japanese government taking the lead in promoting asset management as part of its national policy, our Company has been using crowdfunding,
in which investors can invest as little as ¥10,000 (approximately US$70.96) in a real estate investment among a portfolio of real
estate investment opportunities offered on our crowdfunding platform. This minimum investment amount is low enough to attract a wide
range of potential customers to the Company's platform, from all ages from 18 years old and up. The Company has already seen a
steady increase in the number of customers who have participated in crowdfunding to purchase condominiums on our platform. Specifically,
from December 31, 2022 to December 31, 2023, the registered members on our platform have increased from 237,000 to 279,000. We will continue
to increase asset management opportunities by offering a variety of products on our platform while increasing the number of members by
utilizing our unique marketing.
Description
of our Businesses
Real
Estate Development and Sales Business
Real
estate development and sales business, primarily conducted by SYLA Co., Ltd., provides a one-stop service for the development, construction,
and sale of investment apartments for the purpose of asset management.
The
development of investment apartments is facilitated by our own information sourcing abilities, the wide network of real estate brokers
affiliated with our Group (2020: 4,388 people, 2021: 5,656 people, up 28.9% year-over-year, 2023: 7,383 people (as of December 31, 2023)),
in addition to our expertise and extensive experience in property development.
Aiming
to develop highly profitable real estate, we are developing real estate in the 23 wards of Tokyo and the central areas of Yokohama and
Kawasaki as our target areas. Among such real estate development, we are developing our own brand of condominiums entitled "SYFORME"
within a 10-minute walk of train stations in such wards.
We
believe that our strength is our ability to transform land and make it more valuable—we purchase land for which the asset value
is low, control rights in the surrounding area, and make full use of our skills and experience in construction. Furthermore, while many
real estate development companies typically outsource the construction of apartments on purchased land to third-party construction firms,
we handle the planning, design, and construction in-house. This allows us to reduce construction costs and serves as one of our key competitive
strengths.
Rimawari-kun
Real Estate Crowdfunding Business
The
real estate crowdfunding platform Rimawari-kun is engaged in a business centering on the real estate investment in order to provide a
wide range of investment products to individual investors, provide indirect financial functions to real estate venture companies, and
simplify and make transparent the online real estate investment process.
Our
real estate crowdfunding platform Rimawari-kun was launched in June 2021. This service allows customers to invest as little as ¥10,000
(approximately US$70.96) in a real estate investment among a portfolio of real estate investment opportunities offered on our crowdfunding
platform and perform all investment-related procedures online. This process lowers the barriers to entry experienced by individual investors,
including requirements for large amounts of capital as well as lengthy and tedious borrowing procedures. The platform can also be used
to finance capital expenditures and real estate development through the use of real estate, which has been a challenge for many businesses.
Free registration is required to use the crowdfunding service, and all information will be available once registration is complete.
The
concept of the platform is "contributing to society, revitalizing local communities, and supporting individuals in pursuing their
dreams and challenges," and appeals to the empathy of individual investors interested in Environment, Social and Governance ("ESG")
investment. The platform aims to promote investment in real estate that may have been passed over for investment in the past, and achieve
both economic and social returns. We have developed a wide range of investment products, from single residences to commercial buildings,
factories, and lodging facilities, and created a platform that allows any of our registered users to access the real estate investment
market, which has traditionally been very difficult for individuals to gain entry. There is no fee to become a registered user, although
registration as a user is required in order to use our products and services. As a result, we have over 270,000 registered members as
of December 31, 2023. According to a market survey titled Investigation to Prove and Verify No. 1 Market Share of the Japanese Real Estate
Crowdfunding Industry in June 2023 conducted by Japan Marketing Research Organization (which we engaged for a fee in the amount of ¥1,900
thousand (approximately US$13 thousand) to conduct such survey), we have the largest membership among real estate crowdfunding services
in Japan.
The
largest real estate crowdfunding platform in the U.S.,
FUNDRISE
, has 385 thousand members, according to its website as of
April 17, 2024. As of the end of December 2023, the real estate fundraising amount was ¥5,071,800 thousand (approximately
US$35,991 thousand) and the platform had 279,029 members, up 42,025 and 17.7% year-on-year.
40
Asset
Management Business
The
asset management business focuses on rental income from real estate owned by the Company, as well as lease management, building management,
and operation and maintenance of solar power plant.
Apartment
management
The
apartment management business provides apartment management services for properties managed by the Rimawari-kun Business, properties
owned by us, and properties leased under subleases. We currently manage approximately 3,328 units as of the end of December 2023.
We
have introduced an application exclusively for tenants and owners. The application's chat function and notification functions allow
for speedy communication. In addition, various kinds of attachments and images can be exchanged. All applications are also accepted online.
41
The
rooms are Internet of Things ("IoT")-enabled, and many home appliances can be operated with a smartphone. In addition, a
dedicated application allows access to various services provided by partner companies, such as water servers, car rentals, restaurants,
and esthetic clinics.
Building
maintenance and management
The
building maintenance and management business provides building maintenance and management services commissioned by the Rimawari-kun Business.
In
addition to building maintenance and management, we also hold a construction business license, which enables us to receive orders for
large-scale repair and maintenance work, and allows us to reduce costs compared with outsourcing to other companies.
For
apartment management and building maintenance and management, the number of units under management has reached 3,328 units as of December
31, 2023.
Rental
income from owned properties
Assets held by the Company during the year ended December 31, 2023*
(Unit: thousand yen (¥))
Acquisition cost
Annual rent
Commercial building
13 buildings
5,527,177
380,536
Residence
267 houses
6,092,429
338,459
Total
11,619,606
718,995
*
excludes
rental income of ¥417,526 thousand (US$2,963 thousand) in the year ended December 31, 2023 from properties subleased by the Company
at a premium over the Company's lease payments.
42
Renewable
Energy Business - Solar Power Generation
As
a solar power generation business, we provide a one-stop service from land purchase to design, construction, operation, and maintenance
of solar power plants. Our solar power plant developments include low-voltage, high-voltage, roof-top, and agricultural combined-use,
and we are ready to design, construct, operate, and maintain all our power plants in-house. Power plants are sold to companies and individual
investors who purchase them as investment products. Buyers of power generated by the solar power plants include companies operating large-scale
manufacturing plants. Japan's national policy is to increase the current ratio of renewable energy from 18% to 36% by 2030 (October
2021, Ministry of Economy, Trade and Industry Outline of Strategic Energy Plan, https://www.enecho.meti.go.jp/en/category/others/basic_plan/pdf/6th_outline.pdf).
The information contained in, or that can be accessed through the foregoing website is not incorporated by reference into, and is not
a part of, this Annual Report on Form 20-F. We have included this website address solely for informational purposes. Longer term, the
country has also announced its 2050 Carbon Neutral Declaration policy, the goal of which is to achieve a net zero carbon emission by
2050 by increasing the use of renewable energy, and the renewable energy market is expected to continue to grow. We will continue to
expand the purchase of land for solar power plants and accelerate the sale and marketing of power plants to investors and electricity
consumers.
The
number of solar power generation units sold in FY12/2023 was 21 units, and SYLA Solar's sales were 916,089 thousand yen (approximately
US$6,501 thousand).
Recently
Discontinued Businesses
There
are no recently discontinued businesses to note.
Industry
Overview
The
prop-tech industry, of which we are a part, is affected by trends in the real estate transaction market due to changes in the economy,
interest rate levels, land price levels, and other factors. Therefore, trends in the real estate transaction market may affect buyers'
willingness to invest in real estate, which in turn may affect our business performance and financial position.
In
the past two decades, household financial assets have increased about 1.5 times in Japan and 3.3 times in the U.S., a gap of about two
times. The ratio of cash and deposits to total household financial assets is 54.2% in Japan and 13.7% in the U.S. This indicates that
Japanese households have strong trust in cash and deposits, while U.S. households have a high level of trust in investments. (*From the
Financial Services Agency's "Financial Report for the Fiscal Year Ended March 31, 2016" (2017))
43
Real
Estate Development Industry
In
the real estate development industry, the number of new housing starts in FY2023 was 819,623 units, a 4.6% decrease from the previous
year (according to the Ministry of Land, Infrastructure, Transport and Tourism, Policy Bureau, Construction Economics Statistics and
Research Office, Building Construction Starts Statistics Survey Report 2023 total). In December 2021, the Ministry of Land, Infrastructure,
Transport and Tourism (MLIT) reviewed its Environmental Action Plan, which includes securing ZEH and ZEB standards for new buildings,
and it is expected that future new buildings will be required to be built in consideration of the environment, including ZEH and ZEB
standards (Ministry of Land, Infrastructure, Transport and Tourism Policy Bureau, Environmental Action Environmental Action Plan (December
27, 2021)).
In
addition, the Building Lots and Buildings Transaction Business Act was revised on May 18, 2022, allowing for the digitization of important
item descriptions and other documents required for real estate transactions such as leasing and buying and selling and making it possible
to perform real estate transactions online.
Real
Estate Crowdfunding Industry
Although
there are many entrants in the two domains of "Asset Management" and "Technology Application," both of which
are expected to expand due to the government's support, the potential remains very high in terms of market growth. Therefore,
we believe that there is great potential for real estate crowdfunding on the real estate crowdfunding platform Rimawari-kun. The
global real estate crowdfunding market is expected to reach US$2,724.7 billion by the end of 2036, growing at a CAGR of 50.1% during
the forecast period of 2024-2036. The industry size of the real estate crowdfunding market in 2023 is over US$21.0 billion. The
major factors expected to propel the market growth during the forecast period are the global industrialization driving commercial
real estate activities and favorable regulations for real estate crowdfunding in several countries across the world.
The
Japanese real estate crowdfunding market is growing at a significant pace driven by massive construction activity in the country, contributing
more than 5.5% of Japan's GDP in 2021. In Japan, crowdfunding requires the use of internet channels to collect small donations
from many people. Generating sales from their products, services, and creative initiatives has become a common strategy for Japanese
companies, both startups and established firms, leveraging a healthy market, cooperative local communities, and favorable regulatory
conditions. As of December 31, 2023, the Japanese crowdfunding industry had a transaction value of approximately US$170 million. The
average amount of funds raised per campaign in 2023 is expected to increase significantly, reaching US$45,000.
(Global
Real Estate Crowdfunding Market Research, Size, Share and Forecast 2036 (researchnester.com).
Solar
Power Industry
ZEH
is an abbreviation for
net Zero Energy House
, meaning "a house with an energy balance of zero or less." ZEB stands
for net Zero Energy Building, meaning "a building with an energy balance of zero or less." In other words, the amount of
energy consumed per year is effectively reduced to zero or less by balancing the energy used in the home with the energy generated by
solar power generation and other means.
In
the solar power generation industry, of which SYLA Solar is a part, the introduction of solar power generation facilities increased significantly
with the start of the FIT (Feed-in Tariff) scheme in July 2012.
In
order to increase the ratio of renewable energy installations from solar power generation, the FIP system for renewable energy was launched
on April 1, 2022. The new FIP system is designed to encourage the integration of renewable energy into the variable electricity market
while providing public subsidies to encourage renewable energy producers. It also aims to reduce the burden on consumers through this
process. It is likely that carbon neutrality will become mandatory for many countries and companies in the future, and the development
and supply of electricity to companies that have committed to RE100 (Renewable Energy 100%) and to power plants is expected to expand.
The
total amount of electricity generated from renewable energy sources, mainly solar power, has been increasing year by year, reaching 8,196
thousand kW at the end of FY2020, equivalent to 53% of the FY2030 target (15,405 thousand kW) of the 6th Basic Energy Plan.
44
In
addition, the competitive advantage of renewable energy power is increasing due to the soaring electricity prices caused by the weak
yen and high raw material prices.
With
the growing need for renewable electricity on the demand side, power generation projects for the supply of renewable electricity are
expanding, and PPAs via electricity retailers are spreading as a new means of procuring renewable electricity to meet the needs of individual
customers.
The
Ministry of Economy, Trade and Industry is promoting these efforts by providing subsidies for non-FIT/FIP customer-driven off-site PPAs
(a total of approximately 326 thousand kW* of projects were adopted in the FY2021 supplementary budget, FY2022 initial and supplementary
budgets, and FY 2023 initial budget).
Real
Estate Management Industry
In
the real estate management industry, of which the asset management business (property management) is a part, innovative approaches and
strategies are required to respond flexibly to changing market conditions and ensure sustainable profitability, and the following trends
are expected:
1.
Leveraging technology: Advances in digital technology and IoT will streamline real estate operations and management. Data analysis and
artificial intelligence are expected to be used to optimize rental income and improve maintenance efficiency.
2.
Sustainability initiatives: Eco-friendly buildings and renewable energy will become more important as environmentally conscious real
estate investments are sought.
3.
Globalization: Investments in overseas real estate and portfolios in different regions are expected to increase.
4.
Changing lifestyles: It will be important to develop and manage real estate to meet new demands, such as work vacations and co-working
spaces.
Meanwhile,
in the building maintenance and management business, we believe that it is important to flexibly adapt to changing needs and technologies
and provide high-quality services. We believe that proactively incorporating the use of technology and sustainability initiatives will
help maintain competitiveness and improve customer satisfaction, including with respect to the following initiatives:
1.
Smart technology implementation: Smart building management will advance through the use of IoT and sensor technology. Remote monitoring
and automated systems will enable efficient facility management.
2.
Green building promotion: Environmentally friendly buildings and renewable energy will be highly valued. Sustainability-conscious facility
management will be required, for instance, improving energy efficiency and reducing waste.
45
3.
Importance of preventive maintenance: Regular inspection and maintenance of building equipment and structures will be important. Preventive
maintenance can avert breakdowns and problems before they occur.
4.
Improvement of tenant experience: Provide services and communication tailored to the needs and desires of the tenants. Tenant satisfaction
is required to be enhanced by providing a comfortable and safe environment.
Our
Products and Services
Apartment
Building Development and Management
In
the real estate development business, we position "create the real estate we want" as our philosophy and sell apartments
under the original brand "SYFORME" based on this philosophy. Apartments in the SYFORME series are designed with the customer's
lifestyle in mind and are intended to be beautiful and comfortable to live in. The exterior design is a universal design that is not
influenced by trends, with a concrete, glass, stainless steel, and wood-grained exterior. The interior planning incorporates the opinions
of the rental management department, and we have created color schemes and layouts that make it easy to place furniture in any position.
In addition, the rooms are IoT-enabled, with many of the home appliances capable of being controlled via smartphone. In addition, a dedicated
app is provided to customers, allowing them to use chat and notification functions and view rent payment statements, as well as various
services provided by partner companies, such as water servers, car rental, restaurants, and esthetic clinics.
As
a result, SYFORME series apartments boast an occupancy rate of over 99% throughout the year with the support of many customers.
In
addition, we have received awards from the National Housing Industry Association three times in the past for our excellent business projects
in recognition of its manufacturing efforts.
Real
Estate Crowdfunding Service
The
real estate crowdfunding service on the Rimawari-kun platform allows members to invest as little as ¥10,000 (approximately US$70.96)
in a real estate investment among a portfolio of real estate investment opportunities offered on our crowdfunding platform and earn a
scheduled yield, based on the concept of "contributing to society, revitalizing local communities, and supporting individuals in
pursuing their dreams and challenges." Everything from member registration to investment execution can be completed online. In
addition, in order to manage clients' assets in a sustainable, safe, and secure manner, we carefully select and screen all properties
to be exhibited, and the entire process from property management to sale can be entrusted to us, a professional real estate firm. This
allows investors to invest in and manage real estate without the need for time and advanced knowledge.
46
Solar
Power Plant Development and Maintenance
SYLA
Solar sells solar power plants (including ground mounted solar installations) and roof-mounted solar power generation equipment. We procure
materials from major domestic and overseas panel and power conditioner manufacturers and provide design, construction, and maintenance
services for solar power plants that meet the standards designated by the Ministry of Economy, Trade and Industry. In addition, the Chubu
region, where we are developing our business, has the highest power generation output in Japan under the climatic conditions, so the
revenues from electricity sales tend to be higher than in other regions. In terms of maintenance, we not only inspect and repair power
plants but also remotely monitor mowing, weeding, and other tasks that affect power generation.
Concentration
of Customers and Suppliers
Customers
It
is the nature of our business that a high concentration of our revenue is in the real estate division and therefore when we sell buildings
and condominiums that we construct there is a tendency to have large customers who acquire such properties. Accordingly, in each year
there may be a small number of customer purchasers from whom we generate our revenue. These customers may not be repeat customers and
in each year it may be different single purchaser or small number of purchasers from which we generate a large percentage of our revenues.
We rely on these purchasers and there is a risk that these purchasers may be unable to make payment under their obligations to us thereby
affecting our revenues.
In
2023, MOTOMACHI-CHUKAGAI PJ (total units: 95), TABATA PJ (total units: 51), and OJI II PJ (total units: 43) were constructed and sold
to a private fund managed by BlackRock's Real Estate Division. The purchase price for each property is a lump-sum payment at the
time of property delivery. We had entered into an agreement on business collaboration with a private fund managed by BlackRock's
Real Estate Division. In the Meguro PJ, land (651.72m
2
) was sold to ES-CON Japan, and the purchase price is a lump-sum payment
at the time of property delivery. There are no long-term contracts or arrangements. Sales of the four properties accounted for 39.68%
of total sales for 2023.
Any
payment issues encountered by these large customers would likely harm our financial condition and results of operations.
Suppliers
Historically,
we have relied to a material extent on certain suppliers. Although the Company has over 100 suppliers, certain suppliers are consistently
supplying over 10% of the Company's total construction costs per year.
As
part of our real estate business, we resell buildings and land that have been constructed and developed by general contractors, general
real estate companies or developers to third parties. In the case where we own the land, we engage a general contractor, general real
estate company or developer to construct and develop the building or land and we make progress payments towards the construction and
development of the building or land. In the case where we do not own the land (but rather the general contractor, general real estate
company or developer owns the land), we purchase the constructed building with the land or developed land from the general contractor,
general real estate company or developer upon completion. In Japan, we consider the general contractor, general real estate company or
developer in these types of arrangements to be that of a supplier of buildings and land. Of the several general contractors contracted
to build condominiums under this type of supply arrangement, about 30% of the contracts in 2023 were with Shin-Ei Kogyo Co., Ltd.
47
In
2023, Shin-Ei Kogyo Co., Ltd. accounted for 29.98%, Fuetsu Construction Corp. for 21.80%, MUGISHIMA GENERAL CONTRACTOR for 11.39%, Misakigumi
Co., Ltd. for 8.22%, and in-house construction for 7.68%, respectively, of our total construction costs. Payment was made by the Company within three months
after completion of construction. Subsequently, we resold the condominium to the client. We have no long-term contract or arrangement
with the above general contractors.
If
we should encounter delays or difficulties in obtaining the building or land in these supply arrangements, our business related to these
supplies and our financial condition, results of operations and reputation could be adversely affected. In recent years, construction
costs, including construction materials and transportation labor costs, have been rising, and this has become a problem for the Japanese
construction industry as a whole. We have been partially affected by this trend.
Real
Estate Sales
For
our real estate development and sales business, in order to attract an even wider range of customers, we conduct marketing sales through
inquiries from Rimawari-kun, marketing sales mainly to Rimawari-kun members, and referral sales through referrals from customers.
In
marketing sales, we sell to Rimawari-kun members, and since advertising costs as little as ¥1,000,000 (approximately US$7,096) per
month for apartment sales, we have extremely efficient marketing.
In
referral sales, we strive to improve customer satisfaction through Rimawari-kun and conclude partner agreements between us and clients,
whereby our affiliated partners introduce our services to new clients. Alongside marketing sales and referral sales, in addition to our
original brand SYFORME focusing on customers ranging from the semi-affluent bracket, middle class bracket, and lower-class bracket (brackets
defined below under "– Customers"), we will continue to offer only real estate with an asset quality that has been
objectively and highly evaluated under the scoring system of Rimawari-kun AI. As a result, as of December 31, 2023, we had 1,498 apartment
customers, and 3,328 units under management.
Rimawari-kun
Our
unique marketing initiatives include AI-based marketing by tier of financial asset holdings. In addition, we entered into a capital and
business alliance with Rakuten Group, Inc. in December 2021, and we are the exclusive provider in the real estate industry of data marketing
utilizing purchasing behavior to Rakuten members, which number over 100 million. As of December 31, 2023, 25,711 of the 279,029 members
were derived from the marketing program associated with Rakuten Group, Inc. Furthermore, we offer special incentives for influencers
and affiliates, and we provide close communication and hold many events to encourage outside marketers to recommend Rimawari-kun. We
believe that one of our strengths is that we provide unparalleled content through our network of various celebrities, creating a fan
community that is comfortable recommending the Rimawari-kun platform.
As
a result, as of December 31, 2023, our real estate crowdfunding platform membership reached 279,029. According to a market survey titled
Investigation to Prove and Verify No. 1 Market Share of the Japanese Real Estate Crowdfunding Industry in July 2023 conducted by Japan
Marketing Research Organization (which we engaged for a fee in the amount of ¥1,900 thousand (approximately US$13 thousand) to conduct
such survey), we have the largest membership among real estate crowdfunding services in Japan.
Solar
Power Plants
The
low-voltage solar power plants handled by SYLA Solar are sold as investment products primarily to customers in the semi-affluent, middle
class, and lower-class brackets (brackets defined below under "– Customers"). *
48
Customers
Customer
Brackets
The
customers that we serve are divided into five financial brackets based on the value of their financial asset holdings:
●
"Super-affluent
                                            bracket" refers to individuals with financial asset holdings with a value of ¥500,000
                                            thousand (US$3,548 thousand) or more.
●
"Affluent
                                            bracket" refers to individuals with financial asset holdings with a value between ¥100,000
                                            thousand (US$710 thousand) and ¥500,000 thousand (US$3,548 thousand) or more.
●
"Semi-affluent
                                            bracket" refers to individuals with financial asset holdings with a value between ¥50,000
                                            thousand (US$355 thousand) and ¥100,000 (US$710 thousand).
●
"Middle
                                            class bracket" refers to individuals with financial asset holdings with a value between
                                            ¥30,000 thousand (US$213 thousand) and ¥50,000 thousand (US$355 thousand).
●
"Lower
                                            class bracket" refers to individuals with financial asset holdings with a value lower
                                            than ¥30,000 thousand (US$213 thousand)
49
Real
Estate Investment by Individual Investors
Our
real estate development and sales customers are mainly semi affluent bracket and middle class bracket individual investors who are building
assets through real estate investment.
Crowdfunding
The
real estate crowdfunding customer base for the Rimawari-kun platform has more than 237,000 registered members who can invest for as little
as ¥10,000 (approximately US$70.96) in a real estate investment among a portfolio of real estate investment opportunities offered
on the platform. The main customers are mainly people belonging to the lower-class bracket aged 20s-40s who benefit from the speedy online
contracting process.
Solar
Power Plants
While
the majority of SYLA Solar's clients are individuals, we plan to expand to corporate clients on the Rimawari-kun platform and cultivate
new clients throughout Japan through referrals from existing clients.
Competition
The
revenue-generating real estate market, of which we are a part, has a large number of competitors, ranging from major companies to new
entrants. In particular, the real estate crowdfunding industry is crowded with competitors, including many leading listed companies such
as Owner's Book, Creal, and Rimple.
Amidst
this environment, Rimawari-kun has surpassed 279,000 registered members. According to a market survey titled Investigation to Prove and
Verify No. 1 Market Share of the Japanese Real Estate Crowdfunding Industry in July 2023 conducted by Japan Marketing Research Organization
(which we engaged for a fee in the amount of ¥1,900 thousand (approximately US$13 thousand) to conduct such survey), we have the
largest membership among real estate crowdfunding services in Japan.
We
have a growing customer base in addition to the diverse marketing methods and products tailored to various customer brackets. Furthermore,
we believe that we differentiate ourselves from our competitors by providing data-driven services that utilize AI.
We
are working to operate platforms that improve upon centralized real estate transactions previously left to real estate companies and
banks by making real estate information transparent online and providing diverse financing through indirect financial functions. We intend
to continue differentiating ourselves from other companies by improving the functionality of Rimawari-kun and other features.
50
Our
Competitive Strengths
We
believe that there are three major sources of our competitiveness: first, the use of AI and technology to bring the business processes
of companies online; second, the fusion of real and technology professionals; and third, a variety of marketing methods and content development
capabilities.
As
an expert in AI and technology, SYLA Brain Co., Ltd.'s founder and Chief AI Officer, Tianqi Li, has developed a highly accurate
AI system, which is a competitive advantage.
Rimawari-kun
AI developed by SYLA Brain is based on a proprietary algorithm and has been recognized as the "most accurate price estimation model"
by the Japanese Society for Artificial Intelligence 2020 and MIPR 2021.
The
other AI services provided by SYLA Brain will be used to strengthen the business of each of our businesses and are not expected to be
directly affected by industry and market trends.
Rimawari-kun
facilitates the entry of individual investors into the real estate investment market with a minimum investment amount of ¥10,000
(approximately US$70.96) per unit, and its system, which allows all processes from membership registration to completion to be performed
online, is promoting the online management of real estate investment.
We
have in-house system development capabilities, with our engineering team accounting for 11% of our total staff, in order to create and
offer new services, customer needs, in a speedy manner. In addition, with the expertise of professional staff from various real estate
businesses and the know-how of other companies that have participated in the Rimawari-kun concept, we offer a wide range of products
for various asset types, including residences, detached houses, commercial buildings, lodging facilities, factories, and others. The
service also provides investors with an easy and enjoyable way to take the first step toward asset management through the projects of
familiar and well-known personalities.
The
product design centered on the development of such content has allowed Rimawari-kun to appeal to a wide range of members and has led
to the stabilization of a growing customer base. In addition, the number of platform participants is consistently increasing, taking
advantage of our large market share in Japan, and we believe the stable supply of products is leading to an excellent reputation among
customers.
As
mentioned above, our exclusive marketing initiatives through our capital and business alliance with Rakuten Group, as well as our unique
marketing initiatives and content development capabilities for the purpose of utilizing points, are the foundation of our large market
share in Japan.
Furthermore,
by planning and developing products that go beyond real estate investment products, such as solar power plants, we are capable of further
broadening our customer base.
Furthermore,
our commercial and residential real estate construction is dependent on loans from financial institutions. We believe that there are
more than 40 financial institutions from which we can borrow, so we are not dependent solely on a unique financial institution.
We
rely on subcontractors to perform 85% of the construction of our commercial and residential properties and to select and obtain raw materials.
In addition, orders are distributed among multiple companies so as not to rely on a specific subcontractor. Also, there are more than
140 contractors commissioning construction work, so there is no dependence on a specific contractor. The following general contractors
accounted for more than 10% of our construction projects (which we intend to own or resale) during 2023: Shin-Ei Kogyo Co., Ltd. accounted
for 29.98%, Fuetsu Construction Corp. for 21.80%, Mugishima Construction Co., Ltd. for 11.39%, respectively, of our 2023 construction
projects.
51
We
are exposed to various risks as a result of such reliance on these subcontractors and their suppliers, including the possibility of defects
in our commercial and residential properties due to improper workmanship or materials used by such parties, which may require us to comply
with our warranty obligations and/or bring a claim under an insurance policy. The subcontractors we rely on to perform the actual construction
of our commercial and residential properties are also subject to a significant and evolving number of local and national governments,
including laws involving matters that are not within our control. If these subcontractors who construct our commercial and residential
properties fail to comply with all applicable laws, we can suffer reputational damage and may be exposed to liability. Subcontractors
are independent of the commercial and residential property builders that contract with them under normal management practices and the
terms of trade contracts and subcontracts within the commercial and residential property building industry. We do not have the ability
to control what these independent subcontractors pay to or the work rules they impose on their employees. However, various federal and
local governmental agencies have sought, and may in the future seek, to hold contracting parties like us responsible for our subcontractors'
violations of wage and hour laws, or workers' compensation, collective bargaining and/or other employment-related obligations related
to subcontractors' workforces. Governmental agency determinations or attempts by others to make us responsible for our subcontractors'
labor practices or obligations, whether under "joint employer" theories, specific prefecture laws or regulations, or otherwise,
could create substantial adverse exposure for us in situations that are not within our control and could be material to our business,
financial condition and results of operations. We can also suffer damage to our reputation, and may be exposed to possible liability,
if subcontractors fail to comply with applicable laws, including laws involving actions or matters that are not within our control. However,
regardless of the steps we take after we learn of practices that do not comply with applicable laws, rules or regulations, we can in
some instances be subject to fines or other governmental penalties, and our reputation can be injured, due to the practices having taken
place.
Our
Growth Strategy
We
aim to become a leading prop-tech company in Japan.
The
Japanese revenue-generating real estate market, of which we are a part, is a market estimated to be worth ¥289,500,000 million (approximately
US$2,054,357 million) and is expected to continue to expand significantly. (Source: Value Management Institute, Inc., July 18, 2023,
"Real Estate Investment Market Size in Japan (2023)", kibo2023.pdf (vmi.co.jp))
In
addition, in May 2022, the law was amended to allow real estate transactions to be conducted online. In Japan, 66% of banking transactions
and 50% of brokerage transactions, respectively, are conducted online. Our mission is to protect our customers and increase convenience
and transparency in real estate online transactions.
52
*
See
figures for 2021 from MyBoscom's "Survey on Internet Banking" (2021).
Refer
to 2021 figures from the Japan Securities Dealers Association's "National Survey on Securities Investment (Summary of Survey
Results)" (2021).
As
mentioned above, we already have a large share of the real estate crowdfunding market in Japan, and from here we aim to further evolve
into a real estate crowdfunding platform that handles a variety of investment products. We aim to surpass the 350,000 members of FUNDRISE,
the largest U.S. real estate crowdfunding company, to become the world's leading platform in terms of market share by leveraging
our existing customer base, our diverse marketing methods, products tailored to various customer brackets, and data-driven services that
utilize AI. (see
https://fortune.com/2022/07/09/rental-property-homes-recession-proof-investment-fundrise-ben-miller/)
,
53
Among
these, we believe that strengthening the technology field is a high priority. In order to become a service that provides world-class
user interface/experience design (UI/UX) that is highly evaluated by customers, it is necessary to hire tech personnel with diverse backgrounds,
including engineers, creators, and marketers. The number of technology personnel is 15 (11% of the total workforce) as of December 31,
2023.
This
diversity of financing and increased options will allow for agile and flexible real estate development and accommodate investors'
diverse portfolio designs.
Real
Estate Investment and Acceleration of Investment
We
have entered into a business collaboration with a private fund managed by BlackRock's Real Estate Division, as announced on December
11, 2023, with the aim of strengthening mutual collaboration, such as offering investment opportunities in the "SYFORME series"
and other properties developed in Japan by our wholly owned subsidiary, SYLA Co., Ltd.
In
2023, the three properties, SYFORME OJI II (Kita-ku, Tokyo), SYFORME MOTOMACHI-CHUKAGAI (Yokohama City, Kanagawa), and SYFORME TABATA
(Kita-ku, Tokyo), generated total sales of ¥5,975 million (approximately US$42 million), and in January 2024, SYFORME OJI (Kita-ku,
Tokyo) was sold to the private fund managed by BlackRock's Real Estate Division. Going forward, we aim to further accelerate real
estate development and investment in response to market needs, including consideration of collaboration in land acquisition through development.
Intellectual
Property
Trademark
The
names and marks SYLA, SYFORME, SYNEX, SENIOR TECH MANSION, Pet Tech Apartments, Rimawari-kun, Supportive Real Estate Crowdfunding "Rimawari-kun",
MAISON LE REVE, Livers Apartments, and SYLA IoT Apartments appearing in this annual report are the property of the Company and are registered
tradenames and trademarks of the Company in Japan only. None of our names and marks appearing in this annual report are currently registered
in the United States. Solely for convenience, trademarks, trade names and service marks referred to in this annual report may appear
without the ®, ™ or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the
fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, trade names and service
marks. We do not intend any use or display by us of other parties' trademarks, trade names or service marks to imply, and such
use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.
54
Recent
Developments
Real
Estate Investment and Acceleration of Investment
We
have entered into a business collaboration with a private fund managed by BlackRock's Real Estate Division, as announced on December
11, 2023, with the aim of strengthening mutual collaboration, such as offering investment opportunities in the "SYFORME series"
and other properties developed in Japan by our wholly owned subsidiary, SYLA Co., Ltd.
In
fiscal year 2023, the three properties, SYFORME OJI II (Kita-ku, Tokyo), SYFORME MOTOMACHI-CHUKAGAI (Yokohama City, Kanagawa), and SYFORME
TABATA (Kita-ku, Tokyo), generated total sales of ¥5,975 million (approximately US$42), and in January 2024, SYFORME OJI (Kita-ku,
Tokyo) was sold to the private fund managed by BlackRock's Real Estate Division.
Going
forward, we aim to further accelerate real estate development and investment in response to market needs, including consideration of
collaboration in land acquisition through development.
RIBERESUTE
Share Acquisition; Capital and Business Alliance with RIBERESUTE CORPORATION
On
November 15, 2023, the Company entered into a Share Transfer Agreement (the "Share Transfer Agreement") among the Company,
Jun Planning Corporation ("Seller 1"), Nobukazu Kawai ("Seller 2"), Junji Kawai ("Seller 3"), and
Akie Kawai ("Seller 4" and collectively with Seller 1, Seller 2 and Seller 3, the "Sellers") regarding the sale
of shares of RIBERESUTE CORPORATION ("Riberesute") owned by the Sellers to the Company. Riberesute is a Japan-based developer
and seller of family-type condominiums and is listed on the Tokyo Stock Exchange.
Pursuant
to the terms of the Share Transfer Agreement, the Sellers agreed to sell to the Company, and the Company agreed to purchase from the
Sellers, an aggregate of 2,158,800 shares of Riberesute, representing approximately 20.39% of the outstanding shares of Riberesute excluding
treasury stock (10,589,800 shares), in exchange for an aggregate purchase price of ¥1,988,254,800 (US$14,109,103) as follows:
Seller
Number of Shares
Percentage of Outstanding Shares
Purchase Price (¥)
Seller 1
1,668,400
15.75
%
1,536,596,400
Seller 2
264,400
2.50
%
243,512,400
Seller 3
224,000
2.12
%
206,304,000
Seller 4
2,000
0.02
%
1,842,000
Total
2,158,800
20.39
%
1,988,254,800
The
Share Transfer Agreement contains certain covenants, representations and warranties customary for an agreement of this type. The purchase
of the Riberesute shares from the Sellers, as contemplated by the Share Transfer Agreement, closed on January 12, 2024. As a result of
the closing, the Company believes that it is the largest Riberesute shareholder.
55
On
January 23, 2024, the Company and Riberesute entered into a Capital and Business Alliance Agreement (the "Alliance Agreement").
Pursuant to the terms of the Alliance Agreement, Riberesute agreed that it would not, without the Company's prior consent and insofar
as it does not violate the principle of equality of shareholders, take any of the following actions or cause any third party to take
any of the following actions:
1.
Capital
    alliance with other third parties, business alliance or cooperation involving activities that are equivalent or similar to all or
    part of the Business Alliance, and negotiation, provision of information, or communication related to any other activities that make
    the formation of the Business Alliance difficult.
2.
Introducing
    existing shareholders to third parties and other actions facilitating the purchase of shares of Riberesute Group companies by third
    parties.
In
addition, the Alliance Agreement provides that both companies will promote joint activities and other collaboration, including with respect
to:
1.
Complementary
    products
2.
Complementary
    geographic coverage
3.
Expansion
    of real estate crowdfunding business
4.
Promotion
    of internet marketing
5.
Real
    estate development
Riberesute
also agreed not to enter into any business alliance or other cooperation with any other third party involving activities that are the
same as or similar to all or part of the activities of the Business Alliance without the Company's prior written consent.
The
Alliance Agreement contains certain covenants, representations and warranties customary for an agreement of this type.
Government
Regulation
The
real estate development business conducted by the Company is regulated by the Building Standards Act, the Construction Business Act,
the Real Estate Brokerage Act, the City Planning Act, the Housing Quality Assurance Act, the Rental Real Estate Management Business
Optimization law, Act on Advancement of Proper Condominium Management, the Industrial Safety and Health Act, the Consumer Contract
Act, the Act against Unjustifiable Premiums and Misleading Representations, and many other laws, ordinances and municipal
regulations. However, in the event of a major revision of laws and regulations that could lead to stricter regulations or cost
burdens for vendors, or the revocation of licenses, registrations, or permissions for any reason, our business activities could be
significantly restricted, and we would be forced to take measures to ensure compliance. In the event of a major revision of laws and
regulations, which may result in tighter regulations or cost burdens, or the cancellation of licenses, registrations, or permits for
some reason, our business activities may be significantly restricted, which may affect our business performance.
56
Regulations
Relating to Real Estate Business
Construction
of Buildings
Our
business involving the construction of buildings is generally subject to the Building Standards Act. Under this law, any entity that
constructs whether by itself or through a third-party contractor, any building that is larger than a certain size or that is located
in certain designated areas must obtain a certificate of prior confirmation for the planned construction as well as a certificate of
completion thereof from an inspector appointed by the local authorities. Such certificates confirm that the building conforms to the
standards prescribed by the Building Standards Act and relevant regulations. In addition, the local authorities may order the suspension
of construction or the demolition, reconstruction, remodeling, or repair of any building, or may prohibit or limit the use of any building,
if the building does not conform to the relevant building standards. Such standards include those relating to the use, height, and structure
of buildings, including the seismic design, the building-to-land area ratio, and fire prevention, security, and sanitation requirements.
The
relevant site may be subject to general restrictions under the City Planning Act, which designates areas where certain usage is not allowed.
If and when we intend to perform development activities in specified designated areas, we must firstly obtain permission from the relevant
governor.
Sales
and Brokerage of Real Estate
Our
business involving property sales and brokerage of real estate transactions is subject to the Real Estate Brokerage Act. Under this law,
any person who intends to engage in the business of the sale and purchase of buildings and building lots or the brokerage of sale and
purchase or leasing thereof, referred to by this law as a real estate trader, must firstly obtain a license from the Minister of Land,
Infrastructure, Transport, and Tourism or the relevant governor of the municipal government in Japan. The minister or the relevant governor
may revoke such license or order the suspension of business for a period of up to one year if the real estate trader enters into a transaction
that violates the Real Estate Brokerage Act or otherwise engages in substantially inappropriate conduct. This law also requires real
estate traders to employ, or otherwise enlist the services of, a certain number of qualified and registered real estate transaction managers.
The
Real Estate Brokerage Act imposes various obligations on real estate traders in connection with their business. For instance, real estate
traders must ensure that their real estate transaction managers deliver to property purchasers, lessees and/or certain relevant parties
documents setting forth important matters relating to the property and provide sufficient explanations to these parties before entering
into real estate contracts. In addition, the Real Estate Brokerage Act places limits on the size of deposits that may be collected from
a purchaser and on liquidated damages payable to real estate traders and also provides restrictions on advertisements relating to the
business of real estate traders.
In
May 2022, the amendments to the Real Estate Brokerage Act and related regulations came into effect, allowing documents that were previously
required to be delivered in writing, such as the documents setting forth important matters relating to the property, to be delivered
by electronic means, subject to the consent of the property purchasers, lessees, and/or certain relevant parties. The amendments, in
effect, allow real estate transactions to be completed entirely online.
Lease
of Buildings
Leases
of buildings in Japan are governed principally by the Civil Code and the Act on Land and Building Leases. In relation to building lease
transactions, the Act on Land and Building Leases generally takes priority over the Civil Code principally in terms of protection of
rights of lessees. Except where the Act on Land and Building Leases provides otherwise, its provisions are compulsorily applicable to
building leases, regardless of the terms of the relevant lease agreement, especially where the terms are less favorable to a lessee than
the provisions of the Act on Land and Building Leases.
Lease
Term
A
building lease agreement may have either a fixed or an indefinite term. Under the Act on Land and Building Leases, however, a building
lease having a term of less than one year is deemed to have an indefinite term. Even if the building lease is for a fixed term of one
year or more, unless the landlord gives notice of its intention not to renew the lease generally six months prior to the expiration of
the term, the lease is automatically deemed to be renewed without a fixed term.
57
The
Act on Land and Building Leases provides that a building lease may be terminated by the landlord on six months' notice, although
a longer notice period may be required if such longer period is provided for in the relevant lease agreement. However, in the case of
building leases having a fixed term of one year or more, the lease generally cannot be terminated prior to the end of that term unless
the lease agreement specifically provides otherwise.
Notwithstanding
the foregoing, the landlord may not give notice of intention not to renew, or of termination of, a lease unless it has a justifiable
reason for not renewing or terminating the lease in light of a number of factors, including: each of the landlord's and the lessee's
need for the building for its own use; the history of the building lease; the present use of the building; the current condition of the
building; and the amount of money the landlord is offering to pay the lessee in consideration of vacating the building.
Adjustment
of Rent
The
Act on Land and Building Leases provides that either party to a building lease agreement may demand that the rent be increased or decreased,
regardless of the provisions of the lease agreement, if the rent has become unreasonable (i) as a result of any increase or decrease
in taxes or other charges imposed on the leased building or the underlying land, (ii) as a result of any increase or decrease in the
price of such building or land or any other change in economic condition, or (iii) in light of the rents of comparable buildings in the
immediate area. This provision of the Act on Land and Building Leases, however, will not permit a landlord to demand an increase in rent
if the relevant lease agreement provides that the rent shall not increase for a specific period.
If
no agreement is reached between the parties with respect to an increase or decrease in the amount of the rent, either party may seek
a court order. In such case, the court will determine whether and to what extent the amount of the rent shall be adjusted taking into
consideration various factors, including those described in (i) through (iii) above. If the court determines that the rent should be
decreased, the landlord will be ordered to return any excess rent collected after the lessee's initial demand and to pay interest
on such excess amount, if any, at a rate of 10% per annum.
Special
Fixed-term Building Lease
The
Act on Land and Building Leases provides that the rules regarding renewals of lease agreements do not apply to a type of special fixed-term
building lease known as
teiki tatemono chintaishaku
. Further, the landlord and the lessee may exclude the application of the rules
regarding adjustment of rent described above.
Environmental
Regulation
Our
leasing, development, and reconstruction operations are subject to the Soil Contamination Countermeasures Act. Under this law, if a local
governor finds that the level of soil pollution in a given area of land due to hazardous or toxic substances exceeds the standards prescribed
by the Ministry of the Environment of Japan and that area of land is polluted to such an extent that it has caused or may cause harm
to human health, the governor must designate the area of land as a polluted area and the governor may order the current owner of such
land to remove or remediate hazardous or toxic substances on or under the land in accordance with a plan for the removal and remediation,
in principle, whether or not the current owner knew of, or was responsible for, the presence of such hazardous or toxic substances.
Liability
for Defect of Warranty and Non-Conformity to the Contract
In
connection with our property sales businesses, pursuant to the Civil Code or other certain laws, we may be subject to potential liabilities
for "defects" in relation to a contract for sale or work entered into on or before March 31, 2020 or "non-conformity
to the contract" in relation to a contract for sale or work entered into on and after April 1, 2020. On April 1, 2020, the Act
Partially Amending the Civil Code came into force and the provisions of the liability for defect of warranty were wholly amended such
that the concept of "defects" was replaced by the concept of "non-conformity to the contract" with clarification
of liabilities arising from such non-conformity.
58
Under
the Civil Code, if there is any latent defect or any non-conformity to the contract in the subject matter of a sale or if there is any
defect or any non-conformity to the contract in the subject matter of work performed, the seller or the constructor of buildings or building
lots is statutorily liable for the defect of warranty or the non-conformity to the contract vis-à-vis the purchaser or the contractee.
These statutory liabilities are generally available for one year from (i) the date on which the purchaser becomes aware of the latent
defect or the non-conformity to the contract with respect to the kind or quality, (ii) the time of the delivery of the subject matter
of work performed with defects, or (iii) the date on which the contractee becomes aware of the non-conformity to the contract with respect
to the kind or quality. In case of non-conformity to the contract, after the above-mentioned partial amendment to the Civil Code, these
statutory liabilities can be enforced by a cancellation of the underlying sale, by requesting deduction of sale price, by requesting
realization of conformity, or by requesting damages, which may include resale profit. The Real Estate Brokerage Act generally prohibits
real estate traders, as sellers of buildings or building lots, from modifying these liabilities unfavorably to the purchaser.
The
Housing Quality Assurance Act, imposes stricter liability against sellers of newly built houses including new condominium units and constructors
of new houses, under which a seller and a constructor of a new house is statutorily liable for a defect of the primary parts of the house
for 10 years from delivery of it under certain conditions, and any agreement which purports to modify these liabilities unfavorably to
the purchaser or the contractee is void.
Regulations
Relating to Real Estate Crowdfunding Business
Real
Estate Specified Joint Enterprise Act was enacted in 1995 to protect investors in "real estate specified joint enterprises"
and to develop real estate specified joint enterprises.
A
real estate specified joint enterprise is a business in which an operator solicits investments from multiple investors through silent
partnership or voluntary partnership agreements, acquires, leases, and manages income-producing real estate with the money collected,
and distributes the profits earned through the acquisition to the investors.
The
real estate crowdfunding business is licensed by the Governor of Tokyo under the Real Estate Specified Joint Enterprise Act, but the
crowdfunding market is still in its infancy and the Real Estate Specified Joint Enterprise Act may be revised in the future. In the event
of any such amendment, we will take immediate action to address the issue. However, if the tightening of regulations due to the amendment
of the law has a significant impact on our business operations, it may affect our business activities, financial position, and business
performance.
Currently,
the Real Estate Specified Joint Enterprise Act does not service operator's capital must meet the amount required for licensing,
and the service operator must have the necessary financial basis to operate a real estate specified joint enterprise and the human resources
to properly carry out the business.
The
terms and conditions of the Real Estate Specified Joint Enterprise Agreement must meet the criteria. Each office must have a business
manager who meets specific requirements, including a licensed real estate transaction specialist.
Establishing
a system for electronic transaction operations so that investors can obtain sufficient information when conducting pre-contract explanations
and concluding contracts over the Internet. The service provider is required to comply with the basic requirements for real estate specified
joint businesses, such as the following. In addition, when changing the workflow or documents to be used, it is necessary to apply to
the Tokyo Metropolitan Government each time and obtain permission. If a service provider violates this law, its license will be revoked,
and in serious cases, its business will be suspended. Any service providers violate this Act will lead to revocation of its license and,
in serious cases, shutdown of its business.
Regulations
Relating to Electricity Business
Electricity
Business Act (Act No. 170 of July 11, 1964) is to protect the interests of electricity users and move toward achieving the sound development
of electricity business by realizing appropriate and reasonable management of electricity business, and assuring public safety and promoting
environmental preservation by regulating the construction, maintenance and operation of electric facilities. Especially, Act on Special
Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (Act No. 108 of August 30, 2011)
is an important act for renewable energy business.
This
Act is to promote the use of renewable energy sources as energy sources for electricity by taking special measures for price, period,
etc. with regard to the procurement of electricity from renewable energy sources by electricity utilities, taking into consideration
that the use of renewable energy sources as energy sources is important in securing a stable and appropriate supply of energy in accordance
with the economic and social environment in Japan and abroad and in reducing the environmental load arising from energy supply, thereby
contributing to the strengthening of the international competitiveness of Japan and the sound development of the national economy, including
the promotion of Japanese industry and the revitalization of local communities.
59
In
April 2024, based on the Act for Partial Revision of the Electricity Business Act and Other Acts for Establishing Electricity Supply
Systems for Realizing a Decarbonized Society, partial revision of the Electricity Business Act and the Act on Special Measures Concerning
Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (the "Act on Procurement of Renewable Electricity")
came into effect. The revised law includes the following: the development of an environment for grid facilities conducive to the introduction
of renewable energy, the promotion of additional investment to maximize the use of existing renewable energy, and the strengthening of
business rules for the introduction of renewable energy in cooperation with the local community.
The
Act on Renewable Energy Special Measures is a key factor for the company as it is to encourage renewable energy generators to secure
their predictability for investment return and take market-conscious activities, the revised Act is to establish a Feed-in-Premium (FIP)
scheme in addition to the existing FIT scheme, a new scheme in which renewable energy generators are able to receive a certain level
of premium based on the market price, is to establish a system in which part of the expenditures for fortifying electricity grids necessary
for expanding the introduction of renewable energy into businesses, e.g., regional interconnection lines, which regional electricity
transmission/distribution businesses bear under the current Act, is to be supported based on the surcharge system across Japan, and is
to impose obligations on renewable energy generators to establish an external reserve fund for the expenditures for discarding their
facilities for generating renewable energy as a measure for addressing concerns over inappropriate discarding of PV facilities. Any service
providers violate this Act will lead to revocation of its license and, in serious cases, shutdown of its business.
Electricity
Business Act (Act No. 170 of July 11, 1964) is to protect the interests of electricity users and move toward achieving the sound development
of electricity business by realizing appropriate and reasonable management of electricity business, and assuring public safety and promoting
environmental preservation by regulating the construction, maintenance and operation of electric facilities. Especially, Act on Special
Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (Act No. 108 of August 30, 2011)
is an important act for renewable energy business.
This
Act is to promote the use of renewable energy sources as energy sources for electricity by taking special measures for price, period,
etc. with regard to the procurement of electricity from renewable energy sources by electricity utilities, taking into consideration
that the use of renewable energy sources as energy sources is important in securing a stable and appropriate supply of energy in accordance
with the economic and social environment in Japan and abroad and in reducing the environmental load arising from energy supply, thereby
contributing to the strengthening of the international competitiveness of Japan and the sound development of the national economy, including
the promotion of Japanese industry and the revitalization of local communities.
On
February 25, 2020, a cabinet decision was made on the Bill for the Act of Partial Revision of the Electricity Business Act and Other
Acts for Establishing Resilient and Sustainable Electricity Supply Systems. The bill will be submitted to the 201st ordinary session
of the Diet which consists of three sections, Partial revision of the Electricity Business Act, Partial revision of the Act on Special
Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities ("Act on Renewable Energy
Special Measures"), and Partial revision of the Act on the Japan Oil, Gas and Metals National Corporation, Independent Administrative
Agency ("JOGMEC Act").
60
Regulations
Relating to Overall Business
There
are various labor-related laws in Japan, including the Labor Standards Act, the Industrial Safety and Health Act, and the Labor Contracts
Act. The Labor Standards Act regulates, among others, minimum standards for working conditions such as working hours, leave period, and
leave days. The Industrial Safety and Health Act requires, among others, the implementation of measures to secure employee safety and
protect the health of workers in the workplace. The Labor Contracts Act regulates, among others, the change of terms of employment contracts
and working rules, and dismissal and disciplinary action. We comply with these regulations.
The
"Act on the Arrangement of Related Acts to Promote Work Style Reform," which took effect in April 2019, sets maximum
limits on overtime work. In addition, the construction industry, which had been exempted from these regulations,
will
also became subject to them from April 2024, and our construction division
will need to
responded to this change.
Violation of these regulations may affect our business performance and reputation.
The
Act on the Protection of Personal Information and related guidelines impose various requirements on businesses, including our group companies,
that use databases containing personal information, such as appropriate custody of such information and restrictions on information sharing
with third parties. Non-compliance with any order issued by the Personal Information Protection Commission or any other relevant authorities
to take necessary measures to comply with the law could subject us to criminal and/or administrative sanctions. As a result of recent
amendments, anonymously processed information
(tokumei kako joho)
, pseudonymized information
(kamei kako joho)
, and individual-related
information
(kojin kanren joho)
are subject to the Personal Information Protection Act.
Legal
Proceedings
From
time to time, we are involved in various legal proceedings arising from the normal course of business activities. We are not presently
a party to any litigation the outcome of which, we believe, if determined adversely to us, would individually or taken together have
a material adverse effect on our business, operating results, cash flows or financial condition. Defending such proceedings is costly
and can impose a significant burden on management and employees. The results of any current or future litigation cannot be predicted
with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion
of management resources, and other factors.
C.
Property, Plants and Equipment
Facilities
The
Company's head office is located on the 7th floor of Ebisu Prime Square Tower, 1-1-39, Hiroo, Shibuya-ku, Tokyo, where we lease
approximately 990.1 m2 of office space from an unrelated third party. The lease is due to expire on September 30, 2024, with an automatic
renewal for three additional years. The terms of the office lease provide for a base rent of ¥7,787,896 (approximately US$55 thousand)
per month and a sales tax contribution of ¥778,789 (approximately US$ 6 thousand) per month.
ITEM
4.A. UNRESOLVED STAFF COMMENTS
None.
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The
following discussion and analysis summarize the significant factors affecting our operating results, financial condition, liquidity,
and cash flows for the periods presented below. The following discussion and analysis should be read in conjunction with our consolidated
financial statements and related notes included elsewhere in this annual report. The forward-looking statements contained herein are
based on management's judgment, assumptions made by management and information currently available to it. Actual results could
differ materially from those discussed or implied in the forward-looking statements as a result of various factors, including those described
below and elsewhere in this annual report, particularly in the sections entitled "Risk Factors" and "Cautionary Statement
Regarding Forward-Looking Statements."
61
Business
Overview
Our
primary mission is to democratize real estate investment around the world and we aim to enrich the 100-year life era with technology
and asset management.
We
are engaged in four primary businesses:
Business
    Name
Main
    Businesses
(1)
    Real Estate Development and Sales Business
Development,
    design, construction, and sales of real estate centered on the "SYFORME" series condominiums developed by the company.
    Includes land sales and income through Rimawari-kun Crowdfunding Business.
(2)
    Asset Management Business
Rental
management and building management. Includes income through Rimawari-kun Crowdfunding Business.
(3)
    Renewable Energy Business (Solar Power Generation)
Design,
    construction, maintenance of solar power generation facilities, sale of solar power plants, and sale of other renewable energy related
    products, sale of electricity
(4)
    Others
Mainly
    containerized data center business
For
the years ended December 31, 2023, 2022 and 2021, the Company reported revenues of ¥22,743,410 thousand (US$161,392 thousand), ¥22,055,785
thousand and ¥16,665,382 thousand, respectively, net income from continuing operations of ¥749,361 thousand (US$5,318 thousand),
¥310,761 thousand and ¥278,688 thousand, respectively, and net cash used in or provided by operating activities from continuing
operations to be ¥6,338,698 thousand (US$44,981 thousand), ¥3,401,712 thousand and ¥25,098 thousand, respectively. As
stated in the consolidated financial statements, as of December 31, 2023, the Company had retained earnings of ¥3,413,644 thousand
(US$24,224 thousand). During the year ended December 31, 2023, the Company generated revenues from sales of real estate, sales of land,
rental services, real estate management services, sales of solar power plants, solar power plants operation and maintenance services,
sales of electricity, sales of containers and containers operation and management services. The Company
started real estate crowdfunding business in June 2021 and generated minimal revenues from real estate crowdfunding for the years ended
December 31, 2023 and 2022 and 2021.
Organizational
Structure
The
following diagram reflects our current organizational structure as of the date of this annual report:
SYLA
Technologies Co., Ltd. (formerly known as SYLA Holdings Co., Ltd.) was incorporated in Japan on March 3, 2009.
SYLA
Co., Ltd. (100% owned subsidiary of the Company) operations include real estate sales, apartment development, leasing, management and
brokerage, real estate crowdfunding, and solar power plant sales. SYLA Co., Ltd. was incorporated in Japan on September 1, 2006. On October
1, 2017, SYLA Technologies Co., Ltd. acquired 100% equity ownership of SYLA Co., Ltd. by shares exchange, which has been accounted for
as a recapitalization between entities under common control since the same controlling shareholders controlled these two entities before
and after the transaction.
62
SYLA
Solar Co., Ltd. (formerly known as Nihon Taiyoko Hatsuden Co., Ltd.) (100% owned subsidiary of the Company) is engaged in engineering,
procurement and construction (EPC) business (design and construction of solar power generation), O&M business (maintenance and management
of solar power generation), IPP business (wholesale of electricity generated by the company), electricity retail business and sales of
other renewable energy-related products. SYLA Solar Co., Ltd. was incorporated in Japan in August 2013. In February 2022, SYLA Technologies
Co., Ltd. completed the acquisition of 100% equity interest of SYLA Solar Co., Ltd., and its wholly owned subsidiaries, SYLA O&M
Co., Ltd. and SYLA Power Co., Ltd. SYLA O&M Co., Ltd. (formerly known as ALMA Co., Ltd.) (previously wholly owned by SYLA Solar Co.,
Ltd.) was engaged in maintenance, management and sales of solar power generation. SYLA Power Co., Ltd. (formerly known as Aichi Electric
Power Co., Ltd.) (previously wholly owned by SYLA Solar Co., Ltd.) was engaged in electricity retailing, electricity brokerage, renewable
energy trading, and trade brokerage. On November 1, 2023, SYLA O&M Co., Ltd. and SYLA Power Co., Ltd. merged into SYLA Solar Co.,
Ltd.
SYLA
Brain Co., Ltd. (formerly known as DEVEL Co., Ltd.) (67%-owned subsidiary of the Company) develops a system that automatically collects
and analyzes all kinds of real estate data online, and develops real estate investment, machine learning algorithms, RPA, and business
systems using the system. The system is also engaged in consulting on business automation and AI system implementation for corporations,
and consulting on real estate investment and asset management. SYLA Brain Co., Ltd. was incorporated in Japan on November 15, 2019. On
December 27, 2021, SYLA Technologies Co., Ltd. completed an acquisition of 67% equity interest of SYLA Brain Co., Ltd.
SYLA
Biotech Co., Ltd. (formerly known as RE100.com Co., Ltd.) (100% owned subsidiary of the Company) sells and maintains solar and
biomass power generation equipment. In April 2022, the Company co-established SYLA Biotech Co., Ltd. with Makoto Ariki, a 5%
shareholder of SYLA Brain Co., Ltd. The Company and Makoto Ariki each owned 50% equity interest of SYLA Biotech Co., Ltd. until
September 13, 2022 when the Company's ownership interest in SYLA Biotech was further increased to 60% as a result of share
issuance on September 14, 2022, and eventually increased to 100% upon the acquisition of the remaining 40% equity interest from
noncontrolling shareholders on December 15, 2023.
SYLA Co., Ltd. incorporated its wholly-owned subsidiaries, SYLA Asset Management
Co., Ltd., SYLA Realty Co., Ltd. and Rimawari-kun Co., Ltd. in Japan in March 2023, June 2023 and July 2023, respectively. There were
no significant transactions for SYLA Asset Management Co., Ltd. and Rimawari-kun Co., Ltd. during the year ended December 31, 2023.
Recent
Developments
Real
Estate Investment and Acceleration of Investment
We
have entered into a business collaboration with a private fund managed by BlackRock's Real Estate Division, as announced on December
11, 2023, with the aim of strengthening mutual collaboration, such as offering investment opportunities in the "SYFORME series"
and other properties developed in Japan by our wholly owned subsidiary, SYLA Co., Ltd.
In
fiscal year 2023, the three properties, SYFORME OJI II (Kita-ku, Tokyo), SYFORME MOTOMACHI-CHUKAGAI (Yokohama City, Kanagawa), and SYFORME
TABATA (Kita-ku, Tokyo), generated total sales of ¥5,975 million (approximately US$42 million), and in January 2024, SYFORME OJI
(Kita-ku, Tokyo) was sold to the private fund managed by BlackRock's Real Estate Division.
Going
forward, we aim to further accelerate real estate development and investment in response to market needs, including consideration of
collaboration in land acquisition through development.
RIBERESUTE
Share Acquisition: Capital and Business Alliance with RIBERESUTE CORPORATION
On
November 15, 2023, the Company entered into a Share Transfer Agreement (the "Share Transfer Agreement") among the Company,
Jun Planning Corporation ("Seller 1"), Nobukazu Kawai ("Seller 2"), Junji Kawai ("Seller 3"), and
Akie Kawai ("Seller 4" and collectively with Seller 1, Seller 2 and Seller 3, the "Sellers") regarding the sale
of shares of RIBERESUTE CORPORATION ("Riberesute") owned by the Sellers to the Company. Riberesute is a Japan-based developer
and seller of family-type condominiums and is listed on the Tokyo Stock Exchange.
Pursuant
to the terms of the Share Transfer Agreement, the Sellers agreed to sell to the Company, and the Company agreed to purchase from the
Sellers, an aggregate of 2,158,800 shares of Riberesute, representing approximately 20.39% of the outstanding shares of Riberesute excluding
treasury stock (10,589,800 shares), in exchange for an aggregate purchase price of ¥1,988,254,800 (US$14,109,103) as follows:
Seller
Number of Shares
Percentage of Outstanding Shares
Purchase Price (¥)
Seller 1
1,668,400
15.75
%
1,536,596,400
Seller 2
264,400
2.50
%
243,512,400
Seller 3
224,000
2.12
%
206,304,000
Seller 4
2,000
0.02
%
1,842,000
Total
2,158,800
20.39
%
1,988,254,800
The
Share Transfer Agreement contains certain covenants, representations and warranties customary for an agreement of this type. The purchase
of the Riberesute shares from the Sellers, as contemplated by the Share Transfer Agreement, closed on January 12, 2024. As a result of
the closing, the Company believes that it is the largest Riberesute shareholder.
63
On
January 23, 2024, the Company and Riberesute entered into a Capital and Business Alliance Agreement (the "Alliance Agreement").
Pursuant to the terms of the Alliance Agreement, Reberesute agreed that it would not, without the Company's prior consent and insofar
as it does not violate the principle of equality of shareholders, take any of the following actions or cause any third party to take
any of the following actions:
1. Capital
alliance with other third parties, business alliance or cooperation involving activities that are equivalent or similar to all or part
of the Business Alliance, and negotiation, provision of information, or communication related to any other activities that make the formation
of the Business Alliance difficult.
2. Introducing
existing shareholders to third parties and other actions facilitating the purchase of shares of Riberesute Group companies by third parties.
In
addition, the Alliance Agreement provides that both companies will promote joint activities and other collaboration, including with respect
to:
1.
Complementary
    products
2.
Complementary
    geographic coverage
3.
Expansion
    of real estate crowdfunding business
4.
Promotion
    of internet marketing
5.
Real
    estate development
Riberesute
also agreed not to enter into any business alliance or other cooperation with any other third party involving activities that are the
same as or similar to all or part of the activities of the Business Alliance without the Company's prior written consent.
The
Alliance Agreement contains certain covenants, representations and warranties customary for an agreement of this type.
Major
Factors Affecting Operating Results
The
Company believes that the following major factors could affect its financial position and results of operations:
Our
Ability to Strengthen Our Competitive Advantage
Although
there are many competitors in the real estate industry to which we belong, we differentiate ourselves from them by operating a platform
that uses technology to make it easy to start investing in real estate.
We
are operating the platform to improve the centralized real estate transactions that have been left to real estate companies and banks,
by making real estate information transparent and achieving diverse procurement through financial inclusion. The Company intends to continue
to strengthen its differentiation from other companies by improving the functionality of "Rimawari-kun" and other features.
Our
ability to control costs and expenses and improve operational efficiency
As
of December 31, 2023, we had 279,029 members on our real estate crowdfunding platform Rimawari-kun. According to a market survey titled
Investigation to Prove and Verify No. 1 Market Share of the Japanese Real Estate Crowdfunding Industry in June 2023 conducted by Japan
Marketing Research Organization (which we engaged for a fee in the amount of ¥1,900 thousand (approximately US$14 thousand) to conduct
such survey), we have the largest membership among real estate crowdfunding services in Japan. As of December 31, 2023, 25,711 of the
279,029 members were derived from the marketing program associated with Rakuten Group, Inc., who we have a business alliance with, in
order to attract members by focusing on banner advertisements and targeted mail magazines for Rakuten members. The number of Rakuten
members is now more than 100 million. This marketing initiative allows customers who come in through Rakuten to receive a variety of
point rewards, enabling the Rakuten Group and Rimawari-kun to send customers to each other. In addition, the Company is improving the
UX and investment performance through daily login point and birthday login point gifts.
As
described above, we have developed a real estate crowdfunding platform that provides investment opportunities centering on various investment
educational content and group company products tailored to the attributes of each customer, by attracting a wide range of members not
only from the real estate investment market but also from the mass market through the "Rimawari-kun" real estate crowdfunding
platform, which allows individuals to invest in real estate in small amounts. By developing a real estate crowdfunding platform that
provides investment opportunities centered on various investment education content and our products tailored to the attributes of each
customer, we aim to increase customer satisfaction and lifetime customer value ("LTV") while controlling customer acquisition
costs for each product.
For
sales of investment condominiums, we attract customers through inquiries via the real estate crowdfunding platform "Rimawari-kun,"
marketing sales using online advertisements, and referrals from customers.
64
A
severe or prolonged slowdown in the global or Japanese economy could have a material and adverse effect on our business and financial
condition.
In
recent years, Japanese economic indicators have shown a wide range of movements, and the future growth of the Japanese economy is subject
to a mixture of factors, many of which are beyond our control. The current administration of Prime Minister Kishida and the administration
of former Prime Minister Kan have put forward policies to combat deflation and promote economic growth. The Bank of Japan also introduced
quantitative and qualitative monetary easing measures in April 2013 and announced a negative interest rate policy in January 2016. However,
the long-term impact of these policy initiatives on the Japanese economy remains uncertain. Also uncertain are the short- and long-term
effects of Brexit on the Japanese economy and the value of the Japanese yen relative to the currencies of other countries from which
we derive revenues. In addition, the consumption tax rate increase implemented in April 2014 with a further tax hike in October 2019
could also have a negative impact on the Japanese economy and could affect consumer spending and corporate advertising spending. If the
Japanese economy or the global economy deteriorates in the future, consumption may decline, which could adversely affect the demand and
prices of our products and services.
A.
Operating Results
Results
of Operations
The
following table summarizes our operating income as reflected in our audited consolidated statements of operations and comprehensive income
for the years ended December 31, 2023, 2022, and 2021, and presents information regarding amounts and percentages during those periods.
(In
thousands, except % data)
For the Years Ended December 31,
2021
2022
2023
Amount
(¥)
%of Total Revenue
Amount
(¥)
% of Total Revenue
Amount
(¥)
Amount (US$)
% of Total Revenue
Revenues, net
16,665,382
100.00
22,055,785
100.00
22,743,410
161,392
100.00
Cost of revenues
(13,516,293
)
(81.10
)
(18,451,969
)
(83.66
)
(17,205,966
)
(122,097
)
(75.65
)
Gross profit
3,149,089
18.90
3,603,816
16.34
5,537,444
39,295
24.35
Operating expenses
(2,466,731
)
(14.80
)
(2,825,104
)
(12.80
)
(4,096,346
)
(29,069
)
(18.01
)
Income from continuing operations
682,358
4.10
778,712
3.54
1,441,098
10,226
6.34
Other expenses
(182,286
)
(1.09
)
(122,771
)
(0.56
)
(425,758
)
(3,021
)
(1.87
)
Income from continuing operations before income taxes
500,072
3.01
655,941
2.98
1,015,340
7,205
4.47
Income tax expense
(221,384
)
(1.33
)
(345,180
)
(1.57
)
(265,979
)
(1,887
)
(1.17
)
Net income from continuing operations
278,688
1.68
310,761
1.41
749,361
5,318
3.30
Income from discontinued operations, net of income taxes
-
-
78,628
0.36
(6,742
)
(48
)
(0.03
)
Net income
278,688
1.68
389,389
1.77
742,619
5,270
3.27
Net income from continuing operations attributable to noncontrolling interests
1,199
0.01
4,329
0.02
61,187
434
0.27
Net loss from discontinued operations attributable to noncontrolling interests
-
-
(9,895
)
(0.04
)
-
-
-
Less: net income (loss) attributable to noncontrolling interests
1,199
0.01
(5,566
)
(0.02
)
61,187
434
0.27
Net income attributable to SYLA Technologies Co., Ltd.
277,489
1.67
394,955
1.79
681,432
4,836
3.00
65
Our
revenues generated from different revenue streams consist of the following:
(In thousands, except % data)
For the Years Ended December 31,
2021
2022
2023
% of
% of
% of
Amount (¥)
Total Revenue
Amount (¥)
Total Revenue
Amount (¥)
Amount (US$)
Total Revenue
Revenues, net
Real estate sales
15,010,878
90.07
17,978,875
81.52
16,031,129
113,760
70.49
Land sales
240,000
1.44
1,670,630
7.57
3,536,087
25,093
15.55
Rental income
893,647
5.36
1,007,112
4.57
1,136,521
8,065
5.00
Real estate management income
520,857
3.13
623,186
2.82
766,077
5,436
3.37
Solar power plants sales
-
-
561,331
2.55
633,337
4,494
2.78
Solar power plants operation and maintenance income
-
-
28,736
0.13
33,680
240
0.15
Electricity sales
-
-
185,915
0.84
214,528
1,523
0.94
Containers sales
-
-
-
-
373,604
2,651
1.64
Containers operation and management income
-
-
-
-
18,447
130
0.08
Total
16,665,382
100.00
22,055,785
100.00
22,743,410
161,392
100.00
Our
selling, general and administrative expenses consist of advertising expenses, promotion expenses, salaries and welfare expenses,
depreciation and amortization expenses, lease expenses, entertainment expenses, taxes and dues, service expenses, legal and
professional expenses, stock based compensation expense and other expenses.
(In thousands, except % data)
For
    the Years Ended December 31,
2021
2022
2023
Amount
    (¥)
%
    of Total
Amount
    (¥)
%
    of Total
Amount
    (¥)
Amount
    (US$)
%
    of Total
Selling,
    general and administrative expenses
Advertising expenses
248,794
10.09
197,203
6.98
225,549
1,601
5.51
Promotion expenses
245,458
9.95
139,767
4.95
139,516
990
3.41
Salaries and welfare expenses
947,118
38.40
1,000,973
35.43
1,451,967
10,303
35.45
Depreciation and amortization
    expenses
63,006
2.55
77,889
2.76
105,478
748
2.57
Lease expenses
92,436
3.75
76,829
2.72
112,682
800
2.75
Entertainment expenses
142,276
5.77
111,845
3.96
113,015
802
2.76
Taxes and dues
246,480
9.99
269,004
9.52
423,721
3,007
10.34
Service expenses
74,922
3.04
82,044
2.90
111,378
790
2.72
Legal and professional expenses
143,527
5.81
513,957
18.19
847,513
6,014
20.69
Stock based compensation expense
11,564
0.47
6,580
0.23
201,914
1,433
4.93
Others
251,150
10.18
349,013
12.36
363,613
2,581
8.87
Total
2,466,731
100.00
2,825,104
100.00
4,096,346
29,069
100.00
Our
other income (expenses) includes interest income, interest expense on bank loans, bonds and leases, realized and unrealized gain (loss)
on investment securities, and other miscellaneous income (expenses).
(In thousands, except % data)
For the Years Ended December 31,
2021
2022
2023
Amount (¥)
% of Total
Amount
(¥)
% of Total
Amount (¥)
Amount (US$)
% of Total
Other income (expenses)
Other income
43,951
(24.11
)
201,954
(164.50
)
146,787
1,042
(34.48
)
Income (loss) from equity method investments
109
(0.06
)
(748
)
0.61
(1,689
)
(12
)
0.40
Other expenses
(226,346
)
124.17
(323,977
)
263.89
(570,856
)
(4,051
)
134.08
Other expenses, net
(182,286
)
100.00
(122,771
)
100.00
(425,758
)
(3,021
)
100.00
66
Comparison
of Results of Operations for the Years Ended December 31, 2023 and 2022
Revenues,
Net
Our
total revenues increased 3.12% from ¥22,055,785 thousand for the year ended December 31, 2022 to ¥22,743,410 thousand (US$161,392
thousand) for the year ended December 31, 2023, or an increase of ¥687,625 thousand, due to development and expansion of our business.
The increase was mainly attributable to (1) an increase of ¥1,865,457 thousand in land sales due to a sale of large development sites,
(2) an increase of ¥373,604 thousand in containers sales due to the  development of new business, and offset by
(3) a decrease of ¥1,947,746 thousand in real estate sales due to the numbers of units sold decreased from 588 units in the year
ended December 31, 2022 to 446 units in the year ended December 31, 2023.
Cost
of Revenues
Our
total cost of revenues decreased 6.75% from ¥18,451,969 thousand for the year ended December 31, 2022 to ¥17,205,966 thousand
(US$122,097 thousand) for the year ended December 31, 2023. The decrease was mainly attributable to (1) a decrease in real estate sales
due to the numbers of units sold decreased from 588 units in the year ended December 31, 2022 to 446 units in the year ended December
31, 2023, and offset by (2) an increase in land sales due to a sale of large development sites.
Gross
Profit
Our
gross profit increased 53.66% from ¥3,603,816 thousand for the year ended December 31, 2022 to ¥5,537,444 thousand (US$39,295
thousand) for the year ended December 31, 2023, or an increase of ¥1,933,628 thousand. The increase was mainly attributable to high-margin
transactions that we sold more lands and real estates for large scales and with lower cost and higher gross profits for the year ended
December 31, 2023.
Selling,
General and Administrative Expenses
Our
selling, general and administrative expenses increased 45.00% from ¥2,825,104 thousand for the year ended December 31, 2022 to
¥4,096,346 thousand (US$29,069 thousand) for the year ended December 31, 2023, or an increase of ¥1,271,242 thousand, as we
spent more efforts to expand business operations. The increase was mainly attributable to (1) an increase of ¥450,994 thousand
in salaries and welfare expenses due to increase in personnel for management system development and (2) an increase of ¥ 333,556
thousand in legal and professional expenses due to increase in IPO-related costs and legal fees due to listing on the
NASDAQ.
Other
Expenses, Net
Other
expenses, net increased 246.79% from ¥122,771 thousand for the year ended December 31, 2022 to ¥425,758 thousand (US$3,021
thousand) for the year ended December 31, 2023, or an increase of ¥302,987 thousand. The increase was mainly attributable to (1)
an increase of ¥161,281 thousand in interest expenses and (2) a decrease of ¥136,350 thousand in proceeds from redemption of corporate owned life insurances.
Income
Tax Expense
Income
tax expense decreased 22.94% from ¥345,180 thousand for the year ended December 31, 2022 to ¥265,979 thousand (US$1,887 thousand)
for the year ended December 31, 2023, or an decrease of ¥79,201 thousand. The decrease was mainly because of the net loss position
of the holding company SYLA Technologies Co., Ltd. for the year ended December 31, 2023 due to more legal and professional expenses incurred
related to the listing on the NASDAQ market.
Net
Income from Continuing Operations
As
a result of the above, net income from continuing operations increased by 141.14% from ¥310,761 thousand for the year ended December
31, 2022 to ¥749,361 thousand (US$5,318 thousand) for the year ended December 31, 2023, or an increase of ¥438,600 thousand.
Income
(Loss) from Discontinued Operations, Net of Income Taxes
During
the year ended December 31, 2023, loss from discontinued operations, net of income taxes was ¥6,742 thousand (US$48 thousand). During
the year ended December 31, 2022, income from discontinued operations, net of income taxes, was ¥78,628 thousand as a result of the
disposition of the mining machine business, which was approved by the Board of Directors in December 2022 and closed
the transaction in January 2023.
67
Net
Income from Continuing Operations Attributable to Noncontrolling Interests
During
the year ended December 31, 2023, net income from continuing operations attributable to noncontrolling interests was ¥61,187 thousand
(US$434 thousand), which consisted of the following:
(1)
Our non-managing members (noncontrolling equity holders) under real estate joint ventures of anonymous partnership are considered as
noncontrolling interests. As a result, ¥35,399 thousand (US$251 thousand) of net income from continuing operations was attributable
to noncontrolling interests.
(2)
During 2023, we held a 67% interest in SYLA Brain Co., Ltd. As a result, ¥799 thousand (US$6 thousand) of net loss from continuing
operations was attributable to noncontrolling interests.
(3)
On December 15, 2023, we completed an acquisition of an additional 40% equity interest of SYLA Biotech Co., Ltd. and increased our equity
interest ownership to 100%. As a result, ¥26,587 thousand (US$189 thousand) of net income from continuing operations was attributable
to noncontrolling interests.
Net
Loss from Discontinued Operations Attributable to Noncontrolling Interests
There
was no net income (loss) from discontinued operations attributable to noncontrolling interests during the year ended December 31, 2023.
During the year ended December 31, 2022, net loss from discontinued operations attributable to noncontrolling interests was ¥9,895
thousand as a result of the disposition of mining machine business, which was approved by the Board of Directors in December 2022 and closed
the transaction in January 2023, and income from discontinued operations, which was, net of income
taxes was proportionally allocated to noncontrolling interests.
Comparison
of Results of Operations for the Years Ended December 31, 2022 and 2021
Revenues,
Net
Our
total revenues increased 32.34% from ¥16,665,382 thousand for the year ended December 31, 2021 to ¥22,055,785 thousand for the
year ended December 31, 2022, or an increase of ¥5,390,403 thousand, due to development and expansion of our business. The increase
was mainly attributable to (1) an increase of ¥2,967,997 thousand in real estate sales due to the numbers of units sold increased
from 407 units in the year ended December 31, 2021 to 588 units in the year ended December 31, 2022, (2) an increase of ¥1,430,630
thousand in land sales due to the number of land sold increased from 1 in the year ended December 31, 2021 to 4 in the year ended December
31, 2022, and (3) an increase of ¥775,982 thousand in solar power related revenue as a result of acquisition of SYLA Solar Co., Ltd.
and its subsidiaries in February 2022.
Cost
of Revenues
Our
total cost of revenues increased 36.52% from ¥13,516,293 thousand for the year ended December 31, 2021 to ¥18,451,969 thousand
for the year ended December 31, 2022, or an increase of ¥4,935,676 thousand, along with business expansion. The increase was mainly
attributable to (1) an increase of ¥2,862,702 thousand in cost of revenues for real estate sales due to the number of units sold
increased to 588 during the year ended December 31, 2022, compared to 407 during the year ended December 31, 2021, (2) an increase of
¥1,450,759 thousand in land sales due to the number of land sold increased from 1 in the year ended December 31, 2021 to 4 in the
year ended December 31, 2022, and (3) an increase of ¥463,340 thousand in solar power related cost of revenues as a result of acquisition
of SYLA Solar Co., Ltd. and its subsidiaries in February 2022. The increase in the Company's total cost of revenues was in line
with the increase in total revenues.
Gross
Profit
Our
gross profit increased 14.44% from ¥3,149,089 thousand for the year ended December 31, 2021 to ¥3,603,816 thousand for the year
ended December 31, 2022, or an increase of ¥454,727 thousand as business development and expansion. The increase was mainly attributable
to (1) an increase of ¥105,295 thousand in the Company's gross profit for real estate sales due to the numbers of units sold
increased from 407 units in the year ended December 31, 2021 to 588 units in the year ended December 31, 2022, and (2) an increase of
¥312,642 thousand in the Company's gross profit as a result of acquisition of SYLA Solar Co., Ltd. and its subsidiaries in
February 2022.
Selling,
General and Administrative Expenses
Our
selling, general and administrative expenses increased 14.53% from ¥2,466,731 thousand for the year ended December 31, 2021 to ¥2,825,104
thousand for the year ended December 31, 2022, or an increase of ¥358,373 thousand, as we spent more efforts to expand business operations.
The increase was mainly attributable to (1) an increase of ¥14,883 thousand in depreciation and amortization expenses due to increased
property, plant and equipment, solar power systems and intangible assets arising from acquisition of subsidiaries, (2) an increase of
¥370,430 thousand in legal and professional expenses for public offering plan, partially offset by decreases of ¥51,591 thousand
and of ¥105,691 thousand in advertising expenses and promotion expenses, respectively, as we contributed more efforts for public
offering and reduced advertising and promotion activities accordingly.
Other
Expenses, Net
Other
expenses, net decreased 32.65% from ¥182,286 thousand for the year ended December 31, 2021 to ¥122,771 thousand for the year
ended December 31, 2022, or a decrease of ¥59,515 thousand. The decrease was mainly attributable to an increase of ¥141,754 thousand
in proceeds from redemption of corporate owned life insurances, partially offset by an increase of ¥72,808 thousand in interest expenses.
Income
Tax Expense
Income
tax expense increased 55.92% from ¥221,384 thousand for the year ended December 31, 2021 to ¥345,180 thousand for the year ended
December 31, 2022, or an increase of ¥123,796 thousand, due to an increase in taxable income.
Net
Income from Continuing Operations
As
a result of the above, net income from continuing operations increased by 11.51% from ¥278,688 thousand for the year ended December
31, 2021 to ¥310,761 thousand for the year ended December 31, 2022, or an increase of ¥32,073 thousand.
Income
from Discontinued Operations, Net of Income Taxes
During
the year ended December 31, 2022, income from discontinued operations, net of income taxes, was ¥78,628 thousand as a result of disposition
of mining machine business. There was no income (loss) from discontinued operations during the year ended December 31, 2021.
68
Net
Income from Continuing Operations Attributable to Noncontrolling Interests
During
the year ended December 31, 2022, net income from continuing operations attributable to noncontrolling interests was ¥4,329 thousand,
which consisted of the following: (1) During the year ended December 31, 2021, we established a real estate crowdfunding platform, of
which our non-managing members (noncontrolling equity holders) under real estate joint ventures of anonymous partnerships are considered
as noncontrolling interests. As a result, ¥5,437 thousand 5/10/2024of net income from continuing operations was attributable to noncontrolling
interests. (2) On December 27, 2021, we completed an acquisition of 67% equity interest of SYLA Brain Co., Ltd. As a result, ¥6,678
thousand of net income from continuing operations was attributable to noncontrolling interests. (3) On September 14, 2022, we completed
an acquisition of an additional 10% equity interest of SYLA Biotech Co., Ltd. and increased our equity interest ownership to 60%. As
a result, ¥7,786 thousand of net loss from continuing operations was attributable to noncontrolling interests.
Net
Loss from Discontinued Operations Attributable to Noncontrolling Interests
During
the year ended December 31, 2022, net loss from discontinued operations attributable to noncontrolling interests was ¥9,895 thousand
as a result of disposition of mining machine business and income from discontinued operations, net of income taxes, was proportionally
allocated to noncontrolling interests. There was no net income (loss) from discontinued operations attributable to noncontrolling interests
during the year ended December 31, 2021.
B.
Liquidity and Capital Resources
Liquidity
and Sources of Funds
As
of December 31, 2023, the Company had ¥4,017,311 thousand (US$28,508 thousand) in cash and cash equivalents compared to ¥2,542,795
thousand as of December 31, 2022. In addition, the Company had ¥162,690 thousand (US$1,154 thousand) in accounts receivable, net
as of December 31, 2023 compared to ¥67,776 thousand as of December 31, 2022. The Company's accounts receivable, net includes
balances due from customers and services provided and accepted by customers, adjusted for allowance for credit losses.
As
of December 31, 2023, the Company's working capital balance was ¥10,586,667 thousand (US$75,125 thousand). In assessing liquidity,
management monitors and analyzes the Company's cash and cash equivalents, ability to generate sufficient future earnings, and operating
and capital investment commitments. The Company believes that its current cash and cash equivalents from operations, borrowings from
banks, and loans from major shareholders will be sufficient to meet its working capital needs for the next twelve months from the date
of issuance of the audited financial statements.
Over
the next few years, the Company intends to consider other sources of financing to meet its cash needs, including raising additional capital
through equity issuances. While we face uncertainties regarding the size and timing of our fundraising, we are confident that we will
be able to continue to meet our business needs solely through the use of cash flows generated from operations and shareholder working
capital, as needed.
69
Cash
Flows for the Years Ended December 31, 2023, 2022, and 2021
The
following table provides a summary of our cash flows for the periods indicated.
(In thousands)
For the Years Ended December 31,
2021
2022
2023
(¥)
(¥)
(¥)
(US$)
Net cash provided by (used in) operating activities - continuing operations
25,098
(3,401,712
)
(6,338,698
)
(44,980
)
Net cash used in investing activities - continuing operations
(1,928,366
)
(2,635,751
)
(1,677,709
)
(11,905
)
Net cash provided by financing activities - continuing operations
1,736,189
5,736,278
9,839,814
69,826
Net cash provided by discontinued operations
-
243,471
550
3
Net increase (decrease) in cash, cash equivalents and restricted cash
(167,079
)
(57,714
)
1,823,957
12,944
Cash, cash equivalents and restricted cash, beginning of the year
3,012,796
2,845,717
2,788,003
19,784
Cash, cash equivalents and restricted cash, end of the year
2,845,717
2,788,003
4,611,960
32,728
Cash
Flows from Continuing Operations
Operating
Activities
Net
cash used in operating activities from continuing operations was ¥6,336,698 thousand (US$44,980 thousand) for the year ended
December 31, 2023, mainly due to net income from continuing operations of ¥749,361 thousand (US$5,318 thousand), adjusted for
(1) depreciation and amortization expense of ¥300,864 thousand (US$2,135 thousand), (2) revenue from
sales of inventories transferred from property, plant and equipment and
solar power systems of ¥525,432 thousand (US$3,729 thousand), (3) non-cash lease expense of ¥424,838
thousand (US$3,015 thousand), (4) deferred income tax benefit of ¥373,969 thousand (US$2,654 thousand), (5) stock based
compensation expense of ¥201,914 thousand (US$1,433 thousand) and (6) changes in working capital. Negative changes in working
capital consisted of (1) an increase of ¥6,465,203 thousand (US$45,879 thousand) in inventories, (2) a decrease of ¥575,304
thousand (US$ 4,082 thousand) in other current liabilities and (3) a decrease of ¥423,483 thousand (US$3,005 thousand) in
operating lease liabilities, partially offset by (1) a decrease of ¥232,617 thousand (US$1,651 thousand) in prepaid expenses,
net and (2) an increase of ¥137,437 thousand (US$975 thousand) in accounts payable.
Net
cash used in operating activities from continuing operations was ¥3,401,712 thousand for the year ended December 31, 2022, mainly
due to net income from continuing operations of ¥310,761 thousand, adjusted for (1) depreciation and amortization expense of ¥307,456
thousand, (2) non-cash lease expense of ¥463,926 thousand, (3) deferred income tax benefit of ¥102,909 thousand and (4) changes
in working capital. Negative changes in working capital consisted of (1) an increase of ¥4,861,251 thousand in inventories, (2) an
increase of ¥235,249 thousand in other assets, net and (3) a decrease of ¥462,569 thousand in operating lease liabilities, partially
offset by (1) an increase of ¥252,754 thousand in accounts payable, (2) an increase of ¥545,401 thousand in other current liabilities
and (3) an increase of ¥293,787 thousand in income tax payables.
Net
cash provided by operating activities from continuing operations was ¥25,098 thousand for the year ended December 31, 2021, mainly
due to net income from continuing operations of ¥278,688 thousand, adjusted for (1) depreciation and amortization expense of ¥151,638
thousand, (2) non-cash lease expense of ¥470,358 thousand and (3) changes in working capital. Negative changes in working capital
consisted of (1) an increase of ¥270,399 thousand in inventories, (2) an increase of ¥111,327 thousand in other assets, net,
(3) a decrease of ¥136,279 thousand in other current liabilities, (4) a decrease of ¥89,679 thousand in income tax payables and
(5) a decrease of ¥471,005 thousand in operating lease liabilities, partially offset by (1) a decrease of ¥84,397 thousand in
prepaid expenses, net, (2) an increase of ¥79,910 thousand in accounts payable and (3) an increase of ¥61,190 thousand in deferred
revenue.
Investing
Activities
Net
cash used in investing activities from continuing operations was ¥1,677,709 thousand (US$11,905 thousand) for the year ended
December 31, 2023, mainly due to (1) purchase of property, plant and equipment of ¥3,447,047 thousand (US$24,461 thousand), (2)
purchase of solar power systems of ¥309,494 thousand (US$2,196 thousand), (3) purchase of term deposits of
¥266,564 thousand (US$1,892 thousand) and (4) purchase of long-term investments payments of ¥178,755 thousand (US$1,268
thousand), partially offset by (1) proceeds from sales of inventories reclassified from property, plant and equipment and
solar power systems of ¥2,325,454 thousand (US$16,502 thousand)
and (2) proceeds from maturity of term deposits of ¥215,136 thousand (US$1,527 thousand).
Net
cash used in investing activities from continuing operations was ¥2,635,751 thousand for the year ended December 31, 2022, mainly
due to (1) purchase of property, plant and equipment of ¥2,059,724 thousand, (2) purchase of solar power systems of ¥113,140
thousand, (3) purchase of investments in voluntary partnerships of ¥153,320 thousand and (4) payments for acquisition of subsidiary,
net of cash acquired of ¥553,284 thousand, partially offset by (1) proceeds from redemption of life insurance policies of ¥141,754
thousand and (2) proceeds from maturity of term deposits of ¥106,043 thousand.
Net
cash used in investing activities from continuing operations was ¥1,928,366 thousand for the year ended December 31, 2021, mainly
due to (1) purchase of property, plant and equipment of ¥1,827,833 thousand, (2) purchase of term deposits of ¥27,874 thousand,
(3) purchase of short-term and long-term investments of ¥113,512 thousand and (4) payments for acquisition of subsidiary, net of
cash acquired of ¥175,080 thousand, partially offset by (1) proceeds from disposal of property, plant and equipment of ¥34,979
thousand and (2) proceeds from sales of short-term and long-term investments of ¥189,553 thousand.
70
Financing
Activities
Net
cash provided by financing activities from continuing operations was ¥9,839,814 thousand (US$69,826 thousand) for the year ended
December 31, 2023, mainly due to (1) borrowings from short-term and long-term loans of ¥15,160,700 thousand (US$107,584 thousand),
(2) capital contribution from anonymous partnerships of ¥2,732,130 thousand (US$19,388 thousand), and (3) proceeds from initial public offering, net of issuance costs of ¥1,720,031 thousand (US$12,206 thousand), partially offset by (1) repayments for short-term and long-term loans of ¥8,902,079
thousand (US$63,171 thousand) and (2) capital return to anonymous partnerships of ¥666,900 thousand(US$4,732 thousand).
Net
cash provided by financing activities from continuing operations was ¥5,736,278 thousand for the year ended December 31, 2022, mainly
due to (1) borrowings from short-term and long-term loans of ¥13,545,020 thousand and (2) capital contribution from anonymous partnerships
of ¥403,480 thousand, partially offset by repayments for short-term and long-term loans of ¥8,230,964 thousand.
Net
cash provided by financing activities from continuing operations was ¥1,736,189 thousand for the year ended December 31, 2021, mainly
due to (1) proceeds from issuance of corporate bonds of ¥250,000 thousand, (2) borrowings from short-term and long-term loans of
¥7,554,250 thousand, (3) capital contribution from anonymous partnerships of ¥132,560 thousand and (4) deemed contribution in
connection with reorganization of ¥146,298 thousand, partially offset by repayments for short-term and long-term loans of ¥6,313,702
thousand.
Cash
Flows from Discontinued Operations
Net
cash provided by operating activities from discontinued operations was ¥550 thousand (US$3 thousand) for the year ended December
31, 2023. There were no cash flows from investing activities and financing activities from discontinued operations during the year ended
December 31, 2023.
Net
cash provided by operating activities from discontinued operations was ¥243,471 thousand  for the year ended December
31, 2022. There were no cash flows from investing activities and financing activities from discontinued operations during the year ended
December 31, 2022.
There
were no cash flows from discontinued operations during the year ended December 31, 2021.
Contractual
Obligations
Lease
Agreements
The
Company has 399 leases classified as operating leases for office space, parking lots, condominium subleases that the Company has sold
and land leases. In addition, the Company has entered into 14 leases for office equipment and vehicles, which are classified as finance
leases.
Future
minimum lease payments under noncancelable leases at December 31, 2023 are as follows.
(In thousands)
Years Ending December 31,
Finance Lease
Operating Lease
(US$)
(¥)
(US$)
(¥)
2024
31
4,315
3,321
468,037
2025
23
3,257
2,482
349,701
2026
20
2,806
2,252
317,408
2027
11
1,527
2,214
312,014
2028
4
630
2,191
308,798
Thereafter
-
-
5,226
736,377
Total undiscounted lease payments
89
12,535
17,686
2,492,335
Less: imputed interest
(2
)
(337
)
(709
)
(99,921
)
Present value of lease liabilities
87
12,198
16,977
2,392,414
Less: lease liabilities, current
(30
)
(4,158
)
(3,078
)
(433,725
)
Lease liabilities, non-current
57
8,040
13,899
1,958,689
Long-Term
Debt
The
Company's long-term debt includes bonds and loans from banks and other financial institutions.
At
December 31, 2023, future minimum borrowing principal amounts are as follows.
(In thousands)
Years Ending December 31,
Loan and Bond Payment (US$)
Loan and Bond
Payment (¥)
2024
52,179
7,353,022
2025
39,647
5,587,029
2026
10,680
1,505,032
2027
3,516
495,533
2028
7,568
1,066,540
Thereafter
40,832
5,754,002
Total
154,422
21,761,158
Off-Balance
Sheet Arrangements (Off-Balance Sheet Transactions)
There
are no off-balance sheet arrangements as of December 31, 2023 and 2022.
71
C.
Research and Development, Patents and Licenses
For
the years ended December 31, 2023, 2022 and 2021, the Company's research and development policies have been that we were mainly
engaged in research and development of Rimawari-kun related technology. We have also been developing to improve our services and UI/UX.
In addition, we have been focusing on research and development to improve operational efficiency by utilizing AI technology.
D.
Trend Information
Trend
Information
In
addition to the war in Ukraine and the imposition of broad economic sanctions against Russia, depreciation of the yen against the US
dollar and soaring prices of construction and other materials could lead to higher energy prices and disruptions in global markets. It
is unclear how the continued development and complexity of this situation will affect the Japanese economy and our business in the future.
In particular, there is a risk that changes related to the acquisition of new customers and additional purchases by existing customers
could adversely affect the Company's results of operations; that deteriorating global economic conditions could have an adverse
effect on the Company's industry, business and results of operations; and that many of the other risks listed under "Risk
Factors" could have an incremental effect.
Other
than as disclosed in the consolidated financial statements, we are not aware of any other trends, uncertainties, demands, commitments
or events for the years ended December 31, 2021, 2022 and 2023 that are reasonably likely to have a material adverse effect on our net
revenues, income, profitability, liquidity or capital resources, or that caused the disclosed financial information to be not necessarily
indicative of future operating results or financial condition.
E.
Critical Accounting Estimates
Critical
Accounting Policies and Estimates
We
prepare our consolidated financial statements in conformity with U.S. GAAP, which requires us to make judgments, estimates and assumptions.
We continually evaluate these estimates and assumptions based on the most recently available information, our own historical experiences
and various other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component
of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates. Some of
our accounting policies require a higher degree of judgment than others in their application and require us to make significant accounting
estimates. We believe that critical accounting policies as disclosed in this annual report reflect the more significant judgements and
estimates used in preparation of our consolidated financial statements.
The
following descriptions of critical accounting policies and estimates should be read in conjunction with our consolidated financial statements
and other disclosures included in this annual report. When reviewing our consolidated financial statements, you should consider our selection
of critical accounting policies, the judgments and other uncertainties affecting the application of such policies and the sensitivity
of reported results to changes in conditions and assumptions.
72
Principles
of Consolidation
On an ongoing basis, as circumstances indicate
the need for reconsideration, we evaluate each of our investments and contractual relationships to determine whether they meet the guidelines
for consolidation. Our evaluation considers all of our variable interests, including equity ownership, as well as fees paid to us for
our involvement in the management of each partially owned entity or structure.
In June 2021, the Company launched its real estate
crowdfunding platform which allows investors to invest through joint venture arrangements. Our real estate joint ventures consist of anonymous
partnerships, which is a structure similar to a limited partnership, and voluntary partnerships, which is a structure similar to a general
partnership. For the arrangement structured as a limited partnership or a general partnership, our evaluation of whether the equity holders
(equity partners other than the general partner or the managing member of a joint venture) lack the characteristics of a controlling financial
interest includes the evaluation of whether the limited partners or non-managing members (the noncontrolling equity holders) lack both
substantive participating rights and substantive kick-out rights, defined as follows:
(i)
Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating decisions made in the ordinary course of business that most significantly influence the entity's economic performance.
(ii)
Kick-out rights allow the noncontrolling equity holders to remove the general partner or managing member without cause.
If we conclude that any of the three characteristics
of a variable interest entity ("VIE") (i.e., insufficiency of equity, existence of non-substantive voting rights, or lack
of a controlling financial interest) are met, including that the equity holders lack the characteristics of a controlling financial interest
because they lack both substantive participating rights and substantive kick-out rights, we conclude that the entity or structure is a
VIE and evaluate it for consolidation under the variable interest model.
Variable
interest model
If
an entity or structure is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis
is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits – that is, (i) we
have the power to direct the activities of a VIE that most significantly influence the VIE's economic performance (power), and
(ii) we have the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to
the VIE (benefits). We consolidate VIEs whenever we determine that we are the primary beneficiary. If we have a variable interest in
a VIE but are not the primary beneficiary, we account for our investment using the equity method of accounting.
73
Voting
model
If
a legal entity fails to meet any of the three characteristics of a VIE, we then evaluate such entity under the voting model. Under the
voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares and
that other equity holders do not have substantive participating rights.
We
consolidate anonymous partnerships, which are determined to be VIEs and we are the primary beneficiary, and account for voluntary partnerships
using equity method. The assets and liabilities of the VIEs that are included in the accompanying consolidated financial statements as
of December 31, 2023 and 2022 are as follows:
(In thousands)
December 31,
December 31,
2022(¥)
2023(¥)
2023($)
Total assets
617,631
2,815,206
19,977
Total liabilities
46,528
91,069
646
The
consolidated financial statements include the accounts of SYLA Technologies Co., Ltd. and all of its subsidiaries. VIEs, for which SYLA
Technologies Co., Ltd. and its subsidiaries are the primary beneficiaries, are also included in the consolidated financial statements.
All
significant intercompany accounts and transactions have been eliminated in consolidation.
Valuation
of Inventories
Our
inventories mainly consist of real estate properties inventories and solar power plants inventories and containers inventories.
Real
estate properties inventories include real estate properties held for sale and real estate properties under development, the vast majority
of which are expected to be completed and disposed of within one year of the balance sheet date. Real estate properties held for sale
are recorded at the lower of cost or fair value less cost to sell. If an asset's fair value less cost to sell, based on discounted
future cash flows, management estimates or market comparisons, is less than its carrying amount, an allowance is recorded against the
asset. Real estate properties under development are carried at cost less impairment, as applicable. The amount of the impairment loss,
if any, is calculated as the excess of the asset's carrying value over its fair value, which is determined using a discounted cash
flow analysis, management estimates or market comparisons. The classification of cash flows associated with the purchase and sale of real estate properties is based on the
activity that is likely to be the predominant source or use of cash flows for the properties.
The
cost basis of the real estate inventories includes all direct acquisition costs including but not limited to the property purchase price,
acquisition costs, construction costs, development costs, certain amenities, capitalized interest, capitalized real estate taxes and
other costs. Interests and real estate taxes are not capitalized unless active development or construction is underway. When acquiring
real estate with existing buildings, we allocate the purchase price between land, building and intangibles related to in-place leases,
if any, based on their relative fair values.
74
Solar
power plants inventories include solar power panels and supplies, solar power plants held for sale and solar power plants under
construction, the vast majority of which are expected to be completed and disposed of within one year of the balance sheet date.
Solar power panels and supplies are stated at the lower of cost and net realizable value. Cost of solar power panels and supplies is
determined using the weighted average cost method. Adjustments are recorded to write down the cost of obsolete and excess
inventories to the estimated net realizable value based on historical and forecast demand, and promotional environment. Solar power
plants held for sale are recorded at the lower of cost or fair value less cost to sell. If an asset's fair value less cost to
sell, based on discounted future cash flows, management estimates or market comparisons, is less than its carrying amount, an
allowance is recorded against the asset. Solar power plants under construction are carried at cost less impairment, as applicable.
The cost basis of solar power plants under construction includes acquisition costs, construction and installation costs, development
costs, interest and financing costs incurred on debt during the construction phase and other costs. The amount of the impairment
loss, if any, is calculated as the excess of the asset's carrying value over its fair value, which is determined using a
discounted cash flow analysis, management estimates or market comparisons. The classification of cash flows associated with the purchase and sale of solar power plants is based on the activity
that is likely to be the predominant source or use of cash flows for the items.
Containers inventories represent containerized data centers powered by solar energy, which are stated at the lower
of cost and net realizable value. Cost of containers inventories is determined using the weighted average cost method. Adjustments are
recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving and obsolete inventories, which
is dependent upon factors such as historical and forecasted consumer demand, and promotional environment.
Lessee
In
February 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-02 Leases (ASC Topic 842), effective
for annual reporting periods (including interim periods) beginning after December 15, 2018, with early adoption permitted. The Company
adopted ASC Topic 842 on January 1, 2020 using the modified retrospective method. This requires us to make significant judgments in determining
the implicit rates to be used in calculating operating and finance right-of-use assets and lease liabilities as of the adoption date.
We use the incremental borrowing rate based on information available at the commencement date in determining the present value of lease
payments. When determining the incremental borrowing rate, we assess multiple variables such as lease term, collateral, economic conditions,
and its creditworthiness.
We
elect to apply the short-term lease recognition exemption of right-of-use assets and lease liabilities for all leases with a term of
twelve months or less.
Revenue
Recognition
We
recognize revenues from sales of real estate properties, sales of land, providing of real estate management services, sales of solar
power plants, providing of solar power plants operation and maintenance services and sales of electricity under ASC Topic 606, "Revenue
from Contracts with Customers".
To
determine revenue recognition for contracts with customers, we performs the following five steps : (i) identify the contract(s) with
the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration
to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective
performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation. Revenue amount
represents the invoiced value, net of consumption tax and applicable local government levies, if any. The consumption tax on sales is
calculated at 10% of gross sales.
We
recognize revenue from rental services under ASC Topic 842, "Leases".
We
currently generate revenue from the following main sources:
Revenue
from sales of real estate properties
Revenues
from the sales of real estate properties are recognized at the point in time when title to and possession of the property has transferred
to the customer and we have no continuing involvement with the property, which is generally upon the delivery of the real estate properties,
which generally coincides with the receipt of cash consideration from the customer. Our contracts with customers contain a single performance
obligation and we do not provide warranties for sold real estate properties.
75
Revenue
from sales of land
Revenues
from land sales are recognized when the parties are bound by the terms of a contract, consideration has been exchanged, title and other
attributes of ownership have been conveyed to the buyer by means of a closing and we are not obligated to perform further significant
development of the specific property sold. In general, our performance obligation for each of these land sales is fulfilled upon the
delivery of the land, which generally coincides with the receipt of cash consideration from the customer.
Revenue
from rental services
Rental
income is generally recognized on a straight-line basis over the terms of the tenancy agreements. For real estate and land leases, these
contracts are treated as leases for accounting purpose, rather than contracts with customers subject to ASC Topic 606.
Revenue
from real estate management services
Revenues
from real estate management services consist of property management services, brokerage services and value-added management services.
Property management services mainly include property management services provided to tenants or property owners with revenue recognized
during the period when services are rendered. Revenues from brokerage services are earned upon closing of brokerage transaction. Value-added
management services mainly consist of real estate consulting and registration services with revenue recognized when performance obligation
is satisfied.
Revenue
from sales of solar power plants
Revenues
from the sales of solar power plants are recognized at the point in time when performance obligation is satisfied, which is after the
solar power plants have been grid connected and the customers obtain control of the solar power plants. Our sales arrangements for solar
power plants do not contain any forms of continuing involvement that may affect the revenue recognition of the transactions, nor any
variable considerations for energy performance guarantees, minimum electricity end subscription commitments.
Revenue
from solar power plants operation and maintenance services
Revenues
from solar power plants operation and maintenance services are recognized over time when customers receive and consume the benefits provided
by our performances, which typically include system inspection, performance engineering analysis, corrective maintenance repair and environmental
services, under the terms of service arrangements.
Revenue
from sales of electricity
Revenues
from the sales of electricity are generated by the Company's solar power systems under the power purchase arrangements ("PPAs")
with the power grid company based on the price stated in the PPAs when electricity has been generated and transmitted to the grid. The
Company also procures electricity from wholesale electricity providers or purchases on Japan Electric Power Exchange for some of its
customers who are charged based on the actual usage of electricity each month.
76
Revenue
from sales of containers
Revenues
from the sales of containers are recognized at the point in time when the control of the products has transferred to
the customers. The transfer of control is considered complete when the customers accept the products.
Revenue
from containers operation and management services
Revenues from containers operation and management services are recognized over time when customers receive and consume
the benefits provided by the Company's performances, which typically include containerized data center inspection, performance engineering
analysis, maintenance, repair, environmental and security services, under the terms of service arrangements.
Assets
of Discontinued Operations Held for Sale
Assets
are classified as "held for sale" when all of the following criteria for a plan of sale have been met: (1) management, having
the authority to approve the action, commits to a plan to sell the assets; (2) the assets are available for immediate sale, in their
present condition, subject only to terms that are usual and customary for sales of such assets; (3) an active program to locate a buyer
and other actions required to complete the plan to sell the assets have been initiated; (4) the sale of the assets is probable and is
expected to be completed within one year; (5) the assets are being actively marketed for a price that is reasonable in relation to their
current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will
be made or the plan will be withdrawn. When all of these criteria have been met, the assets are classified as "held for sale"
in the consolidated balance sheets. Assets classified as "held for sale" are reported at the lower of their carrying value
or fair value less costs to sell. Depreciation of assets ceases upon designation as "held for sale".
ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and Senior Management
Our
Directors and Corporate Auditors
The
following table sets forth the names, ages and positions of the members of our board of directors and of our board of corporate auditors
as of the date of this annual report. The business address of all of persons identified below is Ebisu Prime Square Tower 7F, 1-1-39,
Hiroo, Shibuya-ku, Tokyo, Japan.
Name
Age
Positions
    Held
Officers
    and Directors
Hiroyuki
    Sugimoto
46
Chairman
    of the Board of Directors, Chief Executive Officer (CEO), Co-President and Director
Yoshiyuki
    Yuto
47
Chief
    Operating Officer (COO), Co-President and Director
Takahide
    Watanabe
42
Director
Takeshi
    Fuchiwaki
38
Chief
    Growth Officer (CGO) and Director
Tomoyoshi
    Uranishi
73
Independent
    Director
Ferdinand
    Groenewald
39
Independent
    Director
Keiji
    Torii
76
Independent
    Director
Yozo
    Tachibana
53
Independent
    Director
Stuart
    Gibson
60
Independent
    Director
Ikuo
    Yoshida
65
Corporate
    Auditor (full-time)
Yoshihide
    Sugimoto
43
Corporate
    Auditor
Keiko
    Yokoyama
52
Corporate
    Auditor
*
Members of our statutory Board of Corporate Auditors are not members of our Board of Directors.
Biographical
Information
The
following is a summary of certain biographical information concerning our directors and corporate auditors.
77
Directors
Hiroyuki
Sugimoto
Mr.
Sugimoto has served as the Chief Executive Officer and Co-President of SYLA Technologies Co., Ltd. since July 2022 and a director of
SYLA Technologies Co., Ltd. since March 2017. He has also served as a director of SYLA Co., Ltd., a wholly owned subsidiary of SYLA Technologies
Co., Ltd., since April 2022. He graduated from Kawasaki Sogo High School of Science in 1996. Mr. Sugimoto does not and has not previously
served as a director of any reporting company.
Yoshiyuki
Yuto
Mr.
Yuto has served as the Chief Operating Officer and Co-President of SYLA Technologies Co., Ltd. since July 2022 and Chairman of the Board
of Directors of SYLA Technologies Co., Ltd. since August 2017. From August 2010 to July 2017, he served as a director of SYLA Technologies
Co., Ltd. From August 2010 to June 2022, Mr. Yuto served as the Chief Executive Officer and President of SYLA Technologies Co., Ltd.
since August 2010. Since 2010, he has also served as the Chief Executive Officer, President and director of SYLA Co., Ltd., a wholly
owned subsidiary of SYLA Technologies Co., Ltd. Mr. Yuto received a B.S. degree in Architecture from the Faculty of Engineering at National
Utsunomiya University in 2001. Mr. Yuto does not and has not previously served as a director of any reporting company.
Takahide
Watanabe
Mr.
Watanabe has served as a director of SYLA Technologies Co., Ltd. since March 2017. From April 2022 to April 2024, Mr. Watanabe also served
as Chief Strategy Officer of SYLA Technologies Co., Ltd. In April 2024, Mr. Watanabe was appointed as Director, Head of Administration
of RIBERSUTE CORPORATION. He has also been a director of SYLA Solar Co., Ltd. and SYLA Co., Ltd, each wholly owned subsidiary of SYLA
Technologies Co., Ltd., since February 2022 and October 2020, respectively. From March 2017 through April 2022, Mr. Watanabe served as
General Manager of SYLA Technologies Co., Ltd. Mr. Watanabe graduated from Waseda University School of Law in 2005. Mr. Watanabe does
not and has not previously served as a director of any reporting company.
Takeshi
Fuchiwaki
Mr.
Fuchiwaki has served as a director of SYLA Technologies Co., Ltd. since June 2023. From January 2022 to date. Mr. Fuchiwaki has also
served as the Chief Growth Officer of SYLA Technologies Co., Ltd. since January 2022. He has also served as the Chief Executive
Officer of SYLA Solar Co. Ltd., a wholly owned subsidiary of SYLA Technologies Co., Ltd., since February 2022. From August 2010 to
December 2021, Mr. Fuchiwaki held several positions with GE Healthcare. From October 2009 to July 2010, he was an Associate at
PricewaterhouseCoopers. Mr. Fuchiwaki received a degree in Supply Chain Management from the Pennsylvania State University in
2013.
78
Independent
Directors
Tomoyoshi
Uranishi
Mr.
Uranishi has served as an independent director of SYLA Technologies Co., Ltd. since April 2020. From December 2018 to June 2021, he served
as auditor (part-time) at fundbook Inc., a merger and acquisition advisor Japanese company. From July 2013 to November 2018, Mr. Uranishi
served as a Senior Executive Officer, Deputy Director General at Bic Camera Co. Ltd. in Japan. From April 1974 to June 2003, he served as Deputy Director General at the former
Ministry of Finance (now Ministry of Finance) in Japan. Mr. Uranishi graduated from the University of Tokyo in 1974 with a degree in
Economics. Mr. Uranishi does not and has not previously served as a director of any reporting company.
Ferdinand
Groenewald
Mr.
Groenewald has been an independent member of our Board of Directors since December 1, 2022. Since July 31, 2022, Mr. Groenewald has served
in several capacities at the CFO Squad which provides outsourced accounting and consulting services. From January 2, 2022 to July 31,
2022, Mr. Groenewald had served as the Chief Accounting Officer of Muscle Maker, Inc., a Nasdaq listed company. From September 2018 to
January 2, 2022, Mr. Groenewald served as the Chief Financial Officer of Muscle Maker, Inc. From January 25, 2018 through May 29, 2018,
Mr. Groenewald served as the Vice President of Finance, Principal Financial Officer and Principal Accounting Officer of Muscle Maker,
Inc., Muscle Maker Development, LLC and Muscle Maker Corp., LLC. In addition, from October 2017 through May 29, 2018, he served as the
controller of Muscle Maker, Inc. Mr. Groenewald is a certified public accountant with significant experience in finance and accounting.
From July 2018 through August 2018, he served as senior financial reporting accountant of Wrinkle Gardner & Company, a full-service
tax, accounting and business consulting firm. From February 2017 to October 2017, Mr. Groenewald served as Senior Financial Accounting
Consultant at Pharos Advisors, Inc. serving a broad range of industries. From November 2013 to February 2017, he served as a Senior Staff
Accountant at Financial Consulting Strategies, LLC where he provided a broad range of accounting, financial reporting, and pre-auditing
services to various industries. From August 2015 to December 2015, Mr. Groenewald served as a Financial Reporting Analyst at Valley National
Bank. Mr. Groenewald holds a Bachelor of Science in accounting from the University of South Africa. Mr. Groenewald is a Certified Public
Account. Mr. Groenewald serves as a member of the Board of Directors of HeartCore Enterprises, Inc., a publicly reporting company that
is listed on the Nasdaq Capital Market, since January 24, 2022.
Keiji
Torii
Mr.
Torii has served as an independent director of SYLA Technologies Co., Ltd. since July 2023. He has served as a corporate auditor of SYLA
Technologies Co., Ltd. since April 2018 to June 2023. Since April 2015, he has served as an advisor to SYLA Technologies Co., Ltd. Mr.
Torii graduated from the Faculty of Economics at Keio University in 1971.
Yozo
Tchibana
Mr.
Tachibana has served as an independent director of SYLA Technologies Co., Ltd. since July 2023. He served as President and Representative
Director of Rakuten Baseball, Inc. since 2012. President and Representative Director of PROSPER Inc. (to present), President and Representative
Director of Shiogama Port (to present) since 2022. Mr. Tachibana graduated from the Policy Studies at Keio University in 1971.
Stuart
Gibson
Mr.
Gibson has served as an independent director of SYLA Technologies Co., Ltd. since July 2023. Appointed as Director in 2016 and re-designated
as Executive Director in February 2019, Mr. Stuart Gibson is a co-founder of ESR Group and has been the co-CEO of the Group since
January 2016. He was also the co-founder and CEO of the Redwood group from July 2006 until the 2016 merger.
Corporate
Auditors
Ikuo
Yoshida
Mr.
Yoshida has served as a full-time corporate auditor of SYLA Technologies Co., Ltd. since April 2021. From October 2004 to July 2017,
he served as a Corporate Auditor of Toshiba Digital Solutions Corporation. Mr. Yoshida received his Master's degree from Tokyo
Institute of Technology in 1983.
Yoshihide
Sugimoto
Mr.
Sugimoto has served as a corporate auditor of SYLA Technologies Co., Ltd. and SYLA Co., Ltd. since April 2022. He has served as an independent
director of Avex Inc., NATTY SWANKY holdings Co., Ltd. and Brangista Inc. since June 2020, September 2018, and December 2015, respectively.
He has also served as a corporate auditor of GROWTH POWER Inc. and Ai Robotics Inc. since January 2022 and January 2021, respectively.
Mr. Sugimoto graduated from Waseda University School of Law in 2003.
Keiko
Yokoyama
Ms.
Yokoyama has served as a corporate auditor of SYLA Technologies Co., Ltd. Since July 2023. She has served as an independent director
(Member of the Audit Committee) of Karadanote Inc. since 2021. Ms. Yokoyama graduated from Tokyo Woman's Christian University in
1994.
Family
Relationships
Hiroyuki
Sugimoto, Chief Executive Officer of SYLA Technologies Co., Ltd., and Takahide Watanabe, Director and Chief Strategy Officer of SYLA
Technologies Co., Ltd., are cousins.
79
Board
Diversity
On
August 6, 2021, the SEC approved NASDAQ's proposal to amend its listing standards to encourage greater board diversity and to require
board diversity disclosures for NASDAQ-listed companies. Pursuant to the amended listing standards, our Company, as a "foreign
private issuer" with a board of directors of five or fewer members, is required to have at least one diverse board member or explain
the reasons for not meeting this objective by the end of 2022. The table below provides certain demographic information regarding our
current board of directors:
Board
    Diversity Matrix (As of May 13, 2024)
Country
    of Principal Executive Offices
Japan
Foreign
    Private Issuer
Yes
Disclosure
    Prohibited under Home Country Law
No
Total
    Number of Directors
9
Female
Male
Non-Binary
Did
    Not Disclose Gender
Part
    I: Gender Identity
Directors
-
9
-
-
Part
    II: Demographic Background
Underrepresented
    Individual in Home Country Jurisdiction
-
LGBTQ+
-
Did
    Not Disclose Demographic Background
-
While
we have not adopted a formal board diversity policy, we are mindful of the benefit that diversity can provide in maximizing the effectiveness
and decision-making abilities of our board. In this regard, we are committed to increasing diversity on our board. In searches for new
director candidates, we will consider the level of diversity, including representation of underrepresented individuals and female representation,
on the board, which will be one of several factors used in the search process. Further, we will continuously monitor the level of diversity
and recruit qualified diverse candidates, including underrepresented individuals and/or female candidates, as part of our overall recruitment
and selection process to fill openings, as the need arises, through vacancies, growth or otherwise.
B.
Compensation
Compensation
of our Executive Officers, Directors and Corporate Auditors
Remuneration
to our executive officers is comprised of base compensation. In the fiscal year ended December 31, 2023, we paid an aggregate of approximately
¥249,336,000 (US$1,769,344.3) to our executive officers who were paid over US$100,000 in 2023, namely Hiroyuki Sugimoto, Yoshiyuki
Yuto, Takahide Watanabe, Takeshi Fuchiwaki, who were paid ¥138,840,000 (US$985,239.85), ¥69,936,000 (US$496,281.57), ¥18,480,000
(US$131,138.23), ¥22,080,000 (US$156,684.64), respectively. We paid an aggregate of approximately ¥225,144,500 (US$1,708,098)
to our executive officers who were paid over US$100,000 in 2022, namely Hiroyuki Sugimoto, Yoshiyuki Yuto, Takahide Watanabe, Takeshi
Fuchiwaki who were paid ¥129,290,000 (US$980,882), ¥64,612,000 (US$490,190), ¥14,540,000 (US$110,310), ¥16,702,500 (US$126,716),
respectively. In the fiscal year ended December 31, 2021, we paid an aggregate of approximately ¥165,990,000 to our executive officers
who were paid over US$100,000 in 2021, namely Hiroyuki Sugimoto, Yoshiyuki Yuto, and Masaaki Kawakami, who were paid ¥101,880,000,
¥49,380,000, and ¥14,730,000, respectively. The Company did not grant any stock options and did not provide discretionary bonuses
during the fiscal years ended December 31, 2022 and 2021. We have not set aside pension, retirement, or other benefits for our executive
officers.]
In
accordance with the Companies Act and our articles of incorporation, the amount of compensation for our directors and corporate auditors
is decided by first setting the maximum amount of total compensation for all of our directors and corporate auditors through a resolution
adopted by our shareholders at a shareholders meeting. The representative director authorized by our board of directors and our board
of directors then decide on the amount of compensation for each director based on certain criteria established by our Company, and the
amount of compensation for each corporate auditor is decided through discussions among the corporate auditors.
The
amount of compensation for executive officers, excluding directors, is determined by the Board of Directors.
In
2022, our shareholders approved an aggregate compensation allowance of no more than ¥300,000,000 per year for our directors. In 2021,
our shareholders also approved an aggregate compensation allowance of no more than ¥20,000,000 per year for our corporate auditors.
80
The
following table summarizes the total amount of remuneration paid to each category of our directors and corporate auditors in fiscal year
2023, including by the type of remuneration and the number of persons in each category.
(in thousands, except stock options and number of persons in category)
Category of directors and corporate auditors
Total amount of
remuneration
Base compensation
Number of persons
in category
Executive directors (1)
¥
249,336
¥
249,336
4
Independent directors (2)
¥
17,871
¥
17,871
5
Full-time outside corporate auditor (3)
¥
6,660
¥
6,660
1
Outside corporate auditors (4)
¥
7,200
¥
7,200
2
(1)
Consist of Messrs. Hiroyuki Sugimoto, Yoshiyuki Yuto, Takahide Watanabe and Takeshi Fuchiwaki
(2)
Consist of Messrs. Tomoyoshi Uranishi. Ferdinand Groenewald, Yozo Tachibana, Stuart Gibson and Keiji Torii.
(3)
Our full-time outside corporate auditor is Ikuo Yoshida.
(4)
Consists of Yoshihide Sugimoto, and Keiko Yokoyama.
Independent
Director Agreement - Ferdinand Groenewald
Ferdinand
Groenewald is an independent director of our Company. Ferdinand Groenewald entered into an Independent Director Agreement with our Company
as of December 5, 2022. Pursuant to the terms of the Independent Directors Agreement, Mr. Groenewald will be paid the sum of ¥4,070,700
(US$28,887) annually for director's service as a director of the Company, to be paid ¥339,225 (US$2,407) per month, payable
within five business days of the end of each month, and with such amount for any partial calendar month being appropriately prorated.
During
the term of the agreement, the Company will reimburse Mr. Groenewald for all reasonable out-of-pocket expenses incurred by Mr. Groenewald
in attending any in-person meetings, provided that he complies with the generally applicable policies, practices and procedures of the
Company for submission of expense reports, receipts or similar documentation of such expenses. Any reimbursements for allocated expenses
(as compared to out-of-pocket expenses of the applicable director in excess of US$500) must be approved in advance by the Company.
The
agreement contains customary confidentiality provisions, and customary provisions related to Company ownership of intellectual property
conceived or made by Mr. Groenewald in connection with the performance of his duties under the agreement (i.e., a "work-made-for-hire"
provision).
The
agreement provides that, during the term (which continues as long as he is serving as a director of the Company), he will be entitled
to indemnification and insurance coverage for officers' liability, fiduciary liability and other liabilities arising out of Mr.
Groenewald's position with the Company in any capacity, in an amount not less than the highest amount available to any other director,
and such coverage and protections, with respect to the various liabilities as to which Mr. Groenewald has been customarily indemnified
prior to termination of employment, shall continue for at least six years following the end of the term. Any indemnification agreement
entered into between the Company and the Mr. Groenewald will continue in full force and effect in accordance with its terms following
the termination of this agreement.
The
agreement contains customary representations and warranties by Mr. Groenewald, relating to the agreement, and contains other customary
miscellaneous provisions relating to waivers, assignments, third party rights, survival of provisions following termination, severability,
notices, waiver of jury trials and other provisions.
The
agreement is governed by and construed and enforced in accordance with the laws of Japan, and for all purposes shall be construed in
accordance with the laws of Japan.
81
Stock
Options and Stock Acquisition Right
From
May 2014 to September 2023, the Company granted stock options for the purchase of shares of the Company's common shares to directors,
auditors and Company employees 10 times as shown in the table below. The purpose is to strengthen a corporate culture in which the directors,
auditors and employees of the Company share in mutual success and reconcile the interests of the employees with those of the shareholders.
The Company's grant of stock options prohibits the transfer of options. If a holder of stock options ceases to be a director, auditor
or employee of the Company, such stock options will be forfeited except under limited circumstances or if the Board of Directors of the
Company decides otherwise. The following table provides a summary of stock options issued by the Company since 2014.
Issue name
Issue Date
Expiration date
Exercise price (Per share)
Common shares (Grant Number)
Batch 1
05/31/2014
04/30/2024
¥
8,000
19,700
Batch 3
12/30/2014
12/30/2024
¥
8,000
1,000
Batch 4
06/08/2017
05/31/2027
¥
11,600
300
Batch 5
10/01/2017
04/30/2024
¥
8,000
28,800
Batch 6
03/30/2018
02/28/2028
¥
33,320
640
Batch 7
11/30/2020
07/31/2030
¥
45,140
870
Batch 8
07/30/2021
07/31/2031
¥
48,060
50
Batch 9
11/09/2022
Ten (10) years from the Listing Date
Initial exercise price is US$0.01
5,771
Batch10
4/20/2023
3/30/2028
Initial exercise price is US$10
1,312
Of
the stock options granted as per the above table, stock options to acquire 1,619
shares of the Company's common
shares have forfeited and stock options to acquire 53,278
shares of the Company's common shares remain outstanding
as of December 31, 2023
.
The
balance of stock options with respect to common shares granted to the directors and auditors of the Company is as follows:
Name
Date of grant
Exercise Period Start Date
Exercise Period End Date
Exercise Price (Per share)
Stock Options Tab. Grant Total
Stock Options Tab. To be the basis Normal Shares Total
Batch 1
05/31/2014
05/24/2016
04/30/2024
¥
8,000
192
                                                       (1)
16
,2
00
Batch 4
06/08/2017
06/07/2019
05/31/2027
¥
11,600
3 (1)
200
Batch 5
10/01/2017
10/01/2017
04/30/2024
¥
8,000
270 (1)
27,000
Batch 6
03/30/2018
03/13/2020
02/28/2028
¥
33,320
10 (2)
10
Batch 7
11/30/2020
08/26/2022
07/31/2030
¥
45,140
590 (2)
590
(1)
Each stock option is exercisable for 100 common shares.
(2)
Each stock option is exercisable for one common share.
Compensation
Recovery Policy
On
November 28, 2023, the Board approved the Compensation Recovery Policy (the "Clawback Policy"), which complies with the SEC's
newly adopted clawback rules as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Clawback Policy provides
that in the event we are required to prepare a financial restatement, we shall, subject to certain limited exceptions as described in
the Clawback Policy, recover certain incentive-based compensation from certain covered executives. Compensation that shall be recovered
under the Clawback Policy generally includes incentive-based compensation received during the three-year period prior to the applicable
restatement date that exceeds the amount that otherwise would have been received by such covered executive had such compensation been
determined based on the restated amounts in the financial restatement. A copy of the Clawback Policy is attached hereto as Exhibit 97.1.
C.
Board Practices
Corporate
Governance Practices
We
are a "foreign private issuer" as defined under the federal securities laws of the United States and the Nasdaq listing standards.
Under the federal securities laws of the United States, foreign private issuers are subject to different disclosure requirements than
U.S.-domiciled public companies. We intend to take all actions necessary for us to maintain our status as a foreign private issuer under
the applicable corporate governance requirements of the Sarbanes-Oxley Act, the Exchange Act and other applicable rules adopted by the
SEC, and the Nasdaq listing standards. Under the SEC rules and the Nasdaq listing standards, a foreign private issuer is subject to less
stringent corporate governance requirements. Subject to certain exceptions, the SEC and the Nasdaq permit a foreign private issuer to
follow its home country practice in lieu of their respective rules and listing standards. In general, our articles of incorporation and
the Companies Act govern our corporate affairs.
82
In
particular, as a foreign private issuer, we will follow Japanese law and corporate practice in lieu of the corporate governance provisions
set out under Nasdaq Rule 5600, the requirement in Nasdaq Rule 5250(b)(3) to disclose third party director and nominee compensation,
and the requirement in Nasdaq Rule 5250(d) to distribute annual and interim reports. Of particular note, the following rules under Nasdaq
Rule 5600 from Japanese law requirements:
●
Nasdaq
    Rule 5605(b)(1) require that at least a majority of a listed company's board of directors be independent directors, and Nasdaq
    Rule 5605(b)(2) requires that independent directors regularly meet in executive session, where only independent directors are present.
    Under our current corporate structure, the Companies Act does not require independent directors.
●
Nasdaq
    Rule 5605(c)(2)(A) require a listed company to have an audit committee composed entirely of not less than three directors, each of
    whom must be independent. Under Japanese law, a company may have a statutory auditor or a board of auditors. We have a three-member
    Board of Corporate Auditors, each member of which will meet the requirements of Rule 10A-3 under the Exchange Act.
●
Nasdaq
    Rule 5605(d) require, among other things, that a listed company's compensation committee be comprised of at least two members,
    each of whom is an independent director as defined under such rule. Our board of directors will collectively participate in the discussions
    and determination of compensation for our executive and directors (subject to the maximum aggregate compensation amount resolved
    by our shareholders meetings), and other compensation related matters. Likewise, our corporate auditors discuss and determine compensation
    of each corporate auditor (subject to the maximum aggregate compensation amount resolved by our shareholders meetings) without involvement
    of our board of directors.
●
Nasdaq
    Rule 5605(e) require that a listed company's nomination and corporate governance committee be comprised solely of independent
    directors. Our board of directors will not have a standalone nomination and corporate governance committee. Our board of directors
    will collectively participate in the nomination process of potential directors and corporate auditors (in the cases of corporate
    auditors, consent of board of corporate auditors is required) and oversee our corporate governance practices.
●
Nasdaq
    Rule 5620(c) provide a one-third quorum requirement applicable to shareholder meetings. In accordance with Japanese law and generally
    accepted business practices, our articles of incorporation provide that there is no quorum requirement for a general resolution of
    our shareholders. However, under the Companies Act and our articles of incorporation a quorum of not less than one-third or more
    of the total number of voting rights is required in connection with the election of directors, corporate auditors and certain other
    matters.
Board
of Directors
Our
board of directors has the ultimate responsibility for the administration of our affairs. Our board of directors meets no less than once
every three months. Under the Companies Act and our articles of incorporation, our Company shall have no more than ten, directors on
our board of directors. Our board of directors is currently comprised of nine directors. Directors are typically nominated at the board
level and are elected at general meetings of the shareholders. The term of office of any director expires at the close of the ordinary
general meeting of shareholders held with respect to the last fiscal year ended within one year after such director's election
to office. Our directors may, however, serve any number of consecutive terms.
Our
board of directors appoints from among its members one or more representative directors, who serve as head administrator(s) over our
Company's affairs and represent our Company in accordance with the resolutions of our board of directors. Our board of directors
may appoint from among its members a chairman, a president or one or more deputy presidents, senior managing directors, or managing directors.
83
Under
our Company's current corporate structure, the Companies Act does not require our board of directors to have any independent directors.
Our board of directors is currently comprised of nine directors, four of whom (Hiroyuki Sugimoto, Yoshiyuki Yuto, Takahide Watanabe and
Takeshi Fuchiwaki) are considered non-independent directors and five of which (Tomoyoshi Uranishi, Ferdinand Groenewald, Keiji Torii,
Yozo Tachibana and Stuart Gibson), are considered "independent", as determined in accordance with the Nasdaq rules, and also
satisfy the requirements for an outside (or independent) director under the Companies Act.
Board
of Corporate Auditors
As
permitted under the Companies Act, we have elected to structure our corporate governance system as a company with a separate board of
corporate auditors instead of an audit committee of our board of directors. Our articles of incorporation provide for not more than five
corporate auditors. Corporate auditors are typically nominated at the board level and are elected at general meetings of shareholders
by a majority of shareholders entitled to vote, where a quorum is established by shareholders holding one-third or more of the voting
rights of those who are entitled to vote are present at the shareholders' meeting. The normal term of office of any corporate auditor
expires at the close of the annual general meeting of shareholders held with respect to the last fiscal year ended within four years
after such corporate auditor's election to office. Our corporate auditors may, however, serve any number of consecutive terms.
Corporate auditors may be removed by a special resolution of a general meeting of shareholders.
Our
corporate auditors are not required to be certified public accountants. Our corporate auditors may not concurrently serve as directors,
employees or accounting advisors (
kaikei sanyo
) of our Company or any of our subsidiaries or serve as corporate officers of our
subsidiaries. Under the Companies Act, at least one-half of the corporate auditors of a company must be persons who satisfy the requirements
for an outside corporate auditor under the Companies Act, and at least one of the corporate auditors must be a full-time corporate auditor.
The
function of our board of corporate auditors and each corporate auditor is similar to that of independent directors, including those who
are members of the audit committee of a U.S. public company. Each corporate auditor has a statutory duty to supervise the administration
by the directors of our affairs, to examine our financial statements and business reports to be submitted by a representative director
at the general meetings of shareholders, and to prepare an audit report. Our corporate auditors are obligated to participate in meetings
of our board of directors and, if necessary, to express their opinion at such meetings, but are not entitled to vote. Our corporate auditors
must inspect the proposals, documents and any other materials to be submitted by our board of directors to the shareholders at the shareholders'
meeting. If a corporate auditor finds a violation of statutory regulations or our articles of incorporation, or another significant improper
matter, such auditor must report those findings to the shareholders at the shareholders' meeting.
Furthermore,
if a corporate auditor believes that a director has engaged in, or is likely to engage in, misconduct or acts that are significantly
improper, or that there has been a violation of statutory regulations or our articles of incorporation, the corporate auditor: (i) must
report that fact to our board of directors; (ii) can demand that a director convene a meeting of our board of directors; and (iii) if
no such meeting is convened in response to the demand, can convene the meeting under the corporate auditor's own authority. If
a director engages in, or is likely to engage in, an activity outside the scope of the objectives of our Company or otherwise in violation
of laws or regulations or our articles of incorporation, and such act is likely to cause significant damage to our Company, then a corporate
auditor can demand that the director cease such activity.
Our
board of corporate auditors has a statutory duty to prepare an audit report based on the audit reports issued by the individual corporate
auditors and, in the case of audit reports related to financial statements, the independent auditors of our Company each year, and submit
such audit reports to a relevant director. A corporate auditor may note an opinion in an audit report issued by our board of corporate
auditors, if the opinion expressed in such corporate auditor's individual audit report is different from the opinion expressed
in the audit report issued by our board of corporate auditors. Our board of corporate auditors is empowered to establish the audit principles,
the method of examination by our corporate auditors of our affairs and financial position, and any other matters relating to the performance
of our corporate auditors' duties.
84
Additionally,
our corporate auditors must represent our Company in: (i) any litigation between our Company and a director; (ii) dealing with shareholders'
demands seeking a director's liability to our Company; and (iii) dealing with notices of litigation and settlement in a derivative
suit seeking a director's liability to our Company. A corporate auditor can file court actions relating to our Company within the
authority of our corporate auditors, such as an action to nullify the incorporation of our Company, the issuance of shares, or a merger,
or to cancel a resolution at a shareholders' meeting.
Differences
in Corporate Governance from Nasdaq Capital Market Listing Rules
Companies
listed on the Nasdaq Capital Market must comply with certain standards regarding corporate governance under Rule 5605 of the Nasdaq Listing
Rules. However, listed companies that are foreign private issuers, such as we will be, are permitted to follow home country practice
in lieu of certain provisions of Rule 5605 of the Nasdaq Listing Rules.
The
following table shows the significant differences between the corporate governance practices followed by U.S. listed companies under
Rule 5605 of the Nasdaq Listing Rules and those followed by SYLA Technologies.
Corporate
                                            Governance Practices
Followed
    by Nasdaq-listed U.S. Companies
Corporate
                                            Governance Practices
Followed
    by SYLA Technologies
1.
    A Nasdaq-listed U.S. company must have a majority of directors meeting the independence requirements under Rule 5605(a)(2) of the
    Nasdaq Listing Rules.
For
                                            Japanese companies, including SYLA Technologies, which employ a corporate governance system
                                            based on a board of corporate auditors (the board of corporate auditor system), the Companies
                                            Act has no independence requirement with respect to directors. The task of overseeing management
                                            and independent auditors is assigned to the members of the board of corporate auditors, who
                                            are separate from SYLA Technologies' management.
All
    members of board of corporate auditors must meet certain independence requirements under the Companies Act.
For
    Japanese companies with a board of corporate auditors, including SYLA Technologies, at least half of the members of such board must
    be "outside" corporate auditors. Such "outside" corporate auditors of the board of corporate auditors must
    meet additional independence requirements under the Companies Act. An "outside" corporate auditor of the board of corporate
    auditors means a member of the board of corporate auditors who, among other things, (i) has not been a director or employee, including
    a manager, of SYLA Technologies or any of its subsidiaries within 10 years prior to assuming the position of a member of the board
    of corporate auditors, (ii) (in case of a person who has formerly served as a member of the board of corporate auditors of SYLA Technologies
    or any of its subsidiaries within 10 years prior to assuming the position of a member of the board of corporate auditors) has not
    been a director or employee, including a manager, of SYLA Technologies or any of its subsidiaries within 10 years prior to assuming
    such former position of a member of the board of corporate auditors and (iii) is not currently spouse or relative within two degrees
    of a director or important employee, including a manager, of SYLA Technologies.
As
    of December 31, 2023, SYLA Technologies had three members of the board of corporate auditors, all of whom were "outside"
    members of the board of corporate auditors.
85
Corporate
                                            Governance Practices
Followed
    by Nasdaq-listed U.S. Companies
Corporate
                                            Governance Practices
Followed
    by SYLA Technologies
2.
    A Nasdaq-listed U.S. company must have an audit committee composed entirely of independent directors, and the audit committee must
    have at least three members.
SYLA
                                            Technologies employs the board of corporate auditor system as described above. Under this
                                            system, the board of corporate auditors is a legally separate and independent body from the
                                            board of directors. The main function of the board of corporate auditors is similar to that
                                            of independent directors, including those who are members of the audit committee of a U.S.
                                            company: to monitor the performance of the directors, and review and express opinions on
                                            the method of auditing by SYLA Technologies' independent auditors and on such independent
                                            auditors' audit reports, for the protection of SYLA Technologies' shareholders.
As
    of December 31, 2023, SYLA Technologies had three members of the board of corporate auditors. Each member of the board of corporate
    auditors serves a four-year term of office. In contrast, the term of office of each director of SYLA Technologies is one year.
With
    respect to the requirements of Rule 10A-3 under the U.S. Securities Exchange Act of 1934 relating to listed company audit committees,
    SYLA Technologies relies on an exemption under that rule which is available to foreign private issuers with board of corporate auditors
    meeting certain requirements.
3.
    A Nasdaq-listed U.S. company must have a nominating/corporate governance committee composed of entirely independent directors and
    the compensation committee must have at least two members.
SYLA
    Technologies' directors are elected at a general meeting of shareholders. Its board of directors does not have the power to
    fill vacancies thereon. The members of the board of corporate auditors are also elected at a general meeting of shareholders of SYLA
    Technologies. A proposal by SYLA Technologies' board of directors to elect a member to the board of corporate auditors must
    be approved by a resolution of its board of corporate auditors. The board of corporate auditors is empowered to adopt a resolution
    requesting that SYLA Technologies' directors submit a proposal for election of a member of the board of corporate auditors
    to a general meeting of shareholders. The members of the board of corporate auditors have the right to state their opinions concerning
    election of a member of the board of corporate auditors at the general meeting of shareholders.
86
Corporate
                                            Governance Practices
Followed
    by Nasdaq-listed U.S. Companies
Corporate
                                            Governance Practices
Followed
    by SYLA Technologies
4.
                                            A Nasdaq-listed U.S. company must have a compensation committee composed entirely of independent
                                            directors and the compensation committee must have at least three members. Compensation committee
                                            members must satisfy the additional independence requirements under Rule 5605(d)(2)(A) of
                                            the Nasdaq Listing Rules.
A
    compensation committee must also have authority to retain or obtain the advice compensation and other advisers, subject to prescribed
    independence criteria that the committee must consider prior to engaging any such adviser.
The
                                            total amount of compensation for SYLA Technologies' directors and the total amount
                                            of compensation for the members of the SYLA Technologies' board of corporate auditors
                                            are proposed to, and voted upon by, a general meeting of shareholders. Once the proposal
                                            for each of such total amount of compensation is approved at the general meeting of shareholders,
                                            each of the board of directors and board of corporate auditors allocates the respective total
                                            amount among its respective members.
There
    are no procedural or disclosure requirements with respect to the use of compensation to consultants, independent legal counsel or
    other advisors.
Risk
Management
One
of the key functions of our board of directors is informed oversight of our risk management process. Our board of directors has a standing
risk management committee. In particular, our risk management committee is responsible for monitoring and assessing strategic risk exposure,
including risks associated with cybersecurity and data protection, and our board of corporate auditors is responsible for overseeing
and evaluating our major financial risk exposures and the steps our management has taken to monitor and control these exposures, including
guidelines and policies to govern the process by which risk assessment and management is undertaken. Our board of corporate auditors
also reviews legal, regulatory and compliance matters that could have a significant impact on our financial statements. While each standing
committee of our board of directors will be responsible for evaluating certain risks and overseeing the management of such risks, our
entire board of directors will be regularly informed through committee reports about such risks.
Code
of Business Conduct
Our
board of directors has adopted a written code of business conduct that applies to our directors, corporate auditors, officers, and employees
(including our principal executive officer, principal financial officer, principal accounting officer or controller, and other persons
performing similar functions), and our agents
Limitation
of Liability of Directors and Corporate Auditors
In
accordance with our articles of incorporation, and pursuant to the provisions of Article 427 of the Companies Act, we are authorized
to enter into agreements with our non-executive directors and corporate auditors, respectively, to limit his or her liability to our
Company for any losses or damages arising from the conduct specified under Article 423 of the Companies Act; provided, that, the amount
of such limited liability is the amount stipulated in applicable laws and regulations, whichever is higher. Tomoyoshi Uranishi, Ferdinand
Groenewald, Keiji Torii, Yozo Tachibana and Stuart Gibson are considered independent, non-executive directors within the meaning of the
Companies Act. We have entered into limitation of liability agreements with our non-executive director or corporate auditors.
Our
articles of incorporation include limitation of liability provisions for independent directors and corporate auditors, pursuant to which
our board of directors can authorize our Company to exempt the independent directors and corporate auditors from liabilities arising
in connection with any failure to execute their respective duties in good faith or due to simple negligence (excluding gross negligence
and willful misconduct), within the limits stipulated by applicable laws and regulations, including Article 426, Paragraph 1 of the Companies
Act.
87
D.
Employees
Employees
As
of May 15, 2024, SYLA Technologies Co., Ltd. and its subsidiaries had in aggregate 138 full-time employees and 2part-time employees as
follows:
Function
Full-Time Employees
Part-Time Employees
Technologies
14
1
Sales and Marketing
37
-
Development
31
-
Construction
21
-
Solar
13
-
Management (Finance, HR, General Admin)
22
1
None
of our employees is represented by a union. We consider our relations with our employees to be good.
E.
Share ownership
For
information regarding the share ownership of our directors and executive officers, please see "Item 7.A. Major Shareholders."
ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
The
following table and accompanying footnotes set forth certain information with respect to the beneficial ownership of our common shares,
as of December 31, 2023, by:
●
each
    of our named executive officers, directors, and corporate auditors;
●
all
    of our named executive officers, directors, and corporate auditors as a group; and
●
each
    person or entity (or group of affiliated persons or entities) known by us to be the beneficial owner of 5% or more of our common
    shares.
To
our knowledge, each shareholder named in the table has sole voting and investment power with respect to all of our common shares shown
as "beneficially owned" (as determined by the rules of the SEC) by such shareholder, except as otherwise set forth in the
footnotes to the table. The SEC has defined "beneficial" ownership of a security to mean the possession, directly or indirectly,
of voting power and/or investment power.
The percentages reflect beneficial
ownership (as determined in accordance with Rule 13d-3 under the Exchange Act) as of December 31, 2023, based on 260,891
 common shares outstanding and 48,787
common shares subject to options that are currently exercisable, which are
deemed to be outstanding and to be beneficially owned by the person holding the options for the purpose of computing the percentage ownership
of that person but are not treated as outstanding for the purpose of computing the percentage ownership of any other person.
Except
as noted in the footnotes to the table below, the address for all of the shareholders in the table below is c/o SYLA Technologies Co.,
Ltd., Ebisu Prime Square Tower 7F, 1-1-39, Hiroo, Shibuya-ku, Tokyo, Japan.
88
Common Shares Beneficially Owned (1)
Name of Beneficial Owner
Shares
Percentage
Named Directors, and Corporate Auditors:
Hiroyuki Sugimoto (2)
162,685
52.53
%
Yoshiyuki Yuto (3)
46,683
15.07
%
Takahide Watanabe
350
*
%
Takeshi Fuchiwaki
-
-
%
Tomoyoshi Uranishi
10
-
%
Ferdinand Groenewald
-
-
%
Keiji Torii
180
*
%
Yozo Tachibana
2,700
*
%
Stuart Gibson
%
Ikuo Yoshida
-
-
%
Yoshihide Sugimoto
-
-
%
Keiko Yokoyama
-
-
%
All named directors, and corporate auditors as a group (twelve persons)
212,608
68.65
%
5% or more Shareholders:
%
SY Co., Ltd. (4)
113,620
36.68
%
Japan Investment Inc. (5)
20,250
6.53
%
*
Represents less than 1% of the number of common shares outstanding.
(1)
Beneficial ownership is determined in accordance with Rule 13d-3 under the Exchange Act. A person is deemed to be the beneficial owner
of any common shares if that person has or shares voting power or investment power with respect to those shares or has the right to acquire
beneficial ownership at any time within 60 days.
(2)
Represents: (i) 24,935 common shares directly beneficially owned by Hiroyuki Sugimoto; (ii) 113,620 common shares held by SY Co., Ltd.,
which is 53.82% owned by Hiroyuki Sugimoto, our Chairman of the Board, Chief Executive Officer and Co-President, and 46.18% owned by
Yoshiyuki Yuto, Co-President and Chief Operating Officer. Since Mr. Sugimoto holds a controlling interest (over 50%) in SY Co., Ltd.,
he may unilaterally vote and dispose of these shares and, therefore, may be deemed to be the beneficial owner of all of 113,620 common
shares. Notwithstanding, Mr. Sugimoto disclaims beneficial ownership of 46.18% of these common shares (52,469 shares) as they are attributable
to Yoshiyuki Yuto's ownership interest in SY Co., Ltd.; and (iii) represents 3,880 common shares held by SY Consulting Co., Ltd.,
which is 100% owned by Hiroyuki Sugimoto, our Chief Executive Officer and Co-President. As Mr. Sugimoto has sole voting and dispositive
power over these shares, he may be deemed to be the beneficial owner of these common shares.
(3)
Represents 24,783 common shares directly beneficially owned by Yoshiyuki Yuto. Although Yoshiyuki Yuto, our Co-President and Chief Operating
Officer, has a 46.18% ownership interest in SY Co., Ltd., which holds 113,620 common shares, since Mr. Sugimoto has a controlling interest
(53.82%) in SY Co., Ltd., Mr. Sugimoto (rather than Yoshiyuki Yuto) will be deemed to have beneficial ownership over all of the shares
as he has sole voting and dispositive power over these common shares (including the 52,469 shares attributable to Yoshiyuki Yuto).
(4)
Represents 113,620 common shares held by SY Co., Ltd., which is 53.82% owned by Hiroyuki Sugimoto, our Chief Executive Officer and Co-President,
and 46.18% owned by Yoshiyuki Yuto, our Co-President and Chief Operating Officer. Since Mr. Sugimoto holds a controlling interest (over
50%) in SY Co., Ltd., he may unilaterally vote and dispose of these shares and, therefore, may be deemed to be the beneficial owner of
all of 113,620 common shares. Notwithstanding, Mr. Sugimoto disclaims beneficial ownership of 46.18% of these common shares (52,469 shares)
as they are attributable to Yoshiyuki Yuto's ownership interest in SY Co., Ltd.
89
(5)
Japan Investment Inc. is owned by Mr. Nobuyuki Matsukura. Mr. Matsukura has sole voting and dispositive power over these common shares
and thus is deemed to beneficially own these common shares. Japan Investment Inc.'s address is at Sumitomo Fudosan Toranomon Tower
20F, 2-2-1 Toranomon, Minato-ku, Tokyo 105-0001, Japan.
B.
Related Party Transactions
Please
refer to Part III. NOTE 18, RELATED PARTY TRANSACTIONS for more information.
Family
Relationships
Hiroyuki
Sugimoto, CEO of the Company, and Takahide Watanabe, CSO of the Company, are cousins.
C.
Interests of Experts and Counsel
Not
applicable.
ITEM
8. FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial Information
See
the Consolidated Financial Statements and the Notes to the Consolidated Financial Statements and Financial Statements Schedules in Item
18 of this annual report.
B.
Significant Changes
See
Note 23 to the Consolidated Financial Statements in Item 18 for a disclosure of events subsequent to year end and prior to the date of
filing.
90
ITEM
9. THE OFFER AND LISTING
A.
Offer and Listing Details
The
ADSs began trading on the Nasdaq Capital Market on March 31, 2023, under the symbols "SYT." Prior to that date, there was
no public trading market for our ADSs.
B.
Plan of Distribution
Not
applicable.
C.
Markets
See
"Item 9.A. Offer and Listing Details" above.
D.
Selling Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses of the Issue
Not
applicable.
ITEM
10. ADDITIONAL INFORMATION
A.
Share Capital
Not
applicable.
B.
Articles of Incorporation of SYLA Technologies Co., Ltd.
The
information set forth in Exhibits 1.1, 1.2 and 2.3 to this annual report are incorporated herein by reference.
91
C.
Material Contracts
Loans
During
the period from January 1, 2022 through May 15, 2024, the Company entered into various loans with banks and financial institutions for
working capital purpose and for the purpose of purchasing and constructing real estate properties and solar power plants and systems.
Leases
During
the period from January 1, 2022 through May 15, 2024, the Company entered into various lease agreements for the purpose of subleasing.
Independent
Director Agreement
On
November 30, 2022, Mr. Ferdinand Groenewald was appointed as an independent director of the Board of Directors of the Company as of December
1, 2022. Ferdinand Groenewald entered into an Independent Director Agreement with the Company dated as of December 5, 2022.
Withdrawal
from Mining Machine Business
On
December 30, 2022, in light of the deterioration of the crypto and mining machine market conditions in 2022, the Board of Directors of
the Company decided to withdraw from the mining machine business by (i) discontinuing the manufacture and sale of computers (with mining
machine capabilities) as of December 30, 2022, (ii) selling the computer maintenance and management services business and manufacture
and sale of computers business to Getworks, which closed on January 23, 2023, pursuant to the terms of a Business Transfer Agreement,
dated as of January 20, 2023, between the Company and Getworks, which is included with this annual report as Exhibit 4.6, and (iii) discontinuing
the development of the AI switch system as of December 30, 2022.
Warrant
On
April 4, 2023, the Company issued to Boustead Securities a warrant to purchase 131,200 ADSs (the "Representative's Warrant")
representing 7% of the 1,875,000 ADSs sold in the Offering. The Representative's Warrant will be exercisable beginning on April
4, 2023 until March 30, 2028. The initial exercise price of Representative's Warrant will be $10.00 per ADS.
92
Consulting
Services Agreement with FMW Media Works LLC
On
March 28, 2023, the Company entered into a Consulting Services Agreement (the "Consulting Agreement") with FMW Media Works
LLC, ("Consultant") a Wyoming corporation. The Consultant is an independent consulting firm providing business consulting
services to private and publicly held companies. Pursuant to the Consulting Agreement, the Company agreed to engage the Consultant to
perform certain business development, and general consulting services for the Company in accordance with the Consulting Agreement for
a term of twelve (12) months (the "Term"). As compensation for the services under the Consulting Agreement, the Company agreed
to pay the Consultant a non-refundable monthly retainer fee of US$20,000 and to issue warrants to purchase 45,000 ADS. Each 100 ADSs
represent one common share of the Company. The Term is divided into four (4) three (3)-month periods ("Renewal Periods"),
and at the end of every Renewal Period the Company may terminate the Consulting Agreement without renewal by ten (10) days prior written
notice to the end of a Renewal Period.
The
Consulting Agreement can be terminated by the Company in writing upon 30 days' notice by the Company for any reason, and may be
terminated by the Company, upon breach by Consultant of a material term of the Consulting Agreement, provided Company notifies Consultant
of its breach and allows Consultant ten (10) days to cure said breach. The Consultant can terminate the agreement immediately if: (a)
the Company fails to make when due any payments to Consultant under the Consulting Agreement; (b) Consultant determines, in its sole
discretion, that Company has failed to provide complete and accurate information necessary for Consultant to perform the services, or
that Company is acting or has acted in a manner that damages or could potentially damage Consultant's reputation in the business
community, or (c) if Company (i) becomes insolvent; (ii) fails to pay its debts or perform its obligations in the ordinary course of
business as they mature; (iii) is declared insolvent or admits in writing its insolvency or inability to pay its debts or perform its
obligations as they mature; (iv) becomes the subject of any voluntary or involuntary proceeding in bankruptcy, liquidation, dissolution,
receivership, attachment or composition or general assignment for the benefit of creditors, provided that, in the case of an involuntary
proceeding, the proceeding is not dismissed with prejudice within sixty (60) days after the institution thereof; or (v) if Company becomes
the subject of a Federal, State, SEC or FINRA investigation into its business practices, accounting or officers and directors.
Pursuant
to the Consulting Agreement, the Consultant agreed to indemnify the Company (and its and their directors, officers, employees, and agents)
against any and all damages, costs, expenses, settlements and other liabilities (including reasonable attorneys' fees and costs)
arising out of or relating to any claim, suit, action or proceeding to the extent based on any claim that the services provided by the
Consultant to the Company under the Consulting Agreement infringe, misappropriate or violate any U.S. copyright or U.S. trade secret,
or that result from Consultant's bad faith or criminal act, or contain any untrue statement that is not based upon and in conformity
with information provided by Company. Pursuant to the Consulting Agreement, the Company agreed to indemnify the Consultant (and its and
their directors, officers, employees, and agents) against any and all damages, costs, expenses, settlements and other liabilities (including
reasonable attorneys' fees and costs) arising out of or relating to any claim, suit, action or proceeding (including, without limitation,
reasonable attorneys' fees) arising from or relating to any use of the provided by the Consultant to the Company under the Consulting
Agreement, or that results from Company's bad faith, willful negligence or delivery of untrue information or statements to Consultant.
The Consulting Agreement also contains ownership of work product and confidentiality provisions, as well as representations and warranties
typically included in such agreements.
Share
Transfer Agreement
On
November 15, 2023, the Company entered into a Share Transfer Agreement (the "Share Transfer Agreement") among the Company,
Jun Planning Corporation ("Seller 1"), Nobukazu Kawai ("Seller 2"), Junji Kawai ("Seller 3"), and
Akie Kawai ("Seller 4" and collectively with Seller 1, Seller 2 and Seller 3, the "Sellers") regarding the sale
of shares of RIBERESUTE CORPORATION ("Riberesute") owned by the Sellers to the Company. Riberesute is a Japan-based developer
and seller of family-type condominiums and is listed on the Tokyo Stock Exchange.
Pursuant
to the terms of the Share Transfer Agreement, the Sellers agreed to sell to the Company, and the Company agreed to purchase from the
Sellers, an aggregate of 2,158,800 shares of Riberesute, representing approximately 20.39% of the outstanding shares of Riberesute, in
exchange for an aggregate purchase price of ¥1,988,254,800 (US$14,109,103) as follows:
Seller
Number of Shares
Percentage of Outstanding Shares
Purchase Price (¥)
Seller 1
1,668,400
15.75
%
1,536,596,400
Seller 2
264,400
2.50
%
243,512,400
Seller 3
224,000
2.12
%
206,304,000
Seller 4
2,000
0.02
%
1,842,000
Total
2,158,800
20.39
%
1,988,254,800
The
Share Transfer Agreement contains certain covenants, representations and warranties customary for an agreement of this type. The purchase
of the Riberesute shares from the Sellers, as contemplated by the Share Transfer Agreement, closed on January 12, 2024. As a result of
the closing, the Company believes that it is the largest Riberesute shareholder.
93
Capital
and Business Alliance Agreement
On
January 23, 2024, the Company and Riberesute entered into a Capital and Business Alliance Agreement (the "Alliance Agreement").
Pursuant to the terms of the Alliance Agreement, Riberesute agreed that it would not, without the Company's prior consent and insofar
as it does not violate the principle of equality of shareholders, take any of the following actions or cause any third party to take
any of the following actions:
1.
Capital
                                            alliance with other third parties, business alliance or cooperation involving activities
                                            that are equivalent or similar to all or part of the Business Alliance, and negotiation,
                                            provision of information, or communication related to any other activities that make the
                                            formation of the Business Alliance difficult.
2.
Introducing
                                            existing shareholders to third parties and other actions facilitating the purchase of shares
                                            of Riberesute Group companies by third parties.
In
addition, the Alliance Agreement provides that both companies will promote joint activities and other collaboration, including with respect
to:
1.
Complementary
                                            products
2.
Complementary
                                            geographic coverage
3.
Expansion
                                            of real estate crowdfunding business
4.
Promotion
                                            of internet marketing
5.
Real
                                            estate development
Riberesute
also agreed not to enter into any business alliance or other cooperation with any other third party involving activities that are the
same as or similar to all or part of the activities of the Business Alliance without the Company's prior written consent.
The
Alliance Agreement contains certain covenants, representations and warranties customary for an agreement of this type.
Basic
Agreement on Collaboration
On
December 8, 2023, the Company entered into a Basic Agreement on Collaboration ("BlackRock Collaboration Agreement") with
BlackRock Japan Co., Ltd. ("BlackRock").
Pursuant
to the terms of the BlackRock Collaboration Agreement, the Company agreed to refer to BlackRock such condominiums developed and sold
by the Company that it determines, in its sole discretion are suitable for acquisition by an affiliate of BlackRock. The Company is not
obligated to introduce properties to BlackRock, nor is it obligated to secure referred properties for acquisition by a BlackRock affiliate.
BlackRock agreed to have its affiliate acquire the referred land that it, in its sole discretion, determines to be suitable for acquisition
by one of the BlackRock affiliates.
Pursuant
to the terms of the BlackRock Collaboration Agreement, the Company agreed to refer to BlackRock such land for which the Company has obtained
a development permit under the City Planning Law that it determines, in its sole discretion, to be suitable for acquisition by an affiliate
of BlackRock. The Company is not obligated to introduce such properties to BlackRock, nor is it obligated to secure referred properties
for acquisition by a BlackRock affiliate. BlackRock agreed to have its affiliate acquire the referred land that it, in its sole discretion,
determines to be suitable for acquisition by one of the BlackRock affiliates.
The
BlackRock Collaboration Agreement has a term of one year, and will be extended for another one year on the same terms and conditions
unless either party notifies the other of its refusal to renew at least one month prior to the end of the term.
D.
Exchange Controls
The
Foreign Exchange and Foreign Trade Act and related regulations (which we refer to as "FEFTA") regulate certain transactions
involving a "Non-Resident of Japan" or a "Foreign Investor", including "inward direct investments"
by Foreign Investors, and payments from Japan to foreign countries or by residents of Japan to Non-Residents of Japan.
"Non-Residents
of Japan" are defined as individuals who are not residents in Japan and corporations whose principal offices are located outside
of Japan. Generally, branches and other offices of Japanese corporations which are located outside of Japan are regarded as Non-Residents
of Japan, and branches and other offices of non-resident corporations which are located within Japan are regarded as residents of Japan.
"Foreign
Investors" are defined as:
●
individuals
    who are Non-Residents of Japan;
94
●
entities
    which are organized under the laws of foreign countries or whose principal offices are located outside of Japan;
●
companies
    of which 50% or more of their voting rights are held by individuals who are Non-Residents of Japan and/or corporations which are
    organized under the laws of foreign countries or whose principal offices are located outside of Japan;
●
partnerships
    engaging in investment activities and investment limited partnerships (including partnerships formed under the laws of foreign countries)
    which satisfy one of the following conditions:
●
50%
    or more of contributions to the partnership were made by (i) individuals who are Non-Residents of Japan, (ii) entities which are
    organized under the laws of foreign countries or whose principal offices are located outside of Japan, (iii) companies of which 50%
    or more of their voting rights are held by individuals who are Non-Residents of Japan and/or corporations which are organized under
    the laws of foreign countries or whose principal offices are located outside of Japan, (iv) entities a majority of whose officers,
    or officers having the power of representation, are individuals who are Non-Residents of Japan, or (v) partnerships a majority of
    whose executive partners fall within items (i) through (iv) above;
●
a
    majority of the executive partners of the partnership are (A) any persons or entities who fall within items (i) through (v) above,
    (B) any partnerships to which 50% or more of contribution were made by persons or entities who fall within items (i) through (v)
    above, or (C) limited partnerships a majority of whose executive partners fall within Non-Residents of Japan, persons or entities
    who fall within (A) or (B), or any officers of entities which fall within (A) or (B); and
●
entities,
    a majority of whose officers are individuals who are Non-Residents of Japan.
Under
FEFTA, among other triggering events, a Foreign Investor who desires to acquire shares in a Japanese company which is not listed on any
stock exchange in Japan, is subject to a prior filing requirement, regardless of the acquired amount of shares, if such Japanese company
engages any business in certain industries related to the national security. Such industries include, among other things, manufacturing
in relation to weapons, aircraft, space, and nuclear power, as well as agriculture, fishery, mining, and utility service. Additionally,
due to today's growing awareness of cybersecurity, the recent amendment to FEFTA expanded the scope of the prior filing requirement,
broadly covering industries related to data processing businesses and information and communication technologies service. Since our operations
could potentially involve the processing of data by collecting, processing, and retaining customers' health information, direct
acquisition of our common shares, rather than ADSs, by a Foreign Investor could be subject to the prior filing requirement under FEFTA.
A
Foreign Investor wishing to acquire or hold our common shares directly will be required to make a prior filing with the relevant government
authorities through the Bank of Japan and wait until clearance for the acquisition is granted by the applicable governmental authorities.
Without such clearance, the Foreign Investor will not be permitted to acquire or hold our common shares directly. Once clearance is obtained,
the Foreign Investor may acquire shares in the amount and during the period indicated in the filing. While the standard waiting period
to obtain clearance is 30 days, the waiting period could be expedited to two weeks, at the discretion of the applicable governmental
authorities, depending on the level of potential impact to national security.
In
addition to the prior filing requirement above, when a Foreign Investor who completed a prior filing and received clearance has acquired
shares in accordance with the filed information, such Foreign Investor will be required to make a post-acquisition notice filing to report
the completed purchase. Such post-acquisition notice filing must be made no later than 45 days after the acquisition of the shares.
Under
FEFTA, in each case where a resident of Japan receives a single payment of more than JPY30 million from a Non-Resident of Japan for a
transfer of shares in a Japanese company, such resident of Japan is required to report each receipt of payment to the Minister of Finance
of Japan.
E.
Taxation
The
following description is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition
of our common shares, including the ADSs. You should consult your own tax advisor concerning the tax consequences of your particular
situation, as well as any tax consequences that may arise under the laws of any local, state, foreign, including Japan, or other taxing
jurisdiction.
95
Taxation
in Japan
Generally,
a non-resident of Japan or non-Japanese entity (which we refer to as a "Non-Resident Holder") is subject to Japanese withholding
tax on dividends paid by Japanese corporations. Stock splits are not subject to Japanese income tax. A conversion of retained earnings
or legal reserve (but not additional paid-in capital, in general) into stated capital (whether made in connection with a stock split
or otherwise) is not treated as a deemed dividend payment to shareholders for Japanese tax purposes. Thus, such a conversion does not
trigger Japanese withholding taxation (Article 2(16) of the Japanese Corporation Tax Law and Article 8(1)(xiii) of the Japanese Corporation
Tax Law Enforcement Order).
Pursuant
to the Convention Between the Government of the United States of America and the Government of Japan for the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with Respect to Taxes on Income (which we refer to as the "Treaty"), dividend payments
made by a Japanese corporation to a U.S. resident or entity, unless the recipient of the dividend has a "permanent establishment"
in Japan, and the common shares or ADSs with respect to which such dividends are paid are effectively connected with such "permanent
establishment", are generally subject to a withholding tax at rate of: (i) 10% for portfolio investors who are qualified U.S. residents
eligible for benefits of the Treaty; and (ii) 0% (
i.e.
, no withholding) for pension funds which are qualified U.S. residents eligible
for benefits of the Treaty, provided that the dividends are not derived from the carrying on of a business, directly or indirectly, by
such pension funds. Japan is a party to a number of income tax treaties, conventions and agreements, (which we refer to collectively
as the "Tax Treaties"), whereby the maximum withholding tax rate for dividend payments is set at, in most cases, 15% for
portfolio investors who are Non-Resident Holders. Specific countries with which such Tax Treaties have been entered into include Canada,
Denmark, Finland, Germany, Ireland, Italy, Luxembourg, New Zealand, Norway, and Republic of Singapore. Japan's income tax treaties
with Australia, Belgium, France, The Netherlands, Sweden, Switzerland and the United Kingdom have been amended to generally reduce the
maximum withholding tax rate to 10%.
On
the other hand, unless one of the applicable Tax Treaties reducing the maximum rate of withholding tax applies, the standard tax rate
applicable to dividends paid with respect to listed shares, such as those paid by our Company on shares or ADSs, to Non-Resident Holders
is 15% under the Japanese Income Tax Law, except for dividends paid to any individual shareholder who holds 3% or more of the issued
shares, in which case the applicable rate is 20% (Article 182(2) of the Japanese Income Tax Law and Article 9-3(1)(i) of the Japanese
Special Tax Measures Law, including its relevant temporary provision for these withholding rates). On December 2, 2011, the "Special
measures act to secure the financial resources required to implement policy on restoration of the East Japan" (Act No. 117 of 2011)
was promulgated and special surtax measures on income tax and withholding tax were introduced thereafter to fund the restoration effort
for the earthquake. Income tax and withholding tax payers need to pay a surtax, calculated by multiplying the standard tax rate by 2.1%
for 25 years starting from January 1, 2013 (which we refer to as "Surtax"). As a result, the withholding tax rate applicable
to dividends paid with respect to listed shares to Non-Resident Holders increased to 15.315% (which we refer to as "Withholding
Tax Rate") which is applicable for the period from January 1, 2014 until December 31, 2037.
Taking
this Withholding Tax Rate into account, the treaty rates such as the 15% rate (or 10% for eligible U.S. residents subject to the Treaty
and/or eligible residents subject to other similarly renewed treaties mentioned above) apply, in general, except for dividends paid to
any individual holder who holds 3% or more of the total issued shares, in which case the applicable rate is 20.42% (standard tax rate
of 20% imposed by Surtax). The treaty rate normally overrides the domestic rate, but due to the so-called "preservation doctrine"
under Article 1(2) of the Treaty, and/or due to Article 3-2 of the Special Measures Law for the Income Tax Law, Corporation Tax Law and
Local Taxes Law with respect to the Implementation of Tax Treaties, if the tax rate under the domestic tax law is lower than that promulgated
under the applicable income tax treaty, then the domestic tax rate is still applicable. Currently, the tax rate under the applicable
tax treaty is lower than that under the domestic tax law and thus the treaty override treatment applies. As such, the tax rate under
the Treaty applies for most holders of shares or ADSs who are U.S. residents or entities. In the case where the treaty rate is applicable,
no Surtax is imposed, but in order to enjoy the lower treaty rate, the taxpayer must file a treaty application in advance with the Japanese
National Tax Agency through our Company. Gains derived from the sale outside Japan of a Japanese corporation's shares or ADSs by
Non-Resident Holders, or from the sale of a Japanese corporation's shares or ADSs within Japan by a non-resident of Japan as an
occasional transaction or by a non-Japanese entity not having a permanent establishment in Japan, are generally not subject to Japanese
income or corporation taxes, provided that the seller is an investor who is a qualified U.S. resident eligible for benefit of the Treaty.
Japanese inheritance and gift taxes at progressive rates may apply to an individual who has acquired a Japanese corporation's shares
or ADSs as a distributee, legatee or donee.
96
Certain
U.S. Federal Income Tax Considerations for U.S. Holders
The
following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of
our common shares or ADSs by a U.S. holder (as defined below) that acquires our common shares or ADSs. This summary is for general information
purposes only and does not purport to be a complete discussion of all potential tax considerations that may be relevant to a particular
person's decision to acquire common shares or ADSs.
This
summary is based on the U.S. Internal Revenue Code of 1986, as amended (the "Code"), the regulations promulgated under the
Code (the "U.S. Treasury Regulations"), the income tax treaty between Japan and the United States (the "Treaty"),
published rulings of the U.S. Internal Revenue Service (the "IRS"), published administrative positions of the IRS, and U.S.
court decisions that are applicable and, in each case, as in effect and available, as of the date hereof. Any of the authorities on which
this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied on a retroactive
or prospective basis which could affect the U.S. federal income tax considerations described in this summary. We have not requested a
ruling from the IRS with respect to any of the U.S. federal income tax considerations described below and, as a result, the IRS could
disagree with portions of this discussion.
For
purposes of this discussion, a "U.S. holder" is a beneficial owner of the common shares or that is, for U.S. federal income
tax purposes:
●
an
    individual who is a citizen or resident of the United States;
●
a
    corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized in or under
    the laws of the United States, any state thereof, or the District of Columbia;
●
an
    estate the income of which is includable in gross income for U.S. federal income tax purposes regardless of its source; or
●
a
    trust (i) the administration of which is subject to the primary supervision of a court within the United States and which has one
    or more U.S. persons who have the authority to control all substantial decisions of the trust, or (ii) that has validly elected to
    be treated as a U.S. person under the Code.
If
an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds the common shares or ADSs, the
U.S. federal income tax consequences to such partnership and its partners of the ownership and disposition of the common shares or ADSs
generally will depend in part on the activities of the partnership and the status of such partners. This summary does not address the
tax consequences to any such partner or partnership. Partners of entities or arrangements that are classified as partnerships for U.S.
federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences of the ownership
and disposition of the common shares or ADSs.
This
discussion applies only to a U.S. holder that holds common shares or ADSs as "capital assets" under the Code (generally,
property held for investment). Unless otherwise provided, this summary does not discuss reporting requirements. In addition, this discussion
does not address any tax consequences other than U.S. federal income tax consequences, such as U.S. state and local tax consequences,
U.S. estate and gift tax consequences, and non-U.S. tax consequences, and does not describe all of the U.S. federal income tax consequences
that may be relevant in light of a U.S. holder's particular circumstances, including alternative minimum tax consequences, the
Medicare tax on certain net investment income, and tax consequences to holders that are subject to special provisions under the Code,
including, but not limited to, holders that:
●
are
    tax exempt organizations, qualified retirement plans, individual retirement accounts, or other tax deferred accounts;
97
●
are
    financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies;
●
are
    brokers or dealers in securities or currencies or holders that are traders in securities that elect to apply a mark-to-market accounting
    method;
●
have
    a "functional currency" for U.S. federal income tax purposes that is not the U.S. dollar;
●
own
    common shares or ADSs as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other arrangement
    involving more than one position;
●
acquire
    common shares or ADSs in connection with the exercise of employee stock options or otherwise as compensation for services;
●
are
    partnerships or other pass-through entities for U.S. federal income tax purposes (or investors in such partnerships and entities);
●
are
    required to accelerate the recognition of any item of gross income with respect to the common shares as a result of such income being
    recognized on an applicable financial statement;
●
own
    or will own (directly, indirectly, or constructively) 10% or more of our total combined voting power or value;
●
hold
    the common shares or ADSs in connection with trade or business conducted outside of the United States or in connection with a permanent
    establishment or other fixed place of business outside of the United States; or
●
are
    former U.S. citizens or former long-term residents of the United States.
Each
U.S. holder is urged to consult its tax advisor regarding the application of U.S. federal taxation to its particular circumstances, and
the state, local, non-U.S. and other tax considerations of the ownership and disposition of our common shares or ADSs.
Treatment
of ADSs
For
U.S. federal income tax purposes, a U.S. holder of ADSs generally will be treated as the beneficial owner of the underlying shares represented
by the ADSs. The remainder of this discussion assumes that a U.S. holder of our ADSs will be treated in this manner. Accordingly, deposits
or withdrawals of common shares for ADSs generally will not be subject to U.S. federal income tax.
Passive
Foreign Investment Company Considerations
A
non-U.S. corporation, such as our Company, is classified as a passive foreign investment company ("PFIC") for any taxable
year in which, after applying relevant look-through rules with respect to the income and assets of its subsidiaries, either: (i) 50%
or more of the value of the corporation's assets either produce passive income or are held for the production of passive income,
based on the quarterly average of the fair market value of such assets; or (ii) at least 75% of the corporation's gross income
is passive income. "Passive income" generally includes, for example, dividends, interest, certain rents and royalties, certain
gains from the sale of stock and securities, and certain gains from commodities transactions. In determining the value and composition
of our assets, the cash we raised in our initial public offering will generally be considered to be held for the production of passive
income and thus will be considered a passive asset.
98
The
determination of whether a corporation is a PFIC for a taxable year depends, in part, on the application of complex U.S. federal income
tax rules that are subject to differing interpretations. In addition, the determination of whether a corporation will be a PFIC for any
taxable year can only be made after the close of such taxable year. Our PFIC status depends, in part, on the amount of cash that we raised
in our initial public offering and how quickly we utilize the cash in our business. Furthermore, because we may value our goodwill based
on the expected market price of the ADSs in the initial public offering, a decrease in the market price of our ADSs may also cause us
to be classified as a PFIC for the current or any future taxable year. Based upon the foregoing, it is uncertain whether we will be a
PFIC for our current taxable year or any future taxable year.
We
must make a separate determination each year as to whether we are a PFIC. As a result, our PFIC status may change. If we are a PFIC for
any year during which you hold the common shares or ADSs, we will generally continue to be treated as a PFIC for all succeeding years
during which you hold such common shares or ADSs. However, if we cease to be a PFIC, provided that you have not made a mark-to-market
election, as described below, you may avoid some of the adverse effects of the PFIC regime by making a deemed sale election with respect
to the common shares or ADSs, as applicable. We believe we were not a PFIC in prior taxable year 2022 because less than 75% of our gross
income was passive income and less than 50% of the average value of our assets consisted of assets that would produce passive income
in 2022.
The
discussion below under "—
Distributions on the Common Shares or ADSs
" and "—
Sale or Other Disposition
of the Common Shares or ADSs
" is written on the basis that we will not be classified as a PFIC for U.S. federal income tax
purposes. The U.S. federal income tax rules that generally would apply if we are treated as a PFIC are discussed below under "—
Passive
Foreign Investment Company Rules
."
Distributions
on the Common Shares or ADSs
The
gross amount of any distributions paid on our common shares or ADSs will generally be included in the gross income of a U.S. holder as
dividend income on the date actually or constructively received by the U.S. holder, in the case of common shares, or by the depositary,
in the case of ADSs, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (computed
on the basis of U.S. federal income tax principles). Because we do not intend to determine our earnings and profits on the basis of U.S.
federal income tax principles, we expect that distributions will generally be reported to U.S. holders as dividends. Dividends received
on our common shares or ADSs generally will not be eligible for the dividends received deduction allowed to corporations in respect of
dividends received from U.S. corporations.
Individuals
and other non-corporate U.S. holders will be subject to tax on any such dividends at the lower capital gains tax rate applicable to "qualified
dividend income," provided that certain conditions are satisfied, including that (i) the common shares or ADSs on which the dividends
are paid are readily tradable on an established securities market in the United States or we are eligible for the benefits of the Treaty,
(ii) we are not a PFIC nor treated as such with respect to a U.S. holder (as discussed below) for either our taxable year in which the
dividend was paid or for the preceding taxable year, and (iii) certain holding period requirements are met. For this purpose, ADSs listed
on the Nasdaq will generally be considered to be readily tradable on an established securities market in the United States. You should
consult your tax advisor regarding the availability of the lower rate for dividends paid with respect to our common shares or ADSs.
For
U.S. foreign tax credit purposes, dividends paid on our common shares or ADSs generally will be treated as foreign source income and
generally will constitute passive category income. The amount of a dividend will include any amounts withheld by us in respect of Japanese
income taxes. Subject to applicable limitations, some of which vary depending upon the U.S. holder's particular circumstances,
Japanese income taxes withheld from dividends on the common shares or ADSs, at a rate not exceeding any reduced rate pursuant to the
Treaty, will be creditable against the U.S. holder's U.S. federal income tax liability. In lieu of claiming a foreign tax credit,
U.S. holders may, at their election, deduct foreign taxes, including any Japanese income taxes, in computing their taxable income, subject
to generally applicable limitations under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies
to all foreign taxes paid or accrued in the taxable year. The rules governing foreign tax credits are complex and U.S. holders should
consult their tax advisers regarding the creditability or deductibility of foreign taxes in their particular circumstances.
99
The
amount of any dividend paid in Japanese yen will equal the U.S. dollar value of the Japanese yen received, calculated by reference to
the exchange rate in effect on the date the dividend is received by you, in the case of common shares, or by the depositary, in the case
of ADSs, regardless of whether the Japanese yen are converted into U.S. dollars. If the Japanese yen received as a dividend are converted
into U.S. dollars on the date of receipt, a U.S. holder generally will not be required to recognize foreign currency gain or loss in
respect of the dividend income. If the Japanese yen received as a dividend are not converted into U.S. dollars on the date of receipt,
a U.S. holder will have a basis in the Japanese yen equal to their U.S. dollar value on the date of receipt. Any gain or loss realized
on a subsequent conversion or other disposition of the Japanese yen will be treated as U.S. source ordinary income or loss.
Sale
or Other Disposition of the Common Shares or ADSs
A
U.S. holder will recognize gain or loss on the sale or other disposition of a common share or ADS equal to the difference between the
amount realized for the common share or ADS and the holder's tax basis in the common share or ADS. Such gain or loss will generally
be capital gain or loss and will be long-term capital gain or loss if the U.S. holder's holding period for such common share or
ADS was more than one year as of the date of the sale or other disposition. Long-term capital gain recognized by a non-corporate U.S.
holder is subject to U.S. federal income tax at rates lower than the rates applicable to ordinary income and short-term capital gains,
while short-term capital gains are subject to U.S. federal income tax at the rates applicable to ordinary income. The deductibility of
capital losses is subject to various limitations. Any gain or loss recognized will generally be U.S. source gain or loss for foreign
tax credit purposes. Consequently, a U.S. holder may not be able to use the foreign tax credit arising from any Japanese tax imposed
on the disposition of the common share or ADS unless such credit can be applied (subject to applicable limitations) against tax due on
other income treated as derived from non-U.S. sources.
Passive
Foreign Investment Company Rules
If
we are a PFIC for any taxable year during which you hold our common shares or ADSs, you will be subject to special tax rules with respect
to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge)
of the common shares or ADSs, unless you make a mark-to-market election as discussed below. Distributions you receive from us in a taxable
year that are greater than 125% of the average annual distributions you received from us during the shorter of the three preceding taxable
years or your holding period for the common shares or ADSs will be treated as an excess distribution. Under these special tax rules:
●
the
    excess distribution or gain will be allocated ratably over your holding period for the common shares or ADSs,
●
the
    amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we became a PFIC, will
    be treated as ordinary income, and
●
the
    amount allocated to each of the other taxable years will be subject to tax at the highest rate of tax in effect for you for such
    year and will be increased by an additional tax calculated as an interest charge on the resulting tax deemed deferred with respect
    to each such other taxable year at the rates generally applicable to underpayments of tax payable in those years.
If
we are a PFIC for any taxable year during which a U.S. holder holds our common shares or ADSs and any of our subsidiaries or other corporate
entities in which we own equity interests is also a PFIC, such U.S. holder would be treated as owning a proportionate amount (by value)
of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. holders are urged to consult their tax advisors
regarding the application of the PFIC rules to any of our subsidiaries.
As
an alternative to the foregoing rules, a U.S. holder may make a mark-to-market election with respect to our common shares or ADSs, provided
such common shares or ADSs are treated as "marketable stock." The common shares or ADSs generally will be treated as marketable
stock if the common shares or ADSs are regularly traded on a "qualified exchange or other market," as defined in applicable
U.S. Treasury Regulations. Our ADSs will be marketable stock as long as they remain listed on the Nasdaq, which is a qualified exchange
for this purpose, and are regularly traded. We anticipate that our ADSs should qualify as being regularly traded but no assurances can
be given in this regard. Only the ADSs and not the common shares will be listed on the Nasdaq. Consequently, a U.S. holder of common
shares that are not represented by ADSs generally will not be eligible to make the mark-to-market election.
100
If
a U.S. holder makes a valid mark-to-market election with respect to the ADSs, the holder generally will (i) include as ordinary income
for each taxable year that we are a PFIC the excess, if any, of the fair market value of ADSs held at the end of the taxable year over
the adjusted tax basis of such ADSs and (ii) deduct as an ordinary loss in each such taxable year the excess, if any, of the adjusted
tax basis of the ADSs over the fair market value of such ADSs held at the end of the taxable year, but such deduction will only be allowed
to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. holder's adjusted
tax basis in the ADSs would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. holder makes
a mark-to-market election in respect of our ADSs and we cease to be classified as a PFIC, the holder will not be required to take into
account the gain or loss described above during any period that we are not classified as a PFIC. If a U.S. holder makes a mark-to-market
election, any gain such U.S. holder recognizes upon the sale or other disposition of our ADSs in a year when we are a PFIC will be treated
as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of
the net amount previously included in income as a result of the mark-to-market election.
Because
a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. holder may continue to be subject to the general
PFIC rules described above with respect to such U.S. holder's indirect interest in any investments held by us that are treated
as an equity interest in a PFIC for U.S. federal income tax purposes.
We
have not determined whether, if we were to be classified as a PFIC for a taxable year, we will provide information necessary for a U.S.
holder to make a "qualified electing fund" election which, if available, would result in tax treatment different from (and
generally less adverse than) the general tax treatment for PFICs described above. Accordingly, U.S. holders should assume that they will
not be able to make a qualified electing fund election with respect to the common shares or ADSs.
If
a U.S. holder owns common shares or ADSs during any year in which we are a PFIC, the holder generally must file an annual report containing
such information as the U.S. Treasury may require on IRS Form 8621 (or any successor form). A failure to file this report generally will
suspend the statute of limitations with respect to any tax return, event, or period to which such report relates (potentially including
with respect to items that do not relate to a U.S. holder's investment in common shares or ADSs).
The
PFIC rules are complex, and each U.S. holder should consult its own tax advisor regarding the PFIC rules, the elections which may be
available to it, and how the PFIC rules may affect the U.S. federal income tax consequences relating to the ownership and disposition
of common shares or ADSs.
Information
Reporting and Backup Withholding
Payments
of dividends or sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries may be
subject to information reporting and backup withholding, unless (i) the U.S. holder is a corporation or other exempt recipient, or (ii)
in the case of backup withholding, the U.S. holder provides a correct U.S. taxpayer identification number and certifies that it is not
subject to backup withholding.
Backup
withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding rules will be allowed as a credit against
a U.S. holder's U.S. federal income tax liability, if any, or will be refunded, if such U.S. holder furnishes required information
to the IRS in a timely manner. Each U.S. holder should consult its own tax advisor regarding the information reporting and backup withholding
rules in their particular circumstances and the availability of and procedures for obtaining an exemption from backup withholding.
101
Reporting
Obligations for Certain Owners of Foreign Financial Assets
Certain
U.S. holders may be required to file information returns with respect to their investment in common shares or ADSs. For example, U.S.
return disclosure obligations (and related penalties) are imposed on individuals who are U.S. holders that hold certain specified foreign
financial assets in excess of certain thresholds. The definition of "specified foreign financial assets" includes not only
financial accounts maintained in non-U.S. financial institutions, but also, unless held in accounts maintained by a financial institution,
any stock or security issued by a non-U.S. person, any financial instrument or contract held for investment that has an issuer or counterparty
other than a U.S. person, and any interest in a non-U.S. entity. U.S. holders may be subject to these reporting requirements unless their
common shares or ADSs are held in an account at certain financial institutions.
The
discussion of reporting obligations set forth above is not intended to constitute an exhaustive description of all reporting obligations
that may apply to a U.S. holder. A failure to satisfy certain reporting obligations may result in an extension of the period during which
the IRS can assess a tax, and under certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied
reporting obligation. Penalties for failure to comply with these reporting obligations are substantial. U.S. holders should consult with
their own tax advisors regarding their reporting obligations under these rules, including the requirement to file an IRS Form 8938.
U.S.
Holders should consult their tax advisors regarding any reporting obligations that may arise with respect to the acquisition, ownership
or disposition of our common shares or the ADSs. Failure to company with applicable reporting requirements could result in substantial
penalties.
The
foregoing discussion of certain U.S. federal income tax considerations is for general information only and is not intended to constitute
a complete analysis of all tax consequences relating to the acquisition, ownership and disposition of our common shares or the ADSs.
U.S. Holders should consult their own tax advisors concerning the tax consequences applicable to their particular situations.
F.
Dividends and Paying Agents
Not
applicable.
G.
Statement by Experts
Not
applicable.
H.
Documents on Display
We
have previously filed with the SEC our registration statement on Form F-1 (File No. 333-268420), as amended, and a prospectus under the
Securities Act with respect to our ordinary shares represented by our ADSs.
We
are subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers and under those requirements
will file reports with the SEC. Those reports may be inspected without charge on the websites described below. As a foreign private issuer,
we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors
and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange
Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently
or as promptly as United States companies whose securities are registered under the Exchange Act. Nevertheless, we will file with the
SEC an Annual Report on Form 20-F containing financial statements that have been examined and reported on, with an opinion expressed
by an independent registered public accounting firm.
We
maintain a corporate website at https://syla-tech.jp/. We intend to post our Annual Report on our website promptly following it being
filed with the SEC. Information contained on, or that can be accessed through, our website does not constitute a part of this Annual
Report. We have included our website address in this Annual Report solely as an inactive textual reference.
The
SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file
electronically with the SEC. Our filings with the SEC are available to the public without charge through the SEC's website at http://www.sec.gov.
102
With
respect to references made in this Annual Report to any contract or other document relating to the Company, such references are not necessarily
complete and you should refer to the exhibits attached or incorporated by reference to this Annual Report for copies of the actual contract
or document.
I.
Subsidiary Information
Not
applicable.
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market
Risk
Market
risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk
and commodity risk. Financial instruments affected by market risk include borrowings and other financial liabilities. The
sensitivity analyses in the following sections relate to our positions as of December 31, 2023.
The
sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the
debt and derivatives, and the proportion of financial instruments in foreign currencies are all constant, and on the basis of the hedge
designations in place as of December 31, 202. The analyses exclude the impact of movements in market variables on provisions. The analyses
also assume that the sensitivity of the relevant statement of profit or loss item is the effect of the assumed changes in respective
market risks. This is based on the financial assets and financial liabilities held on December 31, 2023, including the effect of hedge
accounting.
Interest
Rate Risk
Interest
rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. Our exposure to the risk of changes in market interest rates relates primarily to our long-term debt obligations with
floating interest rates. We manage our interest rate risk by having a balanced portfolio of fixed and variable rate borrowings.
Japanese
interest rates have been at historically low levels during the past two decades. We operate our business under the stimulus monetary
policy. We do not expect dramatic changes to such low interest rates in the near future. In addition, with respect to most of our borrowings,
our interest rates have been fixed to mitigate interest rate risk. Therefore, we believe that our present exposure to interest rate risk
is manageable, as is reflected in the sensitivity analysis below.
Our
borrowings of JPY23,243,757 thousand (US$164,943 thousand) as of December 31, 2023 consist of fixed interest rate loans of JPY7,003,273 thousand (US$49,697 thousand) and variable interest
rate loans of JPY16,240,484 thousand (US$115,246 thousand). An increase of interest rates by 100 basis points on our variable interest
rate loans would increase our interest expense by JPY149,199 thousand (US$1,059 thousand). If the increase were applied to all the fixed
interest rate loans, the total impact to our interest expense would be JPY58,941 thousand (US$418 thousand).
Foreign
Currency Exchange Risk
Our
foreign currency exposures give rise to market risk associated with exchange rate movements of the Japanese yen mainly against the U.S.
dollar, and vice versa, because most of our expenses are denominated in Japanese yen. Our Japanese yen expenses consist principally of
compensation, subcontractor expenses, and rent. We anticipate that a sizable portion of our expenses will continue to be denominated
in Japanese yen. Our financial position, results of operations and cash flow are subject to fluctuations due to changes in foreign currency
exchange rates. Our results of operations and cash flow are, therefore, subject to fluctuations due to changes in foreign currency exchange
rates and may be adversely affected in the future due to changes in foreign currency exchange rates.
To
date, we have not engaged in hedging our foreign currency exchange risk. In the future, we may enter into formal currency hedging transactions
to decrease the risk of financial exposure from fluctuations in the exchange rates of our principal operating currencies. These measures,
however, may not adequately protect us from the adverse effects of such fluctuations.
103
Credit
Risk
Credit
risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. We are exposed to credit risk from our operating activities (primarily trade receivables) and from our financing activities, including
deposits with banks and financial institutions, and other financial instruments.
Customer
credit risk is managed by each business unit subject to our established policies, procedures and controls relating to customer credit
risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard, and individual credit limits
are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored.
An
impairment analysis is performed at each reporting date for major accounts on an individual basis. The maximum exposure to credit risk
at the reporting date is the carrying value of each class of financial assets disclosed in Note 2 to our audited consolidated financial
statements as of and for the years ended December 31, 2023, 2022 and 2021 included elsewhere in this annual report. We do not hold collateral
as security. We believe that the concentration of risk with respect to trade receivables is minimal. This is because we believe that
nearly all of our receivable from consumers are collectable since cash receipts and performance obligation satisfaction occurred almost
simultaneously. In 2021, we constructed and sold two buildings to a single customer, Mitsui & Co. Digital Asset Management, which
accounted for 24.12% of our total revenues in 2021. In 2022, we constructed and sold seven buildings to a single customer, Mitsui &
Co. Digital Asset Management, which accounted for 34.59% of our total revenues in 2022. In 2023, we constructed and sold three buildings
to the private fund managed by BlackRock's Real Estate Division, which accounted for 26.27% of our total revenues in 2023.
Financial
instruments and cash deposits
We
manage credit risk with respect to balances with banks and financial institutions in accordance with our policies. Investments of surplus
funds are made only with approved counterparties and within credit limits assigned to each counterparty. The limits are set to minimize
the concentration of risks, and therefore mitigate financial loss through a counterparty's potential failure to make payments.
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt Securities
Not
applicable.
B.
Warrants and Rights
Not
applicable.
C.
Other Securities
Not
applicable.
D.
American Depositary Shares
The
Bank of New York Mellon, as depositary, will register and deliver American Depositary Shares, also referred to as ADSs. 100 ADSs will
represent one common share (or a right to receive one common share) deposited with MUFG Bank Ltd., as custodian for the depositary in
Japan. Each ADS will also represent any other securities, cash or other property that may be held by the depositary. The deposited shares
together with any other securities, cash or other property held by the depositary are referred to as the deposited securities. The depositary's
office at which the ADSs will be administered and its principal executive office are located at 240 Greenwich Street, New York, New York
10286.
104
You
may hold ADSs either (A) directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing
a specific number of ADSs, registered in your name, or (ii) by having uncertificated ADSs registered in your name, or (B) indirectly
by holding a security entitlement in ADSs through your broker or other financial institution that is a direct or indirect participant
in The Depository Trust Company, also called DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an
ADS holder. This description assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your
broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker
or financial institution to find out what those procedures are.
Registered
holders of uncertificated ADSs will receive statements from the depositary confirming their holdings.
As
an ADS holder, we will not treat you as one of our shareholders and you will not have shareholder rights. Japanese law governs shareholder
rights. The depositary will be the holder of our common shares underlying your ADSs. As a registered holder of ADSs, you will have ADS
holder rights. A deposit agreement among us, the depositary, ADS holders and all other persons indirectly holding or beneficially owning
ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and
the ADSs.
The
form of deposit agreement for the ADSs and the form of ADRs that represents an ADS have been incorporated by reference as exhibits to
this annual report.
Fees
and Expenses
Persons
    depositing or withdrawing common shares or ADS holders must pay:
For:
$5.00
    (or less) per 100 ADSs (or portion of 100 ADSs)
Issuance
                                            of ADSs, including issuances resulting from a distribution of shares or rights or other property
Cancellation
    of ADSs for the purpose of withdrawal, including if the deposit agreement terminates
$.05
    (or less) per ADS
Any
    cash distribution to ADS holders
A
    fee equivalent to the fee that would be payable if securities distributed to you had been common shares and the common shares had
    been deposited for issuance of ADSs
Distribution
    of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders
$.05
    (or less) per ADS per calendar year
Depositary
    services
Registration
    or transfer fees
Transfer
    and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw
    shares
Expenses
    of the depositary
Cable
                                            (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement)
Converting
    foreign currency to U.S. dollars
Taxes
    and other governmental charges the depositary or the custodian has to pay on any ADSs or common shares underlying ADSs, such as stock
    transfer taxes, stamp duty or withholding taxes
As
    necessary
Any
    charges incurred by the depositary or its agents for servicing the deposited securities
As
    necessary
105
The
depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry
system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.
From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency
dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.
The
depositary may convert currency itself or through any of its affiliates, or the custodian or we may convert currency and pay U.S. dollars
to the depositary. Where the depositary converts currency itself or through any of its affiliates, the depositary acts as principal for
its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation,
transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the
exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate
receives when buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used
or obtained by it or its affiliate in any currency conversion under the deposit agreement will be the most favorable rate that could
be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to
the depositary's obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency
conversions made by the depositary is available upon request. Where the custodian converts currency, the custodian has no obligation
to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined
will be the most favorable to ADS holders, and the depositary makes no representation that the rate is the most favorable rate and will
not be liable for any direct or indirect losses associated with the rate. In certain instances, the depositary may receive dividends
or other distributions from the us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from
foreign currency at a rate that was obtained or determined by us and, in such cases, the depositary will not engage in, or be responsible
for, any foreign currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the
most favorable rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.
Payment
of Taxes
You
will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited securities represented by any
of your ADSs. The depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented
by your ADSs until those taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented
by your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will,
if appropriate, reduce the number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property,
remaining after it has paid the taxes.
PART
II
ITEM
13. DEFAULTS, DIVIDENDS ARREARAGES AND DELINQUENCIES
None.
106
ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Material
Modifications to the Rights of Security Holders
None.
ITEM
15. CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
Our
management, with the participation of our chief executive officer and chief financial officer has performed an evaluation of the effectiveness
of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by
this report, as required by Rule 13a-15(b) under the Exchange Act.
Based
upon that evaluation, our management has concluded that, as of December 31, 2023, our disclosure controls and procedures were not effective
in certain respects, primarily due to the material weakness in our internal controls, as discussed below, to ensure that the information
required to be disclosed by us in the reports that we file and furnish under the Exchange Act was recorded, processed, summarized and
reported, within the time periods specified in the SEC's rules and forms, and that the information required to be disclosed by
us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our chief
executive officer and chief financial officer, to allow timely decisions regarding required disclosure.
Management's
Annual Report on Internal Control over Financial Reporting and Attestation Report of the Registered Public Accounting Firm
This
annual report does not include a report of management's assessment regarding internal control over financial reporting or an attestation
report of the Company's independent registered public accounting firm due to a transition period established by rules of the SEC
for newly public companies.
Internal
Control over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f)
under the Exchange Act. Our management evaluated the effectiveness of our internal control over financial reporting, as required by Rule
13a-15(c) of the Exchange Act, as of December 31, 2023, based on criteria established in the Internal Control-Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on this evaluation, our management has
concluded that our internal control over financial reporting was not effective as of December 31, 2023 due to the existence of material
weaknesses, as described below.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections
of any evaluation of effectiveness of our internal control over financial reporting to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.
107
A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of the company's financial statements will not be prevented or detected on
a timely basis. Our material weaknesses are that (1) we did not have sufficient financial reporting and accounting personnel to formalize,
design, implement and operate key controls over financial reporting process in order to report financial information in accordance with
U.S. GAAP and SEC reporting requirements; and (2) lack of control procedures implemented to ensure the Company's related party transactions are approved in accordance with the established policy.
Notwithstanding
the identified material weaknesses, management, including our chief executive officer and chief financial officer, believes the consolidated
financial statements included in this annual report on Form 20-F present fairly, in all material respects, our financial condition, results
of operations and cash flows in conformity with U.S. GAAP.
Changes
in Internal Control over Financial Reporting
We
are currently in the process of remediating the material weaknesses described above. In 2024, we will continue to implement additional
measures to remediate the existing material weakness as discussed above. However, we cannot assure you that we will remediate our material
weakness in a timely manner. Other than as described above, there were no changes in our internal controls over financial reporting that
occurred during the period covered by this annual report on Form 20-F that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT
Under
the Companies Act, we have elected to structure our corporate governance system as a company with a separate board of corporate auditors
and therefore do not have an audit committee. The function of our board of corporate auditors and each corporate auditor is similar to
that of independent directors, including those who are members of the audit committee of a U.S. public company. Our board of corporate
auditors is comprised of three corporate auditors, each member of which will meet the requirements of Rule 10A-3 under the Exchange Act.
ITEM
16B. CODE OF ETHICS
Our
board of directors has adopted a written code of ethics and business conduct that applies to our directors, corporate auditors, officers,
and employees (including our principal executive officer, principal financial officer, principal accounting officer or controller, and
other persons performing similar functions), and our agents. Our Code of Ethics and Business Conduct is attached to this annual report
as Exhibit 11.1 and is also available on our website at https://syla-tech.jp/en/business_conduct. The information contained in, or that
can be accessed through the foregoing website is not incorporated by reference into, and is not a part of, this Annual Report on Form
20-F. We have included this website address solely for informational purposes.
ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
MaloneBailey,
LLP (which we refer to as "MaloneBailey") has served as our independent registered public accounting firm for the years ended
December 31 2023 and 2022. The following table sets out the aggregate fees for professional audit services and other services rendered
by MaloneBailey for each of the years ended December 31, 2023 and 2022. The engagement of the auditor was approved by the Board of the
Company's Corporate Auditors with consideration of the auditor's independence, capabilities, understanding of our business
and Japanese commercial customs, and audit and other audit-related service fees.
108
Year ended December 31
(in thousands)
2023
2022
Audit Fees (1)
¥
105,059
¥
104,743
Audit-Related Fees (2)
38,825
-
Tax Fees (3)
-
-
All Other Fees (4)
-
-
Total
¥
143,884
¥
104,743
(1)
Audit
    Fees of MaloneBailey for 2023 and 2022 were for professional services associated with the annual audit of our audited consolidated
    financial statements and the reviews of our interim condensed consolidated financial statements.
(2)
Audit-Related
    Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review
    of our consolidated financial statements and are not reported under "Audit Fees.
(3)
Tax
    Fees consist of fees for tax compliance, tax advice and tax planning. No such services were incurred in 2023 or 2022.
(4)
All
    Other Fees include any fees billed that are not audit, audit-related or tax fees. No such services were incurred in 2023 or 2022.
ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Under
the Companies Act, we have elected to structure our corporate governance system as a company with a separate board of corporate auditors
and therefore do not have an audit committee. For foreign private issuers, use of a board of corporate auditors in compliance with home
country rules is permitted under Rule 10A-3(c)(3) of the Exchange Act. Our reliance on Rule 10A-3(c)(3) does not, in our opinion, materially
adversely affect the ability of our board of corporate auditors to act independently and to satisfy the other requirements of Rule 10A-3.
ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not
applicable.
ITEM
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not
applicable.
ITEM
16G. CORPORATE GOVERNANCE
We
are a "foreign private issuer" as defined under the federal securities laws of the United States and the NASDAQ listing standards.
Under the federal securities laws of the United States, foreign private issuers are subject to different disclosure requirements than
U.S.-domiciled public companies. We intend to take all actions necessary for us to maintain our status as a foreign private issuer under
the applicable corporate governance requirements of the Sarbanes-Oxley Act, the Exchange Act and other applicable rules adopted by the
SEC, and the NASDAQ listing standards. Under the SEC rules and the NASDAQ listing standards, a foreign private issuer is subject to less
stringent corporate governance requirements. Subject to certain exceptions, the SEC and the NASDAQ permit a foreign private issuer to
follow its home country practice in lieu of their respective rules and listing standards. In general, our articles of incorporation and
the Companies Act govern our corporate affairs.
109
In
particular, as a foreign private issuer, we will follow Japanese law and corporate practice in lieu of the corporate governance provisions
set out under NASDAQ Rule 5600, the requirement in NASDAQ Rule 5250(b)(3) to disclose third party director and nominee compensation,
and the requirement in NASDAQ Rule 5250(d) to distribute annual and interim reports. Of particular note, the following rules under NASDAQ
Rule 5600 differ from Japanese law requirements:
●
NASDAQ
    Rule 5605(b)(1) requires that at least a majority of a listed company's board of directors be independent directors, and NASDAQ
    Rule 5605(b)(2) requires that independent directors regularly meet in executive session, where only independent directors are present.
    Under our current corporate structure, the Companies Act does not require independent directors. However, our board of directors
    is currently comprised of five directors, two of which are considered "independent", as determined in accordance with
    the applicable NASDAQ rules. We expect our independent directors to regularly meet in executive sessions, where only the independent
    directors are present.
●
NASDAQ
    Rule 5605(c)(2)(A) requires a listed company to have an audit committee composed entirely of not less than three directors, each
    of whom must be independent. Under Japanese law, a company may have a statutory auditor or a board of auditors. We have a three-member
    Board of Corporate Auditors, each member of which will meet the requirements of Rule 10A-3 under the Exchange Act. See "-Board
    of Corporate Auditors" below for additional information.
●
NASDAQ
    Rule 5605(d) requires, among other things, that a listed company's compensation committee be comprised of at least two members,
    each of whom is an independent director as defined under such rule. Our board of directors will collectively participate in the discussions
    and determination of compensation for our executive, directors and corporate auditors, and other compensation related matters.
●
NASDAQ
    Rule 5605(e) requires that a listed company's nomination and corporate governance committee be comprised solely of independent
    directors. Our board of directors will not have a standalone nomination and corporate governance committee. Our board of directors
    will collectively participate in the nomination process of potential directors and corporate auditors and oversee our corporate governance
    practices.
●
NASDAQ
    Rule 5620(c) sets out a quorum requirement of 331∕3% applicable to meetings of shareholders. In accordance with Japanese law
    and generally accepted business practices, our articles of incorporation provide that there is no quorum requirement for a general
    resolution of our shareholders. However, under the Companies Act and our articles of incorporation a quorum of not less than one-third
    of the total number of voting rights is required in connection with the election of directors, statutory auditors and certain other
    matters.
Board
of Directors
Our
board of directors has the ultimate responsibility for the administration of our affairs. Our board of directors meets no less than once
every three months. Under the Companies Act and our articles of incorporation, our Company shall have no more than ten, directors on
our board of directors. Our board of directors is currently comprised of nine directors. Directors are typically nominated at the board
level and are elected at general meetings of the shareholders. The term of office of any director expires at the close of the ordinary
general meeting of shareholders held with respect to the last fiscal year ended within one year after such director's election
to office. Our directors may, however, serve any number of consecutive terms.
Our
board of directors appoints from among its members one or more representative directors, who serve as head administrator(s) over our
Company's affairs and represent our Company in accordance with the resolutions of our board of directors. Our board of directors
may appoint from among its members a chairman, a president or one or more deputy presidents, senior managing directors, or managing directors.
Under
our Company's current corporate structure, the Companies Act does not require our board of directors to have any independent directors.
Our board of directors is currently comprised of nine directors, four of whom (Hiroyuki Sugimoto, Yoshiyuki Yuto, Takahide Watanabe and
Takeshi Fuchiwaki) are considered non-independent directors and five of which (Tomoyoshi Uranishi, Ferdinand Groenewald, Keiji Torii,
Yozo Tachibana and Stuart Gibson), are considered "independent", as determined in accordance with the Nasdaq rules, and also
satisfy the requirements for an outside (or independent) director under the Companies Act.
110
Board
of Corporate Auditors
As
permitted under the Companies Act, we have elected to structure our corporate governance system as a company with a separate board of
corporate auditors instead of an audit committee of our board of directors. Our articles of incorporation provide for not more than five
corporate auditors. Corporate auditors are typically nominated at the board level and are elected at general meetings of shareholders
by a majority of shareholders entitled to vote, where a quorum is established by shareholders holding one-third or more of the voting
rights of those who are entitled to vote are present at the shareholders' meeting. The normal term of office of any corporate auditor
expires at the close of the annual general meeting of shareholders held with respect to the last fiscal year ended within four years
after such corporate auditor's election to office. Our corporate auditors may, however, serve any number of consecutive terms.
Corporate auditors may be removed by a special resolution of a general meeting of shareholders.
Our
corporate auditors are not required to be certified public accountants. Our corporate auditors may not concurrently serve as directors,
employees or accounting advisors (
kaikei sanyo
) of our Company or any of our subsidiaries or serve as corporate officers of our
subsidiaries. Under the Companies Act, at least one-half of the corporate auditors of a company must be persons who satisfy the requirements
for an outside corporate auditor under the Companies Act, and at least one of the corporate auditors must be a full-time corporate auditor.
The
function of our board of corporate auditors and each corporate auditor is similar to that of independent directors, including those who
are members of the audit committee of a U.S. public company. Each corporate auditor has a statutory duty to supervise the administration
by the directors of our affairs, to examine our financial statements and business reports to be submitted by a representative director
at the general meetings of shareholders, and to prepare an audit report. Our corporate auditors are obligated to participate in meetings
of our board of directors and, if necessary, to express their opinion at such meetings, but are not entitled to vote. Our corporate auditors
must inspect the proposals, documents and any other materials to be submitted by our board of directors to the shareholders at the shareholders'
meeting. If a corporate auditor finds a violation of statutory regulations or our articles of incorporation, or another significant improper
matter, such auditor must report those findings to the shareholders at the shareholders' meeting.
Furthermore,
if a corporate auditor believes that a director has engaged in, or is likely to engage in, misconduct or acts that are significantly
improper, or that there has been a violation of statutory regulations or our articles of incorporation, the corporate auditor: (i) must
report that fact to our board of directors; (ii) can demand that a director convene a meeting of our board of directors; and (iii) if
no such meeting is convened in response to the demand, can convene the meeting under the corporate auditor's own authority. If
a director engages in, or is likely to engage in, an activity outside the scope of the objectives of our Company or otherwise in violation
of laws or regulations or our articles of incorporation, and such act is likely to cause significant damage to our Company, then a corporate
auditor can demand that the director cease such activity.
Our
board of corporate auditors has a statutory duty to prepare an audit report based on the audit reports issued by the individual corporate
auditors and, in the case of audit reports related to financial statements, the independent auditors of our Company each year, and submit
such audit reports to a relevant director. A corporate auditor may note an opinion in an audit report issued by our board of corporate
auditors, if the opinion expressed in such corporate auditor's individual audit report is different from the opinion expressed
in the audit report issued by our board of corporate auditors. Our board of corporate auditors is empowered to establish the audit principles,
the method of examination by our corporate auditors of our affairs and financial position, and any other matters relating to the performance
of our corporate auditors' duties.
Additionally,
our corporate auditors must represent our Company in: (i) any litigation between our Company and a director; (ii) dealing with shareholders'
demands seeking a director's liability to our Company; and (iii) dealing with notices of litigation and settlement in a derivative
suit seeking a director's liability to our Company. A corporate auditor can file court actions relating to our Company within the
authority of our corporate auditors, such as an action to nullify the incorporation of our Company, the issuance of shares, or a merger,
or to cancel a resolution at a shareholders' meeting.
Differences
in Corporate Governance from Nasdaq Capital Market Listing Rules
Companies
listed on the Nasdaq Capital Market must comply with certain standards regarding corporate governance under Rule 5605 of the Nasdaq Listing
Rules. However, listed companies that are foreign private issuers, such as we will be, are permitted to follow home country practice
in lieu of certain provisions of Rule 5605 of the Nasdaq Listing Rules. There are certain significant differences between the corporate
governance practices followed by U.S. listed companies under Rule 5605 of the Nasdaq Listing Rules and those followed by SYLA Technologies.
See Item 6.C., "Board Practices," including the table showing such significant differences, which table is incorporated herein
by reference.
111
ITEM
16H. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
ITEM
16J. INSIDER TRADING POLICIES
We
have adopted an Insider Trading Policy governing the purchase, sale, and other dispositions of our securities by directors, management,
and employees that is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations and listing
standards.
ITEM
16K. CYBERSECURITY
We
have implemented cybersecurity risk management measures intended to protect the confidentiality, integrity, and availability of our critical
systems and information, primarily by the Information System Unit. We have not identified risks from known cybersecurity threats, including
as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including
our operations, business strategy, results of operations, or financial condition.
Cybersecurity
Governance
We
consider cybersecurity risk through our Risk Compliance Committee as part of its risk oversight function. In addition, our management
updates our board of directors, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact
potential.
Our
management team is responsible for assessing and managing our material risks from cybersecurity threats. The Information System Unit
has primary responsibility for our overall cybersecurity risk management program. Our management team supervises efforts to prevent,
detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security
personnel, threat intelligence and other information obtained from governmental, public or private sources, and alerts and reports produced
by security tools deployed in the IT environment.
PART
III.
ITEM
17. FINANCIAL STATEMENTS
See
Item 18 of this annual report.
ITEM
18. FINANCIAL STATEMENTS
The
financial statements required by this item are found at the end of this annual report, beginning on page F-1.
112
SYLA
Technologies Co., Ltd.
INDEX
TO FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm
(PCAOB ID
206
)
F-2
Consolidated Balance Sheets as of December 31, 2023 and 2022
F-3
Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2023, 2022 and 2021
F-4
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2022 and 2021
F-5
Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021
F-6
Notes to Consolidated Financial Statements
F-7
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and Board of Directors of
SYLA
Technologies Co., Ltd.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of SYLA Technologies Co., Ltd. and its subsidiaries (the "Company")
as of December 31, 2023 and 2022, and the related consolidated statements of operations and comprehensive income, changes in equity,
and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as
the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
/s/
MaloneBailey, LLP
www.malonebailey.com
We
have served as the Company's auditor since 2022.
Tokyo,
Japan
May
15, 2024
F-
2
SYLA
TECHNOLOGIES CO., LTD.
CONSOLIDATED
BALANCE SHEETS
(Amounts
in thousands of Japanese Yen ("JPY"), except for share data)
As
    of December 31,
2023
2022
ASSETS
Current
    assets
Cash
    and cash equivalents
4,017,311
2,542,795
Restricted
    cash
569,469
168,630
Term
    deposits
233,505
160,089
Short-term
    investments
89,482
-
Accounts
    receivable, net
162,690
67,776
Inventories
16,849,935
10,517,193
Prepaid
    expenses, net
357,104
647,534
Other
    current assets, net
304,271
185,350
Current
    assets of discontinued operations
-
10,600
Total
    current assets
22,583,767
14,299,967
Non-current
    assets
Restricted
    cash, non-current
25,180
76,578
Long-term
    deposits
9,300
30,511
Long-term
    investments, net
490,437
413,805
Property,
    plant and equipment, net
11,889,701
10,231,057
Solar
    power systems, net
476,778
361,422
Intangible
    assets, net
133,226
194,361
Goodwill
730,776
727,701
Operating
    lease right-of-use assets
2,409,255
2,597,500
Finance
    lease right-of-use assets
11,980
11,396
Other
    assets, net
1,324,027
848,676
Total
    non-current assets
17,500,660
15,493,007
TOTAL
    ASSETS
40,084,427
29,792,974
LIABILITIES
    AND EQUITY
Current
    liabilities
Accounts
    payable
559,420
419,058
Accrued
    liabilities
277,425
159,533
Short-term
    loans
1,692,599
697,179
Current
    portion of long-term loans
7,243,022
1,030,850
Current
    portion of long-term bonds
107,601
126,525
Deferred
    revenue
165,262
228,426
Income
    tax payables
466,872
431,418
Operating
    lease liabilities, current
433,725
427,856
Finance
    lease liabilities, current
4,158
4,821
Other
    current liabilities
1,047,016
1,603,498
Current
    liabilities of discontinued operations
-
3,308
Total
    current liabilities
11,997,100
5,132,472
Non-current
    liabilities
Long-term
    loans
14,308,136
15,257,106
Long-term
    bonds
97,549
205,769
Operating
    lease liabilities, non-current
1,958,689
2,175,786
Finance
    lease liabilities, non-current
8,040
6,795
Other
    liabilities
534,228
448,356
Total
    non-current liabilities
16,906,642
18,093,812
TOTAL
    LIABILITIES
28,903,742
23,226,284
EQUITY
Capital
    stock (
900,000
shares authorized,
260,891
and
239,489
shares issued and outstanding as of December 31, 2023 and 2022, respectively,
    with
no
stated value)
100,000
161,580
Capital
    surplus
4,988,126
2,987,795
Treasury
    stock, at cost (
142
and
nil
shares as of December 31, 2023 and 2022, respectively)
(
13,631
)
-
Retained
    earnings
3,413,644
2,767,001
Total
    SYLA Technologies Co., Ltd.'s equity
8,488,139
5,916,376
Noncontrolling
    interests
2,692,546
650,314
TOTAL
    EQUITY
11,180,685
6,566,690
TOTAL
    LIABILITIES AND EQUITY
40,084,427
29,792,974
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
SYLA
TECHNOLOGIES CO., LTD.
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Amounts
in thousands of JPY, except for share and per share data)
For
    the Years Ended December 31,
2023
2022
2021
Revenues,
    net
22,743,410
22,055,785
16,665,382
Cost of revenues
(
17,205,966
)
(
18,451,969
)
(
13,516,293
)
Gross profit
5,537,444
3,603,816
3,149,089
Operating
    expenses
Selling,
    general and administrative expenses
(
4,096,346
)
(
2,825,104
)
(
2,466,731
)
Total operating
    expenses
(
4,096,346
)
(
2,825,104
)
(
2,466,731
)
Income
    from continuing operations
1,441,098
778,712
682,358
Other income
    (expenses)
Other
    income
146,787
201,954
43,951
Income
    (loss) from equity method investments
(
1,689
)
(
748
)
109
Other
    expenses
(
570,856
)
(
323,977
)
(
226,346
)
Total
    other expenses
(
425,758
)
(
122,771
)
(
182,286
)
Income
    from continuing operations before income taxes
1,015,340
655,941
500,072
Income
    tax expense
(
265,979
)
(
345,180
)
(
221,384
)
Net income
    from continuing operations
749,361
310,761
278,688
Income
    (loss) from discontinued operations, net of income taxes
(
6,742
)
78,628
-
Net income
742,619
389,389
278,688
Net income
    from continuing operations attributable to noncontrolling interests
61,187
4,329
1,199
Net
    loss from discontinued operations attributable to noncontrolling interests
-
(
9,895
)
-
Less:
    net income (loss) attributable to noncontrolling interests
61,187
(
5,566
)
1,199
Net
    income attributable to SYLA Technologies Co., Ltd.
681,432
394,955
277,489
Net income
    from continuing operations per share
-
    Basic
2,698.42
1,280.25
1,201.09
-
    Diluted
2,263.36
1,081.45
1,022.40
Income
    (loss) from discontinued operations per share
-
    Basic
(
26.44
)
369.84
-
-
    Diluted
(
22.17
)
312.41
-
Net income
    attributable to SYLA Technologies Co., Ltd. per share
- Basic
2,671.99
1,650.09
1,201.09
-
    Diluted
2,241.19
1,393.86
1,022.40
Weighted
    average shares used in calculating basic and diluted net income per share
-
    Basic
255,028
239,353
231,031
-
    Diluted
304,049
283,354
271,409
Comprehensive
    income
Net income
742,619
389,389
278,688
Other comprehensive income,
    net of tax
Reclassification
    of unrealized loss on available-for-sale debt securities to net income when realized, net of tax effect of
nil
,
nil
, and
175
for
    the years ended December 31, 2023, 2022 and 2021, respectively
-
-
396
Other
    comprehensive income, net of tax
-
-
396
Comprehensive
    income
742,619
389,389
279,084
Comprehensive
    income (loss) attributable to noncontrolling interests
61,187
(
5,566
)
1,199
Comprehensive
    income attributable to SYLA Technologies Co., Ltd.
681,432
394,955
277,885
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
SYLA
TECHNOLOGIES CO., LTD.
CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY
FOR
THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021
(Amounts
in thousands of JPY)
Capital Stock
Capital Surplus
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Total Equity
Balance as of December 31, 2020
457,636
1,889,383
-
2,111,011
(
396
)
-
4,457,634
Issuance of capital stock
55,000
45,926
-
-
-
-
100,926
Deemed contribution in connection with reorganization
-
146,298
-
-
-
-
146,298
Net income
-
-
-
277,489
-
1,199
278,688
Reclassification of unrealized loss on available-for-sale debt securities to net income when realized, net of tax effect of
175
-
-
-
-
396
-
396
Stock based compensation
-
11,564
-
-
-
-
11,564
Reclassification between capital stock and capital surplus
(
357,636
)
357,636
-
-
-
-
-
Capital stock issued for acquisition of subsidiary
-
259,001
-
-
-
-
259,001
Noncontrolling interests arising from acquisition of subsidiary
-
-
-
-
-
199,829
199,829
Capital contribution from anonymous partnerships
-
-
-
-
-
132,560
132,560
Declaration of dividend
-
-
-
(
4,560
)
-
-
(
4,560
)
Balance as of December 31, 2021
155,000
2,709,808
-
2,383,940
-
333,588
5,582,336
Deemed contribution in connection with reorganization
-
264,827
-
-
-
-
264,827
Net income (loss)
-
-
-
394,955
-
(
5,566
)
389,389
Stock based compensation
-
6,580
-
-
-
-
6,580
Exercise of stock options
6,580
6,580
-
-
-
-
13,160
Noncontrolling interests arising from acquisition of subsidiary
-
-
-
-
-
2,003
2,003
Capital contribution from anonymous partnerships
-
-
-
-
-
403,480
403,480
Distribution to anonymous partnerships
-
-
-
-
-
(
79,851
)
(
79,851
)
Capital return to anonymous partnerships
-
-
-
-
-
(
3,340
)
(
3,340
)
Declaration of dividend
-
-
-
(
11,894
)
-
-
(
11,894
)
Balance as of December 31, 2022
161,580
2,987,795
-
2,767,001
-
650,314
6,566,690
Share issuance upon initial public offering, net of issuance costs
900,817
819,214
-
-
-
-
1,720,031
Net income
-
-
-
681,432
-
61,187
742,619
Stock based compensation
34,391
167,523
-
-
-
-
201,914
Exercise of stock options
6,001
6,001
-
-
-
-
12,002
Purchase of noncontrolling interests
-
4,804
-
-
-
(
20,804
)
(
16,000
)
Repurchase of common shares
-
-
(
13,631
)
-
-
-
(
13,631
)
Reclassification between capital stock and capital surplus
(
1,002,789
)
1,002,789
-
-
-
-
-
Capital contribution from anonymous partnerships
-
-
-
-
-
2,732,130
2,732,130
Distribution to anonymous partnerships
-
-
-
-
-
(
32,493
)
(
32,493
)
Capital return to anonymous partnerships
-
-
-
-
-
(
666,900
)
(
666,900
)
Capital return and distribution payable to anonymous partnership
-
-
-
-
-
(
30,888
)
(
30,888
)
Declaration of dividend
-
-
-
(
34,789
)
-
-
(
34,789
)
Balance as of December 31, 2023
100,000
4,988,126
(
13,631
)
3,413,644
-
2,692,546
11,180,685
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
SYLA
TECHNOLOGIES CO., LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amounts
in thousands of JPY)
For the Years Ended December 31,
2023
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
742,619
389,389
278,688
Income from discontinued operations, net of income taxes
(
6,742
)
78,628
-
Net income from continuing operations
749,361
310,761
278,688
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization expense
300,864
307,456
151,638
Impairment loss on long-term investments
-
22,847
-
Impairment loss on property, plant and equipment
11,617
-
-
Asset retirement obligations accretion expense
75
332
-
Fair value change of short-term investments
3,501
(
15,825
)
(
1,063
)
Fair value change of long-term investments
(
30,734
)
9,686
(
9,874
)
Loss (income) from equity method investments
1,689
748
(
109
)
Allowance for credit losses
48,308
18,137
5,791
Loss on disposal of property, plant and equipment
1,871
9,428
9,425
Gain on disposal of solar power systems
-
(
13,098
)
-
Revenue from sales of inventories transferred from property, plant and
equipment and solar power systems
(
525,432
)
-
-
Non-cash lease expense
424,838
463,926
470,358
Loss on modification of  operating lease contracts
651
29
97
Gain on sale-leaseback transactions
(
24,988
)
-
-
Gain on termination of  finance lease contract
(
28
)
-
-
Amortization of debt issuance costs
2,855
3,975
3,561
Deferred income tax benefit
(
373,969
)
(
102,909
)
(
11,410
)
Stock based compensation
201,914
6,580
11,564
Changes in operating assets and liabilities:
Term deposits
(
779
)
138
(
970
)
Accounts receivable, net
(
75,487
)
24,877
28
Inventories
(
6,465,203
)
(
4,861,251
)
(
270,399
)
Prepaid expenses, net
232,617
2,767
84,397
Other current assets, net
(
119,284
)
(
116,222
)
(
25,744
)
Other assets, net
(
49,690
)
(
235,249
)
(
111,327
)
Accounts payable
137,437
252,754
79,910
Accrued liabilities
117,892
100,695
12,961
Other current liabilities
(
575,304
)
545,401
(
136,279
)
Income tax payables
35,454
293,787
(
89,679
)
Deferred revenue
(
63,164
)
88,635
61,190
Operating lease liabilities
(
423,483
)
(
462,569
)
(
471,005
)
Other liabilities
117,903
(
57,548
)
(
16,651
)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES - CONTINUING OPERATIONS
(
6,338,698
)
(
3,401,712
)
25,098
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(
3,447,047
)
(
2,059,724
)
(
1,827,833
)
Proceeds from disposal of property, plant and equipment
51,658
28,593
34,979
Purchase of solar power systems
(
309,494
)
(
113,140
)
-
Proceeds from disposal of solar power systems
-
18,343
-
Proceeds from sales of inventories reclassified from property, plant and
equipment and solar power systems
2,325,454
-
-
Advances to related parties
(
500
)
(
1,317
)
(
8,156
)
Repayments from related parties
500
813
28,277
Proceeds from redemption of life insurance policies
5,404
141,754
-
Purchase of term deposits
(
266,564
)
(
82,600
)
(
27,874
)
Proceeds from maturity of term deposits
215,136
106,043
-
Purchase of short-term investments
(
14,994
)
(
47,576
)
(
92,094
)
Proceeds from sales of short-term investments
66,669
93,259
169,754
Purchase of long-term investments
(
178,755
)
(
39,481
)
(
21,418
)
Proceeds from sales of long-term investments
33,980
11,776
19,799
Purchase of investments in voluntary partnerships
(
54,800
)
(
153,320
)
(
28,720
)
Return of investments in voluntary partnerships
-
10,110
-
Distribution received from voluntary partnerships
7,330
-
-
Cash paid for business combination, net of cash acquired
(
5,800
)
(
553,284
)
(
175,080
)
Proceeds from acquisition of subsidiary, net of cash paid
-
4,000
-
Payments for acquisition of subsidiary's equity interests from noncontrolling
shareholders
(
16,000
)
-
-
Down payment made for business combination
(
89,886
)
-
-
NET CASH USED IN INVESTING ACTIVITIES - CONTINUING OPERATIONS
(
1,677,709
)
(
2,635,751
)
(
1,928,366
)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of corporate bonds
-
-
250,000
Repayments for corporate bonds
(
130,000
)
(
160,000
)
(
120,000
)
Payments for bond issuance costs
-
-
(
7,280
)
Borrowings from short-term and long-term loans
15,160,700
13,545,020
7,554,250
Repayments for short-term and long-term loans
(
8,902,079
)
(
8,230,964
)
(
6,313,702
)
Capital contribution from anonymous partnerships
2,732,130
403,480
132,560
Proceeds from exercise of stock options
12,002
13,160
-
Repurchase of common shares
(
13,631
)
-
-
Issuance of capital stock
-
-
100,926
Deemed contribution in connection with reorganization
-
264,827
146,298
Distribution to anonymous partnerships
(
32,493
)
(
79,851
)
-
Capital return to anonymous partnerships
(
666,900
)
(
3,340
)
-
Dividend paid
(
34,789
)
(
11,894
)
(
4,560
)
Repayments for finance lease liabilities
(
5,157
)
(
4,160
)
(
2,303
)
Proceeds from initial public offering, net of issuance costs
1,720,031
-
-
NET CASH PROVIDED BY FINANCING ACTIVITIES - CONTINUING OPERATIONS
9,839,814
5,736,278
1,736,189
CASH FLOWS FROM DISCONTINUED OPERATIONS
Net cash provided by operating activities – discontinued operations
550
243,471
-
Net cash provided by investing activities – discontinued operations
-
-
-
Net cash provided by financing activities – discontinued operations
-
-
-
NET CASH PROVIDED BY DISCONTINUED OPERATIONS
550
243,471
-
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
1,823,957
(
57,714
)
(
167,079
)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AS OF THE BEGINNING OF THE YEAR
2,788,003
2,845,717
3,012,796
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AS OF THE END OF THE YEAR
4,611,960
2,788,003
2,845,717
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest expense
414,897
255,415
187,133
Cash paid for income taxes
685,697
266,851
364,058
NON-CASH INVESTING AND FINANCING ACTIVITIES
Liabilities assumed in connection with purchase of property, plant and equipment
7,085
1,958
52,030
Operating lease right-of-use assets obtained in exchange for operating lease liabilities
357,020
508,790
602,560
Remeasurement of operating lease liabilities and right-of-use assets due to lease modification
3,035
92,739
37,142
Finance lease right-of-use assets obtained in exchange for finance lease liabilities
6,720
8,373
2,682
Capital stock issued for acquisition of subsidiary
-
-
259,001
Capital return and distribution payable to anonymous partnership
30,888
-
-
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents
4,017,311
2,542,795
2,742,424
Restricted cash, current
569,469
168,630
27,198
Restricted cash, non-current
25,180
76,578
76,095
Total cash, cash equivalents and restricted cash
4,611,960
2,788,003
2,845,717
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
SYLA
TECHNOLOGIES CO., LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts
in thousands of Japanese Yen ("JPY"), except for share and per share data)
NOTE
1 -
ORGANIZATION AND DESCRIPTION OF BUSINESS
SYLA
Technologies Co., Ltd. ("SYLA Tech"), previously known as SYLA Holdings Co., Ltd., was incorporated in Japan on March 3,
2009.
SYLA
Co., Ltd. ("SYLA Co") was incorporated in Japan on September 1, 2006. SYLA Co invests in certain real estate joint ventures
which are variable interest entities of SYLA Co.
SYLA
Brain Co., Ltd. ("SYLA Brain"), previously known as Devel Co., Ltd., was incorporated in Japan on November 15, 2019. On December
31, 2021, SYLA Tech completed an acquisition of
67
% equity interest of SYLA Brain.
On February 28, 2022, SYLA Tech completed an acquisition of
100
%
equity interest of SYLA Solar Co., Ltd. ("SYLA
Solar"), a company incorporated in Japan on August 1, 2013 and previously known as Nihon Taiyoko Hatsuden Co., Ltd., and its wholly
owned subsidiaries, SYLA Power Co., Ltd. ("SYLA Power") and SYLA O&M Co., Ltd. ("SYLA O&M"). SYLA Power
was incorporated in Japan on March 2, 2015 and was previously known as Aichi Electric Power Co., Ltd. SYLA O&M was incorporated in
Japan on August 3, 2020 and was previously known as ALMA Co., Ltd. SYLA Solar is a surviving entity of a statutory reorganization authorized
on March 31, 2022 involving itself and five subsidiaries (the "five subsidiaries"). On May 1, 2022, the five subsidiaries
ceased by dissolution and transferred all of the assets and liabilities to SYLA Solar upon the effectiveness of the reorganization. SYLA
Solar is a surviving entity of a statutory reorganization authorized on August 15, 2023 involving itself, SYLA Power and SYLA O&M.
On November 1, 2023, SYLA Power and SYLA O&M ceased by dissolution and transferred all of the assets and liabilities to SYLA Solar
upon the effectiveness of the reorganization. The statutory reorganization has been accounted for as a recapitalization between entities
under common control since the same controlling shareholders controlled SYLA Solar, the five subsidiaries, SYLA Power and SYLA O&M
before and after the transaction.
SYLA
Biotech Co., Ltd. ("SYLA Biotech"), previously known as RE100.com Co., Ltd., was co-established by SYLA Tech and Makoto
Ariki, a
5
%
shareholder of SYLA Brain, in Japan on April 27, 2022. SYLA Tech and Makoto Ariki each owned
50
%
equity interest of SYLA Biotech until September 13, 2022. SYLA Tech's ownership interest in SYLA Biotech was further increased
to
60
%
as a result of share issuance on September 14, 2022, and eventually increased to
100
%
upon the acquisition of the remaining
40
%
equity interest from noncontrolling shareholders on December 15, 2023.
SYLA Co incorporated its wholly-owned subsidiaries, SYLA Asset Management
Co., Ltd. ("SYLA Asset Management"), SYLA Realty Co., Ltd. ("SYLA Realty") and Rimawari-kun Co., Ltd. ("Rimawari-kun")
in Japan in March 2023, June 2023 and July 2023, respectively.
On October 20, 2023, SYLA Co acquired from ETP Inc., an entity incorporated in Japan, a construction painting franchise
business which represented an integrated set of assets and activities that meet the definition of a business.
Reorganization
On
October 1, 2017, SYLA Tech acquired
100
% equity ownership of SYLA Co by shares exchange, which has been accounted for as a recapitalization
between entities under common control since the same controlling shareholders controlled these two entities before and after the transaction.
In
preparation for its overseas listing, SYLA Tech and SYLA Co divested certain of their wholly-owned or majority-owned subsidiaries
that have been separately managed with separate historical books and records for restructuring of the listing business. The
accompany financial statements have been prepared using a carve-out basis to present the historical financial position and results
of operations for the listing business.
Discontinued
operations
On
December 30, 2022, the Board of Directors approved the sale of its mining machine business. The sale of mining machine business represents
a strategic shift that will have a major impact on the results of its operations and has been accounted for as a discontinued operation.
The disposal transaction was closed on January 23, 2023. See Note 21.
As
a result of the series of reorganization transactions and business combinations, the organization structure as of December 31, 2023
includes SYLA Tech, SYLA Co and its consolidated variable interest entities and its subsidiaries, SYLA Brain, SYLA Solar and SYLA
Biotech.
SYLA
Tech and its subsidiaries included in the consolidated financial statements are collectively referred to herein as the
"Company", "we" and "us" unless specific reference is made to an entity. The Company is engaged
in the business of real estate sale, leasing, management and crowdfunding, solar power plants sale, operation and maintenance,
electricity sale, container sale, operation and management. The Company's operations are conducted mainly in Japan.
F-
7
NOTE
2 -
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)
Basis of Presentation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission
("SEC"). The financial information included herein reflects the consolidated financial position of the Company as of December
31, 2023 and 2022, and the consolidated results of its operations and cash flows for the years ended December 31, 2023, 2022 and 2021.
The Company has presented the assets and liabilities of mining machine business and its operating results and cash flows as discontinued
operations in the accompanying financial statements as of and for all periods presented. All footnotes exclude balances and activity
of mining machine business unless otherwise noted.
(b)
Principles of Consolidation
On
an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each of our investments and contractual relationships
to determine whether they meet the guidelines for consolidation. Our evaluation considers all of our variable interests, including equity
ownership, as well as fees paid to us for our involvement in the management of each partially owned entity or structure.
In
June 2021, the Company launched its real estate crowdfunding platform which allows investors to invest through joint venture arrangements.
Our real estate joint ventures consist of anonymous partnerships, which is a structure similar to a limited partnership, and voluntary
partnerships, which is a structure similar to a general partnership. For the arrangement structured as a limited partnership or a general
partnership, our evaluation of whether the equity holders (equity partners other than the general partner or the managing member of a
joint venture) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or
non-managing members (the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights,
defined as follows:
(i)
Participating
    rights provide the noncontrolling equity holders the ability to direct significant financial and operating decisions made in the
    ordinary course of business that most significantly influence the entity's economic performance.
(ii)
Kick-out
    rights allow the noncontrolling equity holders to remove the general partner or managing member without cause.
If
we conclude that any of the three characteristics of a variable interest entity ("VIE") (i.e., insufficiency of equity, existence
of non-substantive voting rights, or lack of a controlling financial interest) are met, including that the equity holders lack the characteristics
of a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude
that the entity or structure is a VIE and evaluate it for consolidation under the variable interest model.
Variable
interest model
If
an entity or structure is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis
is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is, (i) we have
the power to direct the activities of a VIE that most significantly influence the VIE's economic performance (power), and (ii)
we have the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the
VIE (benefits). We consolidate VIEs whenever we determine that we are the primary beneficiary. If we have a variable interest in a VIE
but are not the primary beneficiary, we account for our investment using the equity method of accounting.
F-
8
Voting
model
If
a legal entity fails to meet any of the three characteristics of a VIE, we then evaluate such entity under the voting model.
Under the
voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares and
that other equity holders do not have substantive participating rights.
We
consolidate anonymous partnerships, which are determined to be VIEs and we are the primary beneficiary, and account for voluntary partnerships
using equity method. The assets and liabilities of the VIEs that are included in the accompanying consolidated financial statements as
of December 31, 2023 and 2022 are as follows:
December 31
December 31,
2023
2022
Total assets
2,815,206
617,631
Total liabilities
91,069
46,528
The
consolidated financial statements include the accounts of the Company and all of its subsidiaries. VIEs, for which the Company and its
subsidiaries are the primary beneficiaries, are also included in the consolidated financial statements.
All
significant intercompany accounts and transactions have been eliminated in consolidation.
(c)
Foreign Currency
The
Company maintains its books and record in its local currency, Japanese YEN ("JPY"), which is a functional currency as being
the primary currency of the economic environment in which its operation is conducted. Transactions denominated in currencies other than
the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in other income (expenses)
in the consolidated statements of operations and comprehensive income.
The
Company uses JPY as its reporting currency. Assets and liabilities of entities with functional currencies other than JPY are translated
into JPY using the exchange rate on the balance sheet date. Revenues and expenses are translated into JPY at average rates prevailing
during the reporting period. The resulting foreign currency translation adjustment, if any, are recorded in accumulated other comprehensive
income (loss) within equity.
Amounts
are stated in thousands of JPY, except for share and per share data and otherwise stated.
(d)
Noncontrolling Interests
Noncontrolling
interests in the consolidated balance sheets represent the portion of the equity in the subsidiary and VIEs not attributable, directly
or indirectly, to the Company. The portion of the income or loss applicable to the noncontrolling interests in subsidiaries and VIEs
is also separately reflected in the consolidated statements of operations and comprehensive income.
(e)
Use of Estimates
In
preparing the consolidated financial statements in conformity U.S. GAAP, the management is required to make certain estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are
based on information available as of the date of the consolidated financial statements. Significant estimates required to be made by
management include, but are not limited to, the net realizable value of solar power panels and supplies and container inventories,
impairment of real estate inventories, solar power plants under construction and solar power plants held for sale, purchase price
allocation of acquired real estates, useful lives of property, plant and equipment, solar power systems and intangible assets, the
impairment of long-lived assets, valuation of stock based compensation, valuation allowance of deferred tax assets, uncertain income
tax positions, implicit interest rate of operating and finance leases and purchase price allocation with respect to business
combination. Actual results could differ from those estimates.
F-
9
(f)
Business Combinations
Business
combinations are recorded using the acquisition method of accounting. The purchase price of the acquisition is allocated to the tangible
assets, liabilities, identifiable intangible assets acquired and noncontrolling interests, if any, based on their estimated fair values
as of the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition-related expenses
are expensed as incurred.
Consideration
transferred in a business combination is measured at the fair value as of the date of acquisition. Where the consideration in an acquisition
includes contingent consideration, and the payment of which depends on the achievement of certain specified conditions post-acquisition,
the contingent consideration is recognized and measured at its fair value at the acquisition date and is recorded as a liability. It
is subsequently carried at fair value with changes in fair value reflected in earnings.
In
a business combination achieved in stages, the Company remeasures the previously held equity interest in the acquiree immediately before
obtaining control at its acquisition-date fair value and the remeasurement gain or loss, if any, is recognized in the consolidated statements
of operations and comprehensive income.
Fair
value is determined based upon the guidance of the Financial Accounting Standards Board's ("FASB") Accounting Standards
Codification ("ASC") Topic 820, "Fair Value Measurements and Disclosures," and generally are determined using
Level 2 inputs and Level 3 inputs. The determination of fair value involves the use of significant judgments and estimates. The Company
utilizes the assistance of third-party valuation appraisers to determine the fair value as of the date of acquisition.
(g)
Cash and Cash Equivalents
Cash
and cash equivalents include cash on hand and deposits in banks and other financial institutions that are unrestricted as to withdrawal
or use, and which have original maturities of three months or less. The Company maintains substantially all its bank accounts in Japan.
Cash balances in bank accounts in Japan are insured by the Deposit Insurance Corporation of Japan subject to certain limitations.
F-
10
(h)
Restricted Cash
Restricted
cash represents cash pledged to financial institutions as collateral for the Company's bank loans, and cash deposits in banks that
are restricted as to withdrawal or usage according to certain agreements with investors of crowdfunding projects. The restricted cash
is not available for withdrawal or the Company's general use until after the corresponding bank loans are repaid, or the performance
obligation is satisfied. Restricted cash is classified as either current or non-current based on when the funds will be released in accordance
with the terms of the respective agreements.
(i)
Term Deposits
Term
deposits consist of deposits placed with financial institutions with original maturities of greater than three months. Term deposit is
classified as either current if the original maturities are within one year, or as non-current if the original maturities are over one
year.
(j)
Accounts Receivable
Accounts
receivable represents the Company's right to an amount of consideration that is unconditional (i.e., only the passage of time is
required before payment of the consideration is due). The Company's accounts receivable balances are unsecured, bear no interest
and are due within one year from the date of the sale.
The
allowance for credit losses reflects the Company's current estimate of credit losses expected to be incurred over the life of the
receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including
the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company
also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect
a customer's ability to pay in establishing and adjusting its allowance for credit losses. Accounts receivable balances are written
off after all collection efforts have ceased.
(k)
Inventories
Our
inventories mainly consist of real estate properties inventories, solar power plants inventories and container
inventories.
Real
estate properties inventories include real estate properties held for sale and real estate properties under development, the vast majority
of which are expected to be completed and disposed of within one year of the balance sheet date. Real estate properties held for sale
are recorded at the lower of cost or fair value less cost to sell. If an asset's fair value less cost to sell, based on discounted
future cash flows, management estimates or market comparisons, is less than its carrying amount, an allowance is recorded against the
asset. Real estate properties under development are carried at cost less impairment, as applicable. The amount of the impairment loss,
if any, is calculated as the excess of the asset's carrying value over its fair value, which is determined using a discounted cash
flow analysis, management estimates or market comparisons. The classification of cash flows associated with the purchase and sale of real estate properties is based on the
activity that is likely to be the predominant source or use of cash flows for the properties.
The
cost basis of the real estate inventories includes all direct acquisition costs including but not limited to the property purchase price,
acquisition costs, construction costs, development costs, certain amenities, capitalized interest, capitalized real estate taxes and
other costs. Interests and real estate taxes are not capitalized unless active development or construction is underway. When acquiring
real estate with existing buildings, we allocate the purchase price between land, building and intangibles related to in-place leases,
if any, based on their relative fair values.
F-
11
Solar
power plants inventories include solar power panels and supplies, solar power plants held for sale and solar power plants under
construction, the vast majority of which are expected to be completed and disposed of within one year of the balance sheet date.
Solar power panels and supplies are stated at the lower of cost and net realizable value. Cost of solar power panels and supplies is
determined using the weighted average cost method. Adjustments are recorded to write down the cost of obsolete and excess
inventories to the estimated net realizable value based on historical and forecast demand, and promotional environment. Solar power
plants held for sale are recorded at the lower of cost or fair value less cost to sell. If an asset's fair value less cost to
sell, based on discounted future cash flows, management estimates or market comparisons, is less than its carrying amount, an
allowance is recorded against the asset. Solar power plants under construction are carried at cost less impairment, as applicable.
The cost basis of solar power plants under construction includes acquisition costs, construction and installation costs, development
costs, interest and financing costs incurred on debt during the construction phase and other costs. The amount of the impairment
loss, if any, is calculated as the excess of the asset's carrying value over its fair value, which is determined using a
discounted cash flow analysis, management estimates or market comparisons. The classification of cash flows associated with the purchase and sale of solar power plants is based on the activity
that is likely to be the predominant source or use of cash flows for the items.
Container
inventories represent containerized data centers powered by solar energy, which are stated at the lower of cost and net realizable
value. Cost of container inventories is determined using the weighted average cost method. Adjustments are recorded to write down
the cost of inventories to the estimated net realizable value due to slow-moving and obsolete inventories, which is dependent upon
factors such as historical and forecasted consumer demand, and promotional environment.
(l)
Short-term Investments
The
Company's short-term investments consist of debt securities classified as available-for-sale as well as marketable equity securities.
The Company's available-for-sale debt securities are measured at fair value with unrealized gains and losses included in accumulated
other comprehensive income (loss) and realized gains and losses included in other income (expenses). None of the Company's investments
in marketable securities were impaired for the years ended December 31, 2023, 2022 and 2021. The Company's marketable equity securities
are measured at fair value with changes in fair value recognized in other income (expenses).
(m)
Long-term Investments
Investments
in equity securities with readily determinable fair values
We
hold investments in equity securities of publicly listed companies, for which we do not have significant influence. Investments in equity
securities with readily determinable fair values are measured at fair value and any changes in fair value are recognized in other income
(expenses).
Investments
in funds that report net asset value ("NAV") per share
We
hold investments in Japanese pooled funds. These funds are generally readily redeemable at their net asset values. The fair value of
investment funds is measured at their net asset values per share (or its equivalent) as a practical expedient.
Investments
in privately held companies and organizations that do not report NAV per share
Investments
in privately held entities that do not report NAV per share are accounted for using a measurement alternative, under which these investments
are measured at cost, adjusted for observable price changes and impairments, with changes recognized in other income (expenses).
Investments
accounted for under equity method
We
use the equity method to account for investments in partnerships that qualify as VIEs where we are not the primary beneficiary and other
entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant
influence over the operating and financial policies of the investees. Under the equity method of accounting, we initially recognize our
investments at cost and subsequently adjust the carrying amount of the investments for our share of earnings or losses reported by the
investees, distributions received, and other-than-temporary impairments.
Investment
income/loss recognition and classification
We
recognize both realized and unrealized gain and losses in our consolidated statements of operations and comprehensive income, classified
with other income (expenses). Unrealized gains and losses represent:
(1)
fair
    value changes for investments in equity securities with readily determinable fair value;
(2)
changes
    in NAV as a practical expedient to estimate fair value for investments in funds that report NAV per share;
(3)
observable
    price changes for investments in privately held entities that do not report NAV per share; and
(4)
our
    share of unrealized gain or losses reported by our equity method investees.
F-
12
Realized
gains and losses on our investments represent the difference between proceeds received upon disposition of investments and their historical
or adjusted cost. For our equity method investments, realized gains and losses represent our share of realized gains or losses reported
by the investee. Impairments are realized losses, which result in an adjusted cost, and represent charges to reduce the carrying values
of investments in privately held entities that do not report NAV per share and equity method investments, if impairments are deemed other
than temporary, to their estimated fair value.
(n)
Property, Plant and Equipment, Net
Property,
plant and equipment, including real estate properties held for lease, are measured using the cost model and is stated at cost less accumulated
depreciation. Acquisition cost includes mainly the costs directly attributable to the acquisition and the initial estimated dismantlement,
removal, and restoration costs associated with the assets. Depreciation is calculated using the straight-line and declining methods over
the estimated useful lives, as more details follow. Depreciation is included in cost of revenues and selling, general and administrative
expenses and is allocated based on estimated usage for each class of asset.
Depreciation
    Method
Useful
    Life
Buildings,
    including buildings held for lease
Straight-line
    method
9
–
47
years
Facilities
    attached to buildings
Straight-line
    or declining balance method
5
–
18
years
Machinery
    and equipment
Declining
    balance method
6
–
17
years
Vehicles
Declining
    balance method
4
–
12
years
Tools,
    furniture and fixture
Declining
    balance method
2
–
15
years
Land
Not
    depreciated
-
Software
*
Straight-line
    method
3
–
5
years
*
Represents
    software that is non-detachable to the hardware.
Expenditures
for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred.
Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. When items are
retired or otherwise disposed of, income is charged or credited for the difference between net book value of the item disposed and
proceeds realized thereon. When real estate properties held for lease are committed for sales, the assets are transferred to inventories. The
classification of cash flows associated with the purchase and sale of real estate properties held for lease is based on the activity that
is likely to be the predominant source or use of cash flows for the properties.
(o)
Solar Power Systems, Net
Solar
power systems comprise of ground-mounted solar power projects that the Company intends to hold for use. The solar power systems are stated
at cost less accumulated depreciation. The cost consists primarily of direct costs incurred in various stages of development prior to
the commencement of operations. For a self-developed solar power system, the actual cost capitalized is the amount of the expenditure
incurred for the permits, consents, construction costs and other costs capitalized. For a solar power system acquired from third parties,
the initial costs include the consideration transferred and certain direct acquisition costs. Expenditures for major additions and improvements
are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred.
When
solar power systems are retired, or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated
balance sheets and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is
recognized using the declining balance method over the estimated useful lives of the solar power systems of
10
to
17
years. When solar power systems are committed for sales, the assets are transferred to inventories. The classification of
cash flows associated with the purchase and sale of solar power systems is based on the activity that is likely to be the predominant
source or use of cash flows for the items.
F-
13
(p)
Intangible Assets, Net
Intangible
assets with an indefinite life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances
indicate that they might be impaired.
Intangible
assets with finite lives are initially recorded at cost and amortized on a straight-line basis over the estimated economic useful lives
of the respective assets. Acquired intangible assets from business combination are recognized and measured at fair value at the time
of acquisition. Those assets represent assets with finite lives and are further amortized on a straight-line basis over the estimated
economic useful lives of the respective assets.
The
estimated useful lives of intangible assets are as follows:
Technologies
10
years
Favorable
    contracts
17
years
(q)
Corporate-owned Life Insurance Policies
The
Company has purchased corporate-owned life insurance policies to insure its Chief Executive Officer ("CEO"), Chief Operating
Officer ("COO") and other key employees. Management considers these policies to be operating assets. These insurance policies
are recorded at their cash surrender values, included in other assets in the consolidated balance sheets with change in cash surrender
value during the period recorded in selling, general and administrative expenses.
(r)
Leases
The
Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains
a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period in exchange for
consideration. Control over the use of the identified assets means the lessee has both the right to obtain substantially all of the economic
benefits from the use of the asset and the right to direct the use of the asset.
We
classify our leases as either finance leases or operating leases if we are the lessee, or sale-type, direct financing, or operating leases
if we are the lessor. We use the following criteria to determine if a lease is a finance lease (as a lessee) or sales-type or direct
financing lease (as a lessor):
(i)
ownership
    is transferred from lessor to lessee by the end of the lease term;
(ii)
an
    option to purchase is reasonably certain to be exercised;
(iii)
the
    lease term is for the major part of the underlying asset's remaining economic life;
(iv)
the
    present value of lease payments equals or exceeds substantially all of the fair value of the underlying assets; or
(v)
the
    underlying asset is specialized and is expected to have no alternative use at the end of the lease term.
If
we meet any of the above criteria, we account for the lease as a finance, a sales-type, or a direct financing lease. If we do not meet
any of the criteria, we account for the lease as an operating lease.
Lessee
accounting
The
Company recognizes right-of-use assets and lease liabilities for all leases other than those with a term of twelve months or less as
the Company has elected to apply the short-term lease recognition exemption. Right-of-use assets represent the Company's right
to use an underlying asset for the lease term. Lease liabilities represent the Company's obligation to make lease payments arising
from the lease. Right-of-use assets and lease liabilities are classified and recognized at the commencement date of a lease. Lease liabilities
are measured based on the present value of fixed lease payments over the lease term. Right-of-use assets consist of (i) initial measurement
of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received;
and (iii) initial direct costs incurred by the Company.
F-
14
For sale-leaseback arrangements, the Company is required to determine whether the transaction qualifies as a sale,
which includes assessing whether a contract exists and if so, whether control has passed to the counterparty in the contract. Control
indicators include, but are not limited to, whether the entity has a present right to payment for the asset, whether the customer has
legal title to the asset, whether the entity has transferred physical possession of the asset, whether the customer has significant risks
and rewards of ownership of the asset, and whether the customer has accepted the asset. If it is determined that a sale has occurred,
the Company recognizes an operating or finance lease based on the factors outlined in the preceding paragraphs. A finance lease would
preclude sale accounting. If the Company does not transfer the control to the counterparty, the failed sale-leaseback transaction is accounted
for as a financing arrangement where the Company does not derecognize the transferred asset and accounts for proceeds received as financing
liabilities.
As
the rates implicit on the Company's leases for which it is the lessee are not readily determinable, the Company uses its incremental
borrowing rate based on information available at the commencement date in determining the present value of lease payments. When determining
the incremental borrowing rate, the Company assesses multiple variables such as lease term, collateral, economic conditions, and its
creditworthiness.
From
time to time, we may enter into sublease agreements with third parties. Our subleases generally do not relieve us of our primary obligations
under the corresponding head lease. As a result, we account for the head lease based on the original assessment at lease inception. We
determine if the sublease arrangement is either a sales-type, direct financing, or operating lease at inception of the sublease. If the
total remaining lease cost on the head lease for the term of the sublease is greater than the anticipated sublease income, the right-of-use
asset is assessed for impairment. Our subleases are generally operating leases and we recognize sublease income on a straight-line basis
over the sublease term.
Lessor
accounting – operating leases
We
account for the revenue from our lease contracts by utilizing the single component accounting policy. This policy requires us to account
for, by class of underlying asset, the lease component and nonlease component(s) associated with each lease as a single component if
two criteria are met:
(i)
the
    timing and pattern of transfer of the lease component and the nonlease component(s) are the same; and
(ii)
the
    lease component would be classified as an operating lease if it were accounted for separately.
Lease
components consist primarily of fixed rental payments, which represent scheduled rental amounts due under our leases. Nonlease components
consist primarily of tenant recoveries representing reimbursements of rental operating expenses, including recoveries for utilities,
repairs and maintenance and common area expenses.
If
the lease component is the predominant component, we account for all revenues under such lease as a single component in accordance with
the lease accounting standard. Conversely, if the nonlease component is the predominant component, all revenues under such lease are
accounted for in accordance with the revenue recognition accounting standard. Our operating leases qualify for the single component accounting,
and the lease component in each of our leases is predominant. Therefore, we account for all revenues from our operating leases under
the lease accounting standard and classify these revenues as rental income.
We
commence recognition of rental income related to the operating leases at the date the property is ready for its intended use by the tenant
and the tenant takes possession or controls the physical use of the leased asset. Income from rentals related to fixed rental payments
under operating leases is recognized on a straight-line basis over the respective operating lease terms. Amounts received currently but
recognized as revenue in future periods are classified in deferred revenue in our consolidated balance sheets.
(s)
Impairment of Long-Lived Assets Other Than Goodwill
Long-lived
assets with finite lives, primarily property, plant and equipment, including real estate properties held for lease, solar power
systems, operating lease right-of-use assets, finance lease right-of-use assets, and technologies and favorable contracts acquired
through business combination, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are
below the asset's carrying value, then the asset is deemed to be impaired and written down to its fair value. The Company
recognized an impairment loss of JPY
11,617
,
nil
and
nil
on property, plant and equipment for the years ended December 31, 2023, 2022 and 2021, respectively.
(t)
Goodwill
Goodwill
represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. In
accordance with ASC Topic 350, "Intangibles – Goodwill and Others", goodwill is subject to at least an annual assessment
for impairment or more frequently if events or changes in circumstances indicate that an impairment may exist, applying a fair-value
based test. Fair value is generally determined using a discounted cash flow analysis. There were
no
impairments of goodwill during
the years ended December 31, 2023, 2022 and 2021.
F-
15
(u)
Revenue Recognition
The
Company recognizes revenues from sales of real estate properties, sales of land, providing of real estate management services, sales
of solar power plants, providing of solar power plants operation and maintenance services, sales of electricity, sales of containers
and providing of container operation and management services under ASC Topic 606, "Revenue from Contracts with
Customers".
To
determine revenue recognition for contracts with customers, the Company performs the following five steps : (i) identify the contract(s)
with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable
consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price
to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance
obligation. Revenue amount represents the invoiced value, net of consumption tax and applicable local government levies, if any. The
consumption tax on sales is calculated at
10
% of gross sales.
The
Company recognizes revenue from rental services under ASC Topic 842, "Leases".
The
Company currently generates its revenue from the following main sources:
Revenue
from sales of real estate properties
Revenues
from the sales of real estate properties are recognized at the point in time when
title to and
possession of the property has transferred to the customer and the Company has no continuing involvement with the property, which is
generally upon the delivery of the real estate properties, which generally coincides with the receipt of cash consideration from the
customer. Our contracts with customers contain a single performance obligation and we do not provide warranties for sold real estate
properties.
Revenue
from sales of land
Revenues
from land sales are recognized when the parties are bound by the terms of a contract, consideration has been exchanged, title and other
attributes of ownership have been conveyed to the buyer by means of a closing and the Company is not obligated to perform further significant
development of the specific property sold. In general, the Company's performance obligation for each of these land sales is fulfilled
upon the delivery of the land, which generally coincides with the receipt of cash consideration from the customer.
Revenue
from rental services
Rental
income is generally recognized on a straight-line basis over the terms of the tenancy agreements. For real estate and land leases, these
contracts are treated as leases for accounting purpose, rather than contracts with customers subject to ASC Topic 606. Also see Note
2(r).
Revenue
from real estate management services
Revenues
from real estate management services consist of property management services, brokerage services and value-added management services.
Property management services mainly include property management services provided to tenants or property owners with revenue recognized
during the period when services are rendered. Revenues from brokerage services are earned upon closing of brokerage transaction. Value-added
management services mainly consist of real estate consulting and registration services with revenue recognized when performance obligation
is satisfied.
F-
16
Revenue
from sales of solar power plants
Revenues
from the sales of solar power plants are recognized at the point in time when performance obligation is satisfied, which is after the
solar power plants have been grid connected and the customers obtain control of the solar power plants. The Company's sales arrangements
for solar power plants do not contain any forms of continuing involvement that may affect the revenue recognition of the transactions,
nor any variable considerations for energy performance guarantees, minimum electricity end subscription commitments.
Revenue
from solar power plants operation and maintenance services
Revenues
from solar power plants operation and maintenance services are recognized over time when customers receive and consume the benefits provided
by the Company's performances, which typically include system inspection, performance engineering analysis, corrective maintenance
repair and environmental services, under the terms of service arrangements.
Revenue
from sales of electricity
Revenues
from the sales of electricity are generated by the Company's solar power systems under the power purchase arrangements ("PPAs")
with the power grid company based on the price stated in the PPAs when electricity has been generated and transmitted to the grid. The
Company also procures electricity from wholesale electricity providers or purchases on Japan Electric Power Exchange for some of its
customers who are charged based on the actual usage of electricity each month.
Revenue
from sales of containers
Revenues
from the sales of containers are recognized at the point in time when the control of the products has transferred to the customers. The
transfer of control is considered complete when the customers accept the products.
Revenue
from container operation and management services
Revenues
from container operation and management services are recognized over time when customers receive and consume the benefits provided
by the Company's performances, which typically include containerized data center inspection, performance engineering analysis,
maintenance, repair, environmental and security services, under the terms of service arrangements.
(v)
Cost of Revenues
Cost
of revenues primarily include the real estate properties, solar power plants and containers purchase price, acquisition costs,
construction costs, direct costs to renovate, repair and upgrade the real estate properties, solar power plants development costs,
sublease costs, depreciation, direct material costs, electricity transportation costs, and salaries and related expenses for
personnel directly involved in delivery of services to customers.
(w)
Advertising Expenses
The
Company expenses advertising costs as they incurred. Total advertising expenses were JPY
225,549
, JPY
197,203
and JPY
248,794
for the years
ended December 31, 2023, 2022 and 2021, respectively, and have been included as part of selling, general and administrative expenses.
(x)
Concentration of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist primarily of accounts and other receivables. The Company does
not require collateral or other security to support these receivables. The Company conducts periodic reviews of the financial condition
and payment practices of its customers to minimize collection risk on accounts receivable.
Customers
For
the years ended December 31, 2023, 2022 and 2021, customers accounting for 10% or more of the Company's total revenues were as
follows:
For the Years Ended December 31,
2023
2022
2021
Customer A
*
35
%
24
%
Customer B
13
%
*
*
Customer C
26
%
*
*
F-
17
As
of December 31, 2023 and 2022, customers accounting for 10% or more of the Company's total current outstanding accounts receivable
were as follows:
December 31,
December 31,
2023
2022
Customer D
20
%
*
Suppliers
For
the years ended December 31, 2023, 2022 and 2021, no suppliers accounted for 10% or more of the Company's total purchases.
As
of December 31, 2023 and 2022, suppliers accounting for 10% or more of the Company's total current outstanding accounts payable
were as follows:
December 31,
December 31,
2023
2022
Supplier
A
*
31
%
Supplier
B
*
27
%
Supplier C
48
%
*
Supplier D
10
%
*
*
Less
    than 10%
(y)
Segment Reporting
ASC
Topic 280, "Segment Reporting," requires use of the "management approach" model for segment reporting. The management
approach model is based on the way a company's chief operating decision maker organizes segments within the company for making
operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography,
legal structure, management structure, or any other manner in which management disaggregates a company.
Management
determined the Company's operations constitute a single reportable segment in accordance with ASC Topic 280.
(z)
Comprehensive Income or Loss
ASC
Topic 220, "Comprehensive Income," establishes standards for reporting and display of comprehensive income or loss, its components
and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources.
(aa)
Net Income Per Share
Basic
net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the reporting
period. Diluted net income per share reflects the potential dilution that could occur if stock options and other commitments to issue
common shares were exercised or equity awards vest resulting in the issuance of common shares that could share in the net income of the
Company.
(bb)
Stock Based Compensation
The
Company accounts for stock based compensation awards in accordance with ASC Topic 718, "Compensation – Stock
Compensation". The cost of services received from employees and non-employees in exchange for awards of equity instruments is
recognized in the consolidated statements of operations and comprehensive income based on the estimated fair value of those awards
on the grant date and amortized on a straight-line basis over the requisite service period or vesting period. The Company records
forfeitures as they occur.
(cc)
Related Parties and Transactions
The
Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC Topic 850, "Related
Party Disclosures" and other relevant ASC standards.
Parties,
which can be an entity or individual, are considered to be related if they have the ability, directly or indirectly, to control the Company
or exercise significant influence over the Company in making financial and operational decisions. Entities are also considered to be
related if they are subject to common control or common significant influence.
F-
18
Transactions
involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive,
free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related
party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations
can be substantiated.
(dd)
Income Taxes
Income
taxes are accounted for using an asset and liability method of accounting for income taxes in accordance with ASC Topic 740, "Income
Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current
period and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's
financial statements or tax returns. Deferred tax assets also include the prior years' net operating losses carried forward. Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred
tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or
all of the deferred tax assets will not be realized.
The
Company follows ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on recognition of income tax assets
and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated
with tax positions, accounting for income taxes in interim periods, and income tax disclosures.
Under
the provisions of ASC Topic 740, when tax returns are filed, it is likely that some positions taken would be sustained upon
examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount
of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the
period during which, based on all available evidence, management believes it is more likely than not that the position will be
sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset
or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the
largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority.
The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as
a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that
would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as
interest expense and penalties are classified in other expenses in the statements of operations and comprehensive income.
(ee)
Fair Value Measurements
The
Company performs fair value measurements in accordance with ASC Topic 820. Fair value is defined as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic
820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. An asset's or a liability's categorization within the fair value hierarchy is based upon
the lowest level of input that is significant to the fair value measurement. ASC Topic 820 establishes three levels of inputs that may
be used to measure fair value:
●
Level
    1: quoted prices in active markets for identical assets or liabilities;
●
Level
    2: inputs other than Level 1 that are observable, either directly or indirectly; or
●
Level
    3: unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets
    or liabilities.
F-
19
As
of December 31, 2023 and 2022, the carrying values of current assets, except for short-term investments, and current liabilities approximated
their fair values reported in the consolidated balance sheets due to the short-term maturities of these instruments.
Assets
measured at fair value on a recurring basis as of December 31, 2023 and 2022 are summarized below.
Fair Value Measurements as of December 31, 2023
Quoted Prices in Active Markets for Identical
Assets (Level 1)
Significant Other
Observable
Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
Fair Value at
December 31,
2023
Short-term investments:
Marketable securities
89,482
-
-
89,482
Fair Value Measurements as of December 31, 2022
Quoted Prices in Active Markets for Identical
Assets (Level 1)
Significant Other
Observable
Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
Fair Value at
December 31,
2022
Long-term investments:
Equity investments at fair value with readily determinable fair value
144,658
-
-
144,658
(ff)
Commitments and Contingencies
Liabilities
for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable
that a liability has been incurred and the amount of the assessment can be reasonably estimated.
(gg)
Assets of Discontinued Operations Held for Sale
Assets
are classified as "held for sale" when all of the following criteria for a plan of sale have been met: (1) management, having
the authority to approve the action, commits to a plan to sell the assets; (2) the assets are available for immediate sale, in their
present condition, subject only to terms that are usual and customary for sales of such assets; (3) an active program to locate a buyer
and other actions required to complete the plan to sell the assets have been initiated; (4) the sale of the assets is probable and is
expected to be completed within one year; (5) the assets are being actively marketed for a price that is reasonable in relation to their
current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will
be made or the plan will be withdrawn. When all of these criteria have been met, the assets are classified as "held for sale"
in the consolidated balance sheets. Assets classified as "held for sale" are reported at the lower of their carrying value
or fair value less costs to sell. At the end of reporting period, if the fair value of the held for sale assets less costs to sell is
lower than the carrying value of the assets, the Company will record an impairment loss. Depreciation of assets ceases upon designation
as "held for sale".
F-
20
The
assets and liabilities of the Company's mining machine business have been segregated and reported in all periods presented as the
sale of the mining machine business met the "held for sale" criteria and the "discontinued operations" criteria.
(hh)
Government Assistance
Government
assistance, in the form of monetary grants, is not recognized until there is
reasonable assurance that the Company will comply with the conditions of the grant and the Company will receive the grant.
Grants
related to assets are government grants for the purchase of certain renewable energy assets. The Company accounts for grants related
to assets as deferred income, which includes in other current liabilities and other liabilities, on the consolidated balance sheets.
The Company recognizes the deferred income on grants related to depreciable assets in the statements of operations and comprehensive
income on a systematic basis over the useful life of the assets.
During the year ended December 31, 2023, the Company received the government
grants of JPY
166,021
in connection with purchase of containerized data centers, of which JPY
23,058
was recorded as a reduction to depreciation
expense. Deferred income, which was included in other current liabilities and other liabilities, in relation to the government grants
amounted to JPY
142,963
as of December 31, 2023.
(ii)
Offering Costs
Offering costs amounted to JPY
81,602
consisting principally of professional and registration fees incurred through
the balance sheet date that are related to the initial public offering ("IPO") and are charged to capital surplus upon the
completion of the IPO during the year ended December 31, 2023.
(jj)
Recent Accounting Pronouncements
In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, to enhance the transparency
and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU
No. 2023-09 is effective for public companies for annual reporting periods beginning after December 15, 2024, on a prospective basis.
For all other entities, it is effective for annual reporting periods beginning after December 15, 2025, on a prospective basis. Early
adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related
disclosures.
F-
21
NOTE
3 —
SHORT-TERM INVESTMENTS
Short-term
investments consist of the following:
December 31,
December 31,
2023
2022
Marketable securities
89,482
-
Realized and unrealized gain or loss on short-term investments, which were included in other income (expenses), were
as follows:
For the Years Ended
December 31,
2023
2022
2021
Realized gain
Marketable securities
3,299
6,093
24,913
Available-for-sale debt securities
-
9,732
1,640
Unrealized loss
Marketable securities
6,800
-
25,490
NOTE
4 —
INVENTORIES
Inventories
consist of the following:
December 31,
December 31,
2023
2022
Real estate inventories
Real estate properties held for sale
4,184,787
1,058,829
Real estate properties under development
12,458,998
9,242,847
Subtotal
16,643,785
10,301,676
Solar power plants inventories
Solar power panels and supplies
8,264
29,591
Solar power plants under construction
153,950
35,047
Solar power plants held for sale
10,682
13,918
Subtotal
172,896
78,556
Container inventories
Raw materials
1,215
-
Finished goods
27,595
-
Subtotal
28,810
-
Others
4,444
136,961
Total
16,849,935
10,517,193
Certain
inventories were pledged to secure the Company's loans, see Note 10.
F-
22
NOTE
5 —
PREPAID EXPENSES, NET, OTHER CURRENT ASSETS, NET AND OTHER ASSETS, NET
Prepaid
expenses, net, other current assets, net, and other assets, net, consist of the following:
December 31,
December 31,
2023
2022
Prepaid expenses, net
Advances to construction and other vendors
271,572
296,049
Down payment made for real estate property and solar power plants purchase
69,811
298,391
Others
74,944
54,504
Subtotal
416,327
648,944
Less: allowance
(
59,223
)
(
1,410
)
Total prepaid expenses, net
357,104
647,534
Other current assets, net
Loan receivables
1,677
2,154
Consumption tax refund
93,481
32,073
Income tax receivable
103,798
80,991
Others
106,676
70,823
Subtotal
305,632
186,041
Less: allowance
(
1,361
)
(
691
)
Total other current assets, net
304,271
185,350
Other assets, net
Leasehold and other deposits
138,504
199,937
Deferred consumption tax
174,967
142,296
Deferred income tax assets, net
669,854
327,992
Life insurance policies
132,466
91,726
Long-term loan receivables
13,783
16,636
Down payment made for business combination
89,886
-
Asset retirement costs
19,702
26,683
Others
87,095
45,636
Subtotal
1,326,257
850,906
Less: allowance
(
2,230
)
(
2,230
)
Total other assets, net
1,324,027
848,676
NOTE
6 —
LONG-TERM INVESTMENTS, NET
Long-term
investments, net, consist of the following:
December 31,
December 31,
2023
2022
Investments in public entities with readily determinable fair value
-
144,658
Investments in funds that report NAV per share
64,196
50,225
Investments in private entities or organizations that do not report NAV per share:
Entities or organizations without observable price changes
200,337
48,759
Investment in a private entity accounted for under the equity method
10,232
-
Investments in voluntary partnerships accounted for under the equity method
215,672
170,163
Total
490,437
413,805
Realized
and unrealized gain or loss on long-term investments, and impairment loss on long-term investments, which were included in other
income (expenses), were as follows:
For the Years Ended
December 31,
2023
2022
2021
Realized gain
30,363
11,019
10,083
Unrealized gain (loss)
371
(
20,705
)
(
209
)
Impairment loss
-
22,847
-
F-
23
NOTE
7 —
PROPERTY, PLANT AND EQUIPMENT, NET
Property,
plant and equipment, net consist of the following:
December 31,
December 31,
2023
2022
Buildings, including buildings held for lease
4,916,481
4,321,283
Facilities attached to buildings
326,530
340,375
Machinery and equipment
29,598
16,637
Vehicles
10,379
24,377
Tools, furniture and fixture
527,987
181,463
Land
6,703,125
5,813,137
Software
145,203
141,023
Subtotal
12,659,303
10,838,295
Less: accumulated depreciation
(
757,985
)
(
607,238
)
Less: accumulated impairment
(
11,617
)
-
Property, plant and equipment, net
11,889,701
10,231,057
Substantially
all of buildings consist of buildings held for lease. Certain buildings held for lease were pledged to secure the Company's loans,
see Note 10.
Depreciation
expense was JPY
190,153
, JPY
160,829
and JPY
149,299
for the years ended December 31, 2023, 2022 and 2021, respectively.
NOTE
8 —
SOLAR POWER SYSTEMS, NET
Solar
power systems, net consist of the following:
December 31,
December 31,
2023
2022
Solar power systems in operation
525,003
346,568
Solar power systems under construction
84,975
136,149
Subtotal
609,978
482,717
Less: accumulated depreciation
(
133,200
)
(
121,295
)
Solar power systems, net
476,778
361,422
Certain
solar power systems were pledged to secure the Company's loans, see Note 10.
Depreciation
expense was JPY
43,707
,
JPY
22,566
and
nil
for the years ended December 31, 2023, 2022 and
2021, respectively.
NOTE
9 —
LEASES – AS A LESSEE
The
Company has entered into operating leases for offices, land and sublease purpose, with terms ranging from two to twenty-five years, and
finance leases for certain office equipment and vehicles, with terms ranging from two to seven years. The estimated effect of lease renewal
and termination options, as applicable, that are reasonably certain to be exercised in the determination of the lease term and initial
measurement of right-of-use assets and lease liabilities was included in the consolidated financials.
F-
24
Operating
lease expenses for lease payments are recognized on a straight-line basis over the lease term. Finance lease costs include amortization,
which is recognized on a straight-line basis over the expected life of the leased assets, and interest expenses, which are recognized
following an effective interest rate method. Leases with initial term of twelve months or less are not recorded on the consolidated balance
sheets.
During
the year ended December 31, 2023, the Company entered into certain sale-leaseback transactions. The Company sold the real estate properties
and containers for cash proceeds of JPY
759,688
with the estimated fair value of the assets sold amounting to JPY
784,676
, which resulted
in the recognition of a gain of JPY
24,988
as an increase in the related operating lease right-of-use assets in connection with these
sale-leaseback transactions.
For
information on sale-leaseback transactions with related party, see Note 18.
The
components of lease costs are as follows:
For the Years Ended
December 31,
2023
2022
2021
Finance lease costs
Amortization of finance lease
    right-of-use assets
5,184
4,313
2,339
Interest on finance lease liabilities
193
175
97
Total finance lease costs
5,377
4,488
2,436
Operating lease costs
584,103
569,778
496,559
Short-term lease costs
-
1,532
6,643
Total lease costs
589,480
575,798
505,638
The
following table presents supplemental information related to the Company's leases:
For the Years Ended
December 31,
2023
2022
2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases
193
175
97
Operating cash flows from operating leases
527,392
480,685
513,967
Financing cash flows from finance leases
5,157
4,160
2,303
Operating lease right-of-use assets obtained in exchange for operating lease liabilities
357,020
508,790
602,560
Finance lease right-of-use assets obtained in exchange for finance lease liabilities
6,720
8,373
2,682
Remeasurement of operating lease liabilities and right-of-use assets due to lease modification
3,035
92,739
37,142
Weighted average remaining lease term (years)
Finance leases
3.43
3.03
3.29
Operating leases
7.70
8.54
8.11
Weighted average discount rate (per annum)
Finance leases
1.57
%
1.57
%
1.57
%
Operating leases
1.57
%
1.57
%
1.57
%
As
of December 31, 2023, the future maturity of lease liabilities is as follows:
Years Ended December 31,
Finance Lease
Operating Lease
2024
4,315
468,037
2025
3,257
349,701
2026
2,806
317,408
2027
1,527
312,014
2028
630
308,798
Thereafter
-
736,377
Total undiscounted lease payments
12,535
2,492,335
Less: imputed interest
(
337
)
(
99,921
)
Present value of lease liabilities
12,198
2,392,414
Less: lease liabilities, current
(
4,158
)
(
433,725
)
Lease liabilities, non-current
8,040
1,958,689
F-
25
NOTE
10 —
BANK AND OTHER BORROWINGS
The
Company's outstanding indebtedness borrowed from banks and other financial institutions, consist of the following:
Indebtedness
Weighted Average Interest Rate
*
Weighted Average Years to Maturity
*
Balance as of
December 31, 2023
Balance as of
December 31, 2022
Short-term loans
Secured loans
Fixed rate loans
2.65
%
0.42
1,303,600
311,700
Variable rate loans
2.54
%
0.55
282,000
323,480
Subtotal
2.63
%
0.44
1,585,600
635,180
Unsecured loans
Fixed rate loans
1.55
%
0.16
106,999
61,999
Variable rate loans
0.00
%
-
-
-
Subtotal
1.55
%
0.16
106,999
61,999
Total short-term loans
2.56
%
0.42
1,692,599
697,179
Long-term loans
Secured loans
Fixed rate loans
2.14
%
3.72
4,517,486
2,654,852
Variable rate loans
1.95
%
10.93
15,504,030
13,063,619
Subtotal
1.99
%
9.30
20,021,516
15,718,471
Unsecured loans
Fixed rate loans
1.49
%
3.98
1,075,188
443,456
Variable rate loans
1.55
%
2.31
454,454
126,029
Subtotal
1.51
%
3.48
1,529,642
569,485
Total long-term loans
1.96
%
8.89
21,551,158
16,287,956
Less: current portion
(
7,243,022
)
(
1,030,850
)
Non-current portion
14,308,136
15,257,106
*
Pertained
    to information for loans outstanding as of December 31, 2023.
The
Company borrowed loans from various financial institutions for the purpose of purchasing and constructing real estate properties and
solar power plants and systems, and for working capital purpose.
Interest
expense for short-term and long-term loans was JPY
21,981
and JPY
391,125
for the year ended December 31, 2023, JPY
29,210
and JPY
221,913
for the year ended December 31, 2022, and JPY
33,544
and JPY
145,336
for the year ended December 31, 2021, respectively.
The
pledge information for the Company's outstanding loans as of December 31, 2023 and 2022, consist of the following:
December 31,
2023
December 31,
2022
Short-term loans
Pledged by real estate inventories and buildings held for lease
1,395,600
485,180
Pledged by restricted cash
(a)
100,000
45,100
Long-term loans
Pledged by real estate inventories, buildings held for lease and solar power systems
19,341,481
14,780,915
Pledged by restricted cash
(a)
1,099,591
196,056
Pledged by accounts receivable in connection with electricity sales to power companies
174,901
136,091
(a)
As
    of December 31, 2023 and 2022, these loans were secured by restricted cash of JPY
151,503
and JPY
51,503
, respectively.
F-
26
The
guaranty information for the Company's outstanding loans as of December 31, 2023 and 2022, consist of the following:
December 31, 2023
December 31, 2022
Short-term loans
Guaranteed by COO of the Company
124,500
71,000
Guaranteed by parent company or subsidiary within the Company's organizational structure
1,041,000
150,000
Co-guaranteed by COO and parent company or subsidiary within the Company's organizational structure
-
85,580
Long-term loans
Guaranteed by COO of the Company
8,072,793
7,307,943
Co-guaranteed by COO and CEO of the Company
578,878
593,849
Guaranteed by Tokyo Credit Cooperative Union
151,848
86,110
Guaranteed by Nihon Hoshou Co., Ltd.
226,380
-
Guaranteed by parent company or subsidiary within the Company's organizational structure
2,111,435
2,108,807
Co-guaranteed by COO and parent company or subsidiary within the Company's organizational structure
139,428
321,421
Co-guaranteed by COO and Tokyo Credit Cooperative Union
4,990
6,994
Co-guaranteed by COO, CEO and Tokyo Credit Cooperative Union
7,495
9,499
Co-guaranteed by Li Tianqi, Chief Artificial Intelligence Officer ("CAIO") of the Company and a financial institution
21,151
22,445
Guaranteed by Uemoto Takamasa, former CEO of SYLA Solar
-
188,458
During
the years ended December 31, 2023, 2022 and 2021, the Company entered into amended loan agreements which had prepayment options with
financial institutions for certain loans. The amended terms mainly included changes of maturity dates and installment amount. The Company
analyzed the amendments under ASC Topic 470 and concluded that these amendments were not considered substantially different and were
accounted for as debt modifications.
As
of December 31, 2023, future minimum payments for long-term loans are as follows:
Principal
Years Ended December 31,
Repayment
2024
7,243,022
2025
5,537,029
2026
1,455,032
2027
495,533
2028
1,066,540
Thereafter
5,754,002
Total
21,551,158
F-
27
NOTE
11 —
CORPORATE BONDS
The
Company issued corporate bonds through various banks, which consist of the following:
Name of Banks
Principal Amount
Issuance
Date
Maturity
Date
Annual
Interest Rate
Balance as of
December 31, 2023
Balance as of
December 31, 2022
Musashino Bank
(a) (b)
100,000
7/10/2019
7/10/2024
0.36
%
20,000
40,000
Kirayaka Bank
(a))
200,000
9/10/2019
9/10/2024
0.85
%
40,000
80,000
Chiba Kogyo Bank
(a)
100,000
3/27/2020
3/28/2023
0.10
%
-
20,000
Kagawa Bank
(a)
150,000
10/29/2021
10/29/2026
0.53
%
90,000
120,000
Musashino Bank
(a)
100,000
12/24/2021
12/24/2026
0.36
%
60,000
80,000
Aggregate outstanding principal balances
210,000
340,000
Less: unamortized bond issuance costs
(
4,850
)
(
7,706
)
Less: current portion
(
107,601
)
(
126,525
)
Non-current portion
97,549
205,769
(a)
These
    debts are guaranteed by the respective bank.
(b)
These
    debts are guaranteed by the Tokyo Credit Guarantee Association.
Interest
expense for corporate bonds was JPY
1,597
, JPY
2,300
and JPY
1,735
for the years ended December 31, 2023, 2022 and 2021, respectively.
As
of December 31, 2023, future minimum payments are as follows:
Principal
Years Ended December 31,
Repayment
2024
110,000
2025
50,000
2026
50,000
2027
-
2028
-
Thereafter
-
Total
210,000
F-
28
NOTE
12 –
OTHER CURRENT LIABILITIES AND OTHER LIABILITIES
Other
current liabilities and other liabilities consist of the following:
December 31,
December 31,
2023
2022
Other current liabilities
Vendor payables
266,850
101,204
Liabilities arising from repurchase agreements
90,014
994,249
Accrued consumption taxes
100,280
67,020
Miscellaneous deposits received from tenants to be remitted to other service providers
109,082
88,436
Rental deposits received from tenants to be remitted to property owners
340,317
309,809
Deposits held on behalf of voluntary partnerships
74,189
33,323
Current portion of deferred government grant
27,670
-
Other payables
38,614
9,457
Total other current liabilities
1,047,016
1,603,498
Other liabilities
Leasehold and guarantee deposits received from tenants
291,530
297,004
Deferred income tax liabilities, net
85,073
117,179
Long-term trade payables
17,956
3,254
Asset retirement obligations
24,376
30,919
Non-current portion of deferred government grant
115,293
-
Total other liabilities
534,228
448,356
NOTE
13 –
SHAREHOLDERS' EQUITY
Capital
stock and capital surplus
The
change in the number of issued shares of capital stock during the years ended December 31, 2023, 2022 and 2021 were as follows:
For the Years Ended December 31,
2023
2022
2021
Balance at the beginning of the year
239,489
237,889
227,960
Share issuance upon initial public offering
18,750
-
-
Exercise of stock options
2,652
1,600
-
Issuance of capital stock
-
-
4,540
Capital stock issued for acquisition of subsidiary
-
-
5,389
Balance at the end of the year
260,891
239,489
237,889
All
of the issued shares as of December 31, 2023 and 2022 have been paid in full.
Under
the Companies Act of Japan (the "Companies Act"), issuances of capital stock, including conversions of bonds and notes, are
required to be credited to the capital stock account for at least
50
% of the proceeds and to the legal capital surplus account ("legal
capital surplus") for the remaining amounts.
The
Companies Act permits that capital stock, capital surplus and retained earnings can be transferred among these accounts under certain
conditions upon the approval of a General Meeting of Shareholders. The Companies Act limits the increase of paid-in capital in case disposition
of treasury stock and issuance of common stock are performed at the same time.
On
April 4, 2023, the Company closed its initial public offering on the NASDAQ Capital Market under the symbol "SYT". The
Company offered
1,875,000
American Depositary Shares ("ADSs"), equivalent to
18,750
common shares, at US$
8.00
per ADS. Net proceeds raised by the Company from the initial public offering amounted to JPY1,801,633 after deducting underwriting
discounts and commissions and other offering expenses. The offering costs of JPY
81,602
were charged against the proceeds from the offering.
Share
repurchase program
On
July 6, 2023, the Board of Directors approved a share repurchase program ("2023 Share Repurchase Program"), pursuant to which
the Company is authorized to repurchase up to JPY
200
million of its outstanding ADSs. The timing and amount of repurchases under the
program are determined by the Company's management based on its evaluation of market conditions and other factors. This program
has no pre-determined termination date and may be suspended or discontinued at any time.
During
the period from July 6, 2023 through December 31, 2023, the Company repurchased
14,188
shares of ADSs at an average price of $
6.73
per ADS totaling approximately JPY
14
million under the 2023 Share Repurchase Program. As of December 31, 2023, approximately JPY
186
million remained available under the 2023 Share Repurchase Program.
Legal
reserve set aside as appropriation of retained earnings and legal capital surplus
Retained
earnings consist of legal reserves and accumulated earnings.
The Companies Act provides that an amount at least equal to 10% of the aggregate
amount of cash dividends and certain appropriations of retained earnings associated with cash outlays applicable to each period shall
be appropriated and set aside as a legal reserve until the aggregate amount of legal reserve set aside as an appropriation of retained
earnings and the legal capital surplus equals 25% of stated capital as defined in the Companies Act.
Legal reserves may be used to eliminate
or reduce a deficit or be transferred to other retained earnings upon approval of the General Meeting of Shareholders.
F-
29
NOTE
14 –
STOCK-BASED COMPENSATION
The
Company has historically awarded stock options to various officers, directors, employees and consultants of the Company to purchase shares
of the Company's capital stock. During the years ended December 31, 2014 to 2018, the Company has issued several batches of stock
options to acquire the equivalent of total
51,340
shares of capital stock of
the Company after the adjustment for the 100-for-1 stock
split in February 2018
. The options generally vest
two years
after the grant date and have the contractual term of ten years. The total
outstanding stock options as of January 1, 2020 was
50,405
.
On
November 30, 2020, the Company awarded options to purchase an aggregate of
870
shares of capital stock at an exercise price of JPY
45,140
per share to various officers, directors and employees of the Company. The options vest on
August 26, 2022
with the expiration date on
July 31, 2030
.
On
July 30, 2021, the Company awarded options to purchase
50
shares of capital stock at an exercise price of JPY
48,060
per share to a consultant
of the Company. The options vest on
July 9, 2023
with the expiration date on
July 31, 2031
.
On
May 13, 2022, the Company entered into a consulting and services agreement (the "Consulting Agreement") with HeartCore Enterprises,
Inc. ("HeartCore") pursuant to which it agreed to compensate HeartCore with cash consideration of US$
500,000
and common share
purchase warrants (the "Warrants") in exchange for professional services to be provided by HeartCore in connection with its IPO.
HeartCore may exercise the Warrants beginning on the date of IPO until ten
years following completion of an IPO to purchase 2% of the fully diluted shares of the Company's capital stock as of the date of
IPO, for an exercise price per share of US$0.01, subject to adjustment as provided in the agreement
. The Consulting Agreement was further
amended in August and November 2022, respectively, to modify the payment terms and dates. The Warrants were also terminated upon the
issuance of the stock acquisition rights.
On
November 9, 2022,
the Company and HeartCore entered into the 9th stock acquisition rights allotment agreement pursuant to which the Company
allotted
5,771
stock acquisition rights to HeartCore in substitution for the Warrants originally issued on May 13, 2022. The stock acquisition
right is exercisable upon a successful listing on the NASDAQ Capital Market or NYSE American and has an exercise price of US$0.01 per
share and is fully vested. The number of shares underlying each stock acquisition right is calculated as the number of issued and outstanding
shares of the Company's capital stock on a fully diluted basis as of the previous day of the listing date on a stock exchange multiplied
by 2% and divided by 5,771, subject to adjustment as provided in the agreement. The stock acquisition right, subject to some conditions,
is exercisable upon the effectiveness of an IPO throughout a period of ten years from the listing date
.
On
April 20, 2023, the Company issued the underwriter (or its designees) a warrant to purchase
131,200
ADSs (the "Representative's
Warrant") representing
7
% of the
1,875,000
ADSs sold in the IPO. The Representative's Warrant is fully vest and exercisable
upon grant with the expiration date on March 29, 2028. The exercise price of the Representative's Warrant is $
10.00
per ADS. The
stock-based compensation of the Representative's Warrant was fully charged against capital surplus.
On
September 8, 2023, the Company awarded options to purchase
1,539
shares of capital stock at an exercise price of $
800
per share to an
investor relations company. The options vest on each annual anniversary of May 1, 2024, in an amount equal to one-third of the applicable
shares of capital stock, with the expiration date on July 31, 2028. The options were fully forfeited on December 31, 2023.
The
following table summarizes the stock option activities and related information for the years ended December 31, 2023, 2022 and 2021:
Number of Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term
(JPY)
(Years)
Outstanding as of January 1, 2021
51,255
8,940
3.51
Granted
50
48,060
9.59
Forfeited/cancelled
(
15
)
33,320
-
Exercised
-
-
-
Outstanding as of December 31, 2021
51,290
8,971
2.52
Granted
5,771
1
10.00
Forfeited/cancelled
(
635
)
14,500
-
Exercised
(
1,600
)
8,225
-
Outstanding as of December 31, 2022
54,826
7,985
2.40
Granted
2,851
64,103
4.25
Forfeited/cancelled
(
1,619
)
113,443
-
Exercised
(
2,780
)
4,317
-
Outstanding as of December 31, 2023
53,278
7,975
1.34
Vested and exercisable as of December 31, 2023
48,787
8,709
0.61
F-
30
The
fair value of the stock options was estimated as of the date of grant using the binomial model with the assistance of a third-party valuation
appraiser. The following table summarizes the significant assumptions used in the model to estimate the fair value of the stock options
for the years ended December 31, 2022 and 2021:
For the Years Ended
December 31,
2022
2021
Expected volatility
51.30
%
55.50
%
Risk-free interest rate
0.30
%
0.02
%
Dividend yield
0
%
0
%
Exercise term
10.0
years
10.0
years
The stock acquisition rights granted to HeartCore during the year ended December 31, 2022 contained a performance
condition of exercisability upon a successful listing on the NASDAQ Capital Market or NYSE American. The Company did not recognize any
stock-based compensation in relation to the stock acquisition rights granted to HeartCore until the effectiveness of IPO on March 30,
2023.
For
the years ended December 31, 2023, 2022 and 2021, the Company recognized stock-based compensation related to the options of JPY
201,914
,
JPY
6,580
and JPY
11,564
,
respectively. As of December 31, 2023, all of the outstanding stock options were vest, there was no unrecognized stock based compensation.
NOTE
15 –
NET INCOME PER SHARE
Basic
net income per share is calculated on the basis of weighted average outstanding common shares. Diluted net income per share is computed
on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options. Dilutive common shares
are determined by applying the treasury stock method to the assumed conversion of share repurchase liability to common shares related
to the early exercised stock options.
The
computation of basic and diluted net income per share in accordance with ASC Topic 260 for the years ended December 31, 2023, 2022 and
2021 is as follows:
For the Years Ended December 31,
2023
2022
2021
Numerator:
Net income from continuing operations attributable to SYLA Technologies Co., Ltd.'s shareholders
688,174
306,432
277,489
Income (loss) from discontinued
    operations attributable to SYLA Technologies Co., Ltd.'s shareholders
(
6,742
)
88,523
-
Net income attributable to SYLA Technologies Co., Ltd.'s shareholders
681,432
394,955
277,489
Denominator:
Weighted average number of common shares outstanding used in calculating basic net income per share
255,028
239,353
231,031
Dilutive effect of stock options
49,021
44,001
40,378
Weighted average number of common shares outstanding used in calculating diluted net income per share
304,049
283,354
271,409
Net income from continuing operations per share
Net income per share - basic
2,698.42
1,280.25
1,201.09
Net income per share - diluted
2,263.36
1,081.45
1,022.40
Income (loss) from discontinued operations per
    share
Net income (loss) per share - basic
(
26.44
)
369.84
-
Net income (loss) per share - diluted
(
22.17
)
312.41
-
Net income attributable to SYLA Technologies Co., Ltd. per share
Net income per share - basic
2,671.99
1,650.09
1,201.09
Net income per share - diluted
2,241.19
1,393.86
1,022.40
F-
31
NOTE
16 -
INCOME TAXES
The
Company conducts its major businesses in Japan and is subject to tax in this jurisdiction. During the years ended December 31, 2023,
2022 and 2021, substantially all taxable income of the Company is generated in Japan. As a result of its business activities, the Company
files tax returns that are subject to examination by the local tax authority. Income taxes in Japan applicable to the Company are imposed
by the national, prefectural, and municipal governments, and in the aggregate resulted in an effective statutory rate of approximately
30.62
% for the years ended December 31, 2023, 2022 and 2021.
For
the years ended December 31, 2023, 2022 and 2021, the Company's income tax expenses are as follows:
For the Years Ended December 31,
2023
2022
2021
Current
639,948
448,089
232,794
Deferred
(
373,969
)
(
102,909
)
(
11,410
)
Total
265,979
345,180
221,384
A
reconciliation of the effective income tax rates reflected in the accompanying consolidated statements of operations and comprehensive
income to the Japanese statutory tax rate for the years ended December 31, 2023, 2022 and 2021 is as follows:
For the Years Ended December 31,
2023
2022
2021
Japanese statutory tax rate
30.62
%
30.62
%
30.62
%
Entertainment expenses not deductible
2.21
%
3.82
%
5.94
%
Unrecognized gain in connection with reorganization
0.00
%
8.80
%
5.55
%
Non-taxable dividend income
(
0.02
)%
(
0.26
)%
(
0.58
)%
Stock based compensation expense not deductible
0.01
%
0.31
%
0.71
%
Change on valuation allowance
0.00
%
1.77
%
0.00
%
Effect of different statutory tax rate in Japan
(
2.59
)%
1.60
%
0.00
%
Other adjustments
(
4.03
)%
(
1.86
)%
(
2.97
)%
Subtotal
26.20
%
44.80
%
39.27
%
Undistributed retained earnings tax
*
0.00
%
7.82
%
5.00
%
Effective tax rate
26.20
%
52.62
%
44.27
%
*
The
    Company is a Specified Family Company, as one shareholder and its related persons hold more than
50
% of its total outstanding shares.
    Hence, in addition to the
normal corporate income taxes, the Company is also subject to a special tax on its undistributed retained
    earnings ("URE") for each fiscal year, after the Company's capital stock exceeds JPY100 million. URE tax is imposed
    on the Company's URE, which is defined as the Company's taxable income for the year minus the sum of the dividends declared,
    the adjusted corporate income tax, and the URE credit (which usually is 40% of the taxable income). The portion of its URE not more
    than JPY30 million is subject to a rate of 10%, the portion between JPY30 million and JPY100 million is subject to a rate of 15%,
    and the portion over JPY100 million is subject to a rate of 20%.
F-
32
The
tax effects of temporary differences that give rise to the deferred income tax assets and liabilities at December 31, 2023 and 2022 are
presented below:
December 31,
December 31,
2023
2022
Deferred income tax assets
Revenue and expense adjustments
50,092
29,145
Allowance for credit losses
25,395
10,080
Fair value change and impairment on investment securities
34,313
28,825
Unrealized gain on sales arrangement with repurchase clause
*
-
12,018
Lease liabilities
740,381
812,434
Stock based compensations
339,539
238,846
Net operating loss carryforwards
236,525
19,285
Others
48,274
24,244
Total deferred income tax assets, gross
1,474,519
1,174,877
Less: valuation allowance
-
(
19,285
)
Total deferred income tax assets, net
1,474,519
1,155,592
Deferred income tax liabilities
Change in cash surrender value of life insurance policies
(
23,149
)
(
11,132
)
Right-of-use assets
(
746,002
)
(
801,286
)
Unrealized loss on sales arrangement with repurchase clause
*
(
10,713
)
-
Intangible assets acquired through business combination
(
109,874
)
(
132,361
)
Total deferred income tax liabilities
(
889,738
)
(
944,779
)
Deferred income tax assets, net (included in other assets)
669,854
327,992
Deferred income tax liabilities, net (included in other liabilities)
(
85,073
)
(
117,179
)
*
Represents
    unrecognized gain or loss for accounting purpose, recognized gain or loss for tax purpose.
The
realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future
periods. The Company regularly assesses the ability to realize its deferred tax assets and establish a valuation allowance if it is more-likely-than-not
that some portion of the deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including
its earnings history and results of recent operations, projected future taxable income, and tax planning strategies.
The
amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward
period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional
weight may be given to subjective evidence such as the Company's projections for growth. The adjustments of a valuation allowance
against deferred tax assets may cause greater volatility in the effective tax rate in the periods in which the valuation allowance is
adjusted. Based upon the level of historical taxable profit and projections for future taxable profit over the periods for which the
deferred tax assets are deductible, management believes it is probable that the Company will utilize the benefits of these deferred tax
assets as of December 31, 2023 and 2022. Uncertainty of estimates of future taxable profit could increase due to changes in the economic
environment surrounding the Company, effects by market conditions, effects of currency fluctuations or other factors.
Uncertain
tax positions
The
Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical
merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2023 and 2022, the management considered
the Company did not have any significant unrecognized uncertain tax positions. The Company did
no
t incur any interest or penalties tax
for the years ended December 31, 2023, 2022 and 2021. The Company does not anticipate any significant increases or decreases in unrecognized
tax benefits in the next twelve months from December 31, 2023.
Open tax years in Japan are five years. The Company's Japan income
tax return filed for the tax years ending from December 31, 2019 through December 31, 2023 are subject to examination by the relevant
taxing authorities
. The Company's tax attributes from prior periods remain subject to adjustment.
F-
33
NOTE
17 –
DISAGGREGATION OF REVENUES
Revenues
generated from different revenue streams consist of the following:
For the Years Ended December 31,
2023
2022
2021
Real estate and related services:
Real estate sales
16,031,129
17,978,875
15,010,878
Land sales
3,536,087
1,670,630
240,000
Rental income
1,136,521
1,007,112
893,647
Real estate management income
766,077
623,186
520,857
Subtotal
21,469,814
21,279,803
16,665,382
Solar power and related services:
Solar power plants sales
633,337
561,331
-
Solar power plants operation and maintenance income
33,680
28,736
-
Electricity sales
214,528
185,915
-
Subtotal
881,545
775,982
-
Container and related services:
Container sales
373,604
-
-
Container operation and management income
18,447
-
-
Subtotal
392,051
-
-
Total
22,743,410
22,055,785
16,665,382
The
Company's revenues are presented net of consumption tax collected on behalf of governments. The Company has elected to adopt the
practical expedient for incremental costs to obtain a contract with a customer, i.e. sales commissions, with amortization periods of
one year or less to be recorded in selling, general and administrative expenses when incurred.
Changes
in the Company's deferred revenue for the years ended December 31, 2023, 2022 and 2021 were presented in the following table:
December 31,
December 31,
December 31,
2023
2022
2021
Deferred revenue as of the beginning of the year
228,426
94,376
18,183
Net cash received in advance during the year
702,656
1,557,973
601,173
Deferred revenue addition in connection with business combination of SYLA Solar
-
45,415
-
Revenue recognized (consumption tax included) from opening balance of deferred revenue
(
218,346
)
(
78,351
)
(
17,783
)
Revenue recognized (consumption tax included) from deferred revenue arising during current year
(
547,474
)
(
1,390,987
)
(
507,197
)
Deferred revenue as of the end of the year
165,262
228,426
94,376
As
of December 31, 2023, 2022 and 2021, and for the years then ended, substantially all of our long-lived assets and revenues generated
are attributed to the Company's operation in Japan.
F-
34
NOTE
18 –
RELATED PARTY TRANSACTIONS
The
related parties had material transactions for the years ended December 31, 2023, 2022 and 2021 consist of the following:
Name
    of Related Party
Nature
    of Relationship at December 31, 2023
Sugimoto
    Hiroyuki
CEO
    of the Company
Yuto
    Yoshiyuki
COO
    of the Company
Watanabe
    Takahide
Chief
    Strategy Officer ("CSO") of the Company
Li
    Tianqi
CAIO of the Company
Fuchiwaki
    Takeshi
Chief
    Growth Officer ("CGO") of the Company
SY Consulting Co., Ltd. ("SY Consulting")
A company controlled by CEO of the Company
Sugimoto
    Architectural Design Foundation
A
    company controlled by CEO of the Company
SYW
    Co., Ltd. ("SYW")
A
    company controlled by CEO of the Company prior to April 2022, significantly influenced by CEO of the Company during the period from
    April 2022 to August 2023, and controlled by CEO of the Company after August 2023
Lifit
    Home Co., Ltd. ("Lifit Home")*
Subsidiary
    of the Company prior to March 2021, when the entity was disposed
GARNET
    Co., Ltd. ("GARNET")*
Subsidiary
    of the Company prior to August 2022, when the entity was disposed
SYNS
    Co., Ltd. ("SYNS")*
Subsidiary
    of the Company prior to September 2022, when the entity was disposed
Flex
    Brain LLC ("Flex Brain")
A
    company controlled by spouse of CGO of the Company
*
These entities were divested in connection with the reorganization for the Company's overseas listing and were
regarded as related parties of the Company prior to the disposal date. Upon completion of the disposition, the Company no longer holds
any equity interest or exercises significant influence over these entities. As a result, these entities ceased to be related parties to
the Company. The activities between the Company and these entities before the completion date of disposition were presented as related
party transactions in the consolidated statements of operations and comprehensive income and cash flows for all periods presented.
Interest
income generated from related parties amounted to
nil
,
nil
and JPY
153
for the years ended December 31, 2023, 2022 and 2021, respectively.
The
Company borrowed JPY
118,000
from its CAIO during the year ended December 31, 2022 and repaid the amount
in full during the same year. The Company borrowed JPY400,000 from its CEO during the year ended December 31, 2021 and repaid the amount in full
during the same year and incurred interest expenses of JPY775.
F-
35
During
the year ended December 31, 2023, the Company entered into a sale-leaseback transaction with SYW and sold a container for cash proceeds
of JPY
165,802
.
The Company paid rent associated with this lease of JPY
6,919
and the rent expense associated with this lease
was JPY
7,876
for the year ended December 31, 2023. The operating
lease right-of-use assets and operating lease liabilities in connection with the lease are as follows:
December 31,
December 31,
2023
2022
SYW
Operating lease right-of-use assets
16,639
-
SYW
Operating lease liabilities, current
11,684
-
SYW
Operating lease liabilities, non-current
5,911
-
Payables
due to related parties, which were included in other current liabilities on the consolidated financial statements, as of December 31,
2023 and 2022 are as follows:
December 31,
December 31,
Payables due to related parties (included in other current liabilities)
2023
2022
Li Tianqi
Operating expense paid on behalf of the Company
26
-
Fuchiwaki Takeshi
Operating expense paid on behalf of the Company
93
230
SYW
Entertainment service provided by related party
2,854
554
Total
2,973
784
Accounts
receivable from related parties as of December 31, 2023 and 2022 are as follows:
December 31,
December 31,
Accounts receivable from related parties
2023
2022
SYW
Provided container operation and management service to related party
437
-
Flex Brain
Provided solar power plants operation and maintenance service to related party
8
-
Total
445
-
Deferred
revenue from related party as of December 31, 2023 and 2021 is as follows:
December 31,
December 31,
Deferred revenue from related party
2023
2022
SYW
Rental and other fee received in advance
-
93,341
Revenues
generated from related parties for the years ended December 31, 2023, 2022 and 2021 are as follows:
For the Years Ended December 31,
Revenues from related parties
2023
2022
2021
Sugimoto Hiroyuki
Real estate management income
70
69
133
Yuto Yoshiyuki
Rental income and real estate management income
64
2,013
63
Watanabe Takahide
Rental income
1,095
1,314
1,314
Li Tianqi
Real estate management income
482
-
-
Fuchiwaki Takeshi
Real estate management income
142
-
-
SYW
Rental income, real estate management
    income, container sales and container operation and management income
195,733
28,010
26,789
GARNET
Real estate management income
-
-
4,996
SYNS
Real estate sales and real estate management income*
-
331,126
251,011
Flex Brain
Rental income, solar power plants
    sales and solar power plants operation and maintenance income
19,011
-
-
Total
216,597
362,532
284,306
*
Real
    estate properties sold to SYNS had been sold to third party customers within the same period.
Expenses
incurred with related parties for the years ended December 31, 2023, 2022 and 2021 are as follows:
For the Years Ended December 31,
Expenses with related parties
2023
2022
2021
Sugimoto Architectural Design Foundation
Donation
1,000
400
2,000
SYW
Referral and marketing fee and entertainment expenses
16,501
30,526
45,572
Lifit Home
Referral and marketing fee
-
-
5,090
SYNS
Referral and marketing fee
-
-
66,522
Total
17,501
30,926
119,184
F-
36
Real
estate properties purchased from related party for the years ended December 31, 2023, 2022 and 2021 are as follows:
For the Years Ended December 31,
Purchases from related party
2023
2022
2021
GARNET
Purchase of real estate properties
-
-
966,100
NOTE
19 –
BUSINESS COMBINATION AND GOODWILL
The
Company accounted for business combination using the acquisition method of accounting under ASC Topic 805. The total purchase price was
allocated to the tangible and identifiable intangible assets acquired and liabilities and noncontrolling interests based on their estimated
fair values as of the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill.
The
determination of fair values involves the use of significant judgments and estimates. The judgments used to determine the estimated fair
value assigned to assets acquired and liabilities assumed, the intangible assets useful lives and noncontrolling interests, as well as the expected
future cash flows and related discount rate, can materially impact the Company's consolidated financial statements. Significant
inputs and assumptions used for the model included the amount and timing of expected future cash flows and discount rate. The Company
utilized the assistance of third-party valuation appraisers to determine the fair values as of the date of acquisition for business combinations incurred during the years ended December 31, 2022 and 2021.
Business
combination of the construction painting franchise business from ETP Inc.
On
October 20, 2023, SYLA Co completed the acquisition of the construction painting franchise business from ETP Inc. ("ETP
Construction Painting Franchise Business"). The Company aimed to enhance its real estate related business services through
this acquisition. The cash purchase consideration was JPY
5,800
.
The
purchase price was allocated on the acquisition date of ETP Construction Painting Franchise Business as follows:
Accounts receivable
9,252
Accounts payable
(
2,926
)
Other net liabilities
(
3,601
)
Goodwill
3,075
Total purchase consideration – ETP Construction Painting Franchise Business
5,800
Pro
forma results of operations for the business combination of ETP Construction Painting Franchise Business have not been presented
because they are not material to the consolidated statements of operations and comprehensive income for the years ended December 31,
2023, 2022 and 2021.
Business
combination of SYLA Solar
On
February 28, 2022, SYLA Tech completed the acquisition of
100
% equity interest of SYLA Solar and its subsidiaries. The Company aimed
to enter the field of solar power generation market, electricity wholesale and retail market and other renewable energy trading market
through this acquisition. The cash purchase consideration was JPY
610,000
.
The
purchase price was allocated on the acquisition date of SYLA Solar and its subsidiaries as follows:
Property, plant, and equipment, net
422,757
Solar power systems, net
365,419
Favorable contracts
247,527
Deferred income tax liabilities, net
(
154,246
)
Other net liabilities
(
578,266
)
Goodwill
306,809
Total purchase consideration – SYLA Solar
610,000
Pro
forma results of operations for the business combination of SYLA Solar have not been presented because they are not material to the consolidated
statements of operations and comprehensive income for the years ended December 31, 2022 and 2021.
F-
37
Business
combination of SYLA Brain
On
December 31, 2021, SYLA Tech completed the acquisition of
67
% equity interest of SYLA Brain. The Company aimed to enter the field of
artificial intelligence in relation to real estate market and cryptocurrency mining market through this acquisition. The purchase consideration
was JPY
469,001
, consisted of JPY
210,000
cash and JPY
259,001
equivalent to
5,389
SYLA Tech's shares issued to SYLA Brain's
original owners fair valued at the acquisition date. The Company withdrew from the mining machine business in December 2022 and disposed
of the business in January 2023. See Note 21.
The
purchase price was allocated on the acquisition date of SYLA Brain as follows:
Inventories (including real estate inventories and mining machine inventories)
116,248
Technologies
235,609
Deferred income tax liabilities, net
(
81,014
)
Other net liabilities
(
27,956
)
Goodwill
425,943
Noncontrolling interests
(
199,829
)
Total purchase consideration – SYLA Brain
469,001
Pro
forma results of operations for the business combination of SYLA Brain have not been presented because they are not material to the consolidated
statements of operations and comprehensive income for the year ended December 31, 2021.
Step
acquisition of SYLA Biotech
On
April 27, 2022, SYLA Tech and Makoto Ariki, a
5
% shareholder of SYLA Brain, co-established SYLA Biotech. SYLA Tech and Makoto Ariki each
owned
50
% equity interest of SYLA Biotech until September 13, 2022. On September 14, 2022, SYLA Tech completed the subscription of
599
shares of SYLA Biotech, at a price of JPY
10,000
per share for a total consideration of JPY
5,990
in cash. SYLA Tech's ownership
of SYLA Biotech thereby increased to
60
%, and SYLA Biotech became a subsidiary of the SYLA Tech. The transaction was accounted for as
a step acquisition whereby the Company remeasured to fair value its previously held equity investment in SYLA Biotech and included such
in the determination of the purchase price.
The
purchase price was allocated on the acquisition date of SYLA Biotech as follows:
Accounts receivables
8,852
Accounts payable
(
13,543
)
Other net assets
9,699
Goodwill
2,995
Noncontrolling interests
(
2,003
)
Subtotal
6,000
Less: fair value of previously held equity method investment
(
10
)
Total purchase consideration – SYLA Biotech
5,990
Pro
forma results of operations for the business combination of SYLA Biotech have not been presented because they are not material to the
consolidated statements of operations and comprehensive income for the years ended December 31, 2022 and 2021.
The
results of operations, financial position and cash flows of ETP Construction Painting Franchise Business, SYLA Solar and its subsidiaries,
SYLA Brain and SYLA Biotech have been included in the Company's consolidated financial statements since the date of acquisition.
The
Company's policy is to perform its annual impairment testing on goodwill for its reporting unit on December 31, of each fiscal
year or more frequently if events or changes in circumstances indicate that an impairment may exist. The Company did not recognize any
impairment loss on goodwill during the years ended December 31, 2023, 2022 and 2021.
NOTE
20 –
INTANGIBLE ASSETS, NET
Intangible
assets and related accumulated amortization are as follows:
December 31, 2023
December 31, 2022
Technologies
63,860
63,860
Favorable contracts
247,527
247,527
Subtotal
311,387
311,387
Less: accumulated amortization
(
178,161
)
(
117,026
)
Intangible assets, net
133,226
194,361
Amortization expense was JPY
61,135
, JPY
117,026
and
nil
for the years ended December 31, 2023, 2022 and 2021, respectively.
As
of December 31, 2023, the future estimated amortization costs for intangible assets are as follows:
Years Ended December 31,
2024
11,802
2025
11,802
2026
11,802
2027
11,802
2028
11,802
Thereafter
74,216
Total
133,226
F-
38
NOTE
21 –
DISCONTINUED OPERATIONS
On
December 30, 2022, in light of the deterioration of the crypto and mining machine market conditions, the Board of Directors of the Company
approved to withdraw from the mining machine business and dispose of the business to Getworks Co., Ltd. The disposal transaction was
closed on January 23, 2023 and the Company does not expect to have any continuing involvement in the mining machine business subsequent
to the closing. The disposition of the mining machine business represented a strategic shift that has or will have a major effect on
the Company's operations and financial results. Accordingly, all results of the mining machine business have been removed from
continuing operations and presented as discontinued operations in our consolidated statements of operations and comprehensive income
for all periods presented. Additionally, all assets and liabilities of the mining machine business have been presented separately as
assets and liabilities of discontinued operations in the accompanying consolidated balance sheets as of December 31, 2023 and 2022. In
connection with the held for sale classification, the Company recognized an impairment of JPY
258,760
, partially offset by a deferred
tax benefit of JPY
59,408
on the remeasurement of the disposal group held for sale, which has been included in discontinued operations
in the accompanying consolidated statement of operations and comprehensive income for the year ended December 31, 2022.
On
January 23, 2023, the Company closed the transaction of disposition of the mining machine business. The Company recognized a loss of
JPY
6,742
upon the closing of the transaction.
The
following table presents financial results from discontinued operations, net of income taxes in our consolidated statements of operation
and comprehensive income for the period indicated:
For the Years Ended
December 31,
2023
2022
2021
Revenues, net
-
993,770
-
Cost of revenues
-
(
478,516
)
-
Gross profit
-
515,254
-
Operating expenses
Selling, general and administrative expenses
-
(
136,286
)
-
Impairment loss
-
(
258,760
)
-
Total operating expenses
-
(
395,046
)
-
Other
    expenses
(
6,742
)
-
-
Income (loss) from discontinued operations before income taxes
(
6,742
)
120,208
-
Income tax expense
-
(
41,580
)
-
Income (loss) from discontinued operations, net of income taxes
(
6,742
)
78,628
-
Net loss from discontinued operations attributable to noncontrolling interests
-
(
9,895
)
-
Income (loss) from discontinued operations attributable to SYLA Technologies Co., Ltd.
(
6,742
)
88,523
-
The
following table presents the aggregate carrying amounts of the assets and liabilities of discontinued operations of the mining machine
business in the consolidated balance sheets as of the date indicated:
As of December 31,
2023
2022
ASSETS OF DISCONTINUED OPERATIONS
Current assets
Accounts receivable
-
2,762
Inventories
-
66,828
Other current assets
-
11,437
Total current assets
-
81,027
Non-current assets
Property, plant and equipment, net
-
25,713
Intangible assets, net
-
154,574
Goodwill
-
8,046
Total non-current assets
-
188,333
Total assets of discontinued operations, gross
-
269,360
Less: impairment of disposal group
*
-
(
258,760
)
Total assets of discontinued operations, net
-
10,600
LIABILITIES OF DISCONTINUED OPERATIONS
Current liabilities
Accounts payable
-
3,308
Total current liabilities
-
3,308
Total liabilities of discontinued operations
-
3,308
*
In
    connection with the discontinued operation of mining machine business, the Company measured the disposal group at its fair value
    less costs to sell and accordingly recorded impairment of JPY
258,760
in the fourth quarter of 2022.
F-
39
NOTE
22 –
COMMITMENT AND CONTINGENCIES
Purchase
Commitment
The
amount of contractual commitments for the acquisition of real estate properties was JPY
94,276
and JPY
2,025,870
as of December 31, 2023
and 2022, respectively.
Contingencies
The
Company is involved in legal proceedings and claims in the ordinary course of business. In the opinion of management, none of such proceedings
and claims will have a significant impact on the Company's consolidated financial statements.
NOTE
23 –
SUBSEQUENT EVENTS
During
the subsequent period, the Company entered into various loans with banks and financial institutions for working capital purpose and for
the purpose of purchasing and constructing real estate properties and solar power plants and systems. The Company paid off certain loans
in an aggregate amount of approximately JPY
2,800,000
ahead of schedule as the pledged real estate properties were sold to customers.
During
the subsequent period, the Company entered into various lease agreements for the purpose of subleasing.
On
November 15, 2023, the Company and Riberesute Corporation ("Riberesute"), a company listed on the Tokyo Stock Exchange,
entered into a share transfer agreement, pursuant to which the Company purchased
2,158,800
shares of Riberesute, equivalent to a
20.39
% equity interest in Riberesute, from four shareholders of Riberesute in an aggregate
cash consideration of approximately JPY
1,988,000
.
On January 12, 2024, the Company closed the transaction of share purchase.
On
April 26, 2024,
the
Board of Directors of the Company approved the extension of the stock options expiration date from April 30, 2024 to April 30, 2027
for the stock options granted on May 31, 2014 and October 1, 2017, respectively. The valuation of stock options modification has not
yet completed as of the date of this report.
On
April 30, 2024, SYLA Co issued
45
shares to Riberesute for cash consideration of approximately JPY
300,000
.
F-
40
ITEM
19. EXHIBITS
EXHIBIT
INDEX-
Exhibit
Description
1.1
Articles of Incorporation of the Registrant (English translation), included as Exhibit 1.1 to Annual Report on Form 20-F filed on April 18, 2023 and incorporated herein by reference.
1.2
Amendment to Articles of Incorporation of the registrant, included as Exhibit 1.1 to Form 6-K filed on July 6, 2023 and incorporated herein by reference.
2.1
Form of Deposit Agreement among the Registrant, the depositary, and holders and beneficial owners of the American Depositary Receipts, filed as Exhibit 4.1 to Form F-1 (File No. 333-268420) filed on November 16, 2022 and incorporated herein by reference.
2.2
Specimen American Depositary Receipt of the Registrant, included as Exhibit A in Exhibit 4.1 to Form F-1 (File No. 333-268420), filed on November 16, 2022 and incorporated herein by reference.
2.3
Description of Securities (Description of American Depositary Shares), included as Exhibit 2.3 to Annual Report on Form 20-F filed on April 18, 2023 and incorporated herein by reference.
4.1
9th Stock Acquisition Rights Allotment Agreement, dated November 9, 2022, between SYLA Technologies Co., Ltd. and HeartCore Enterprises, Inc., filed as Exhibit 10.4 to Form F-1 (File No. 333-268420) filed on November 16, 2022 and incorporated herein by reference.
4.2†
Independent Director Agreement, dated as of December 5, 2022, between SYLA Technologies Co., Ltd. and Ferdinand Groenewald, filed as Exhibit 10.5 to Form F-1 (File No. 333-268420) filed on December 6, 2022 and incorporated herein by reference.
4.3
Business Transfer Agreement, dated as of January 20, 2023, between SYLA Technologies Co., Ltd. and Getworks Co., Ltd., filed as Exhibit 10.6 to Form F-1 (File No. 333-268420) filed on January 30, 2023 and incorporated herein by reference.
4.4
Underwriting Agreement, dated as of March 30, 2023, by and between SYLA Technologies Co., Ltd. and Boustead Securities, LLC, filed as Exhibit 1.1 to Form 6-K filed on March 31, 2023 and incorporated by reference herein.
4.5
Form of Representative's Warrant from SYLA Technologies Co., Ltd. to Boustead Securities, LLC, filed as Exhibit 4.1 to Form 6-K filed on March 31, 2023 and incorporated by reference herein.
4.6*
Share Transfer Agreement, dated November 15, 2023, between SYLA Technologies Co., Ltd. and Riberesute Corporation.
4.7*
Basic Agreement on Collaboration, dated December 8, 2023, between SYLA Technologies Co., Ltd. and BlackRock Japan Co., Ltd.
4.8*
Capital and Business Alliance Agreement, dated January 23, 2024, between SYLA Technologies Co., Ltd. and Riberesute Corporation.
8.1*
List of Subsidiaries of the Registrant.
11.1
Code of Ethics and Business Conduct of the Registrant., included as Exhibit 11.1 to Annual Report on Form 20-F filed on April 18, 2023 and incorporated herein by reference.
11.2
Insider Trading Policy of the Registrant, included as Exhibit 11.2 to Annual Report on Form 20-F filed on April 18, 2023 and incorporated herein by reference.
12.1*
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
12.2*
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
13.1**
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
13.2**
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
15.1*
Consent of Independent Registered Public Accounting Firm.
97.1*
Compensation Recovery Policy of the Registrant
101.INS*
Inline
    XBRL Instance Document
101.SCH*
Inline
    XBRL Taxonomy Extension Schema Document
101.CAL*
Inline
    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline
    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline
    XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline
    XBRL Taxonomy Extension Presentation Linkbase Document
104*
Cover
    Page Interactive Data File (embedded within the Inline XBRL document)
*
Filed
    herewith.
**
Furnished
    herewith.
†
Includes
    management contracts and compensation plans and arrangements.
113
SIGNATURE
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.
SYLA
    Technologies Co., Ltd.
May
    15, 2024
By:
/s/
    Hiroyuki Sugimoto
Name:
Hiroyuki
    Sugimoto
Title:
Chief
    Executive Officer
114