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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;CURRENT REPORT</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B>Date of Report (Date of
earliest event reported): <B>October 2, 2018</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;Exceed World, Inc. </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;(Exact name of registrant as specified
in its charter)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="vertical-align: top; width: 34%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>000-55377</B></FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>98-1339955</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; width: 49%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1-23-38-6F, Esakacho, Suita-shi,</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Osaka Japan</B></P></TD>
    <TD STYLE="width: 3%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 48%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>564-0063</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Registrant&rsquo;s telephone number, including area code:
+81-6-6339-4177</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>N/A</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (&sect;&nbsp;230.405 of this chapter) or
Rule&nbsp;12b-2 of the Securities Exchange Act of 1934 (&sect;&nbsp;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">Emerging growth
company&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If an emerging growth company, 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&nbsp;13(a)&nbsp;of the Exchange Act.&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;
</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-1-</P>

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<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>Throughout this Report on Form 8-K, the terms the &ldquo;Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us&rdquo; &ldquo;our&rdquo; and &ldquo;Exceed World&rdquo; refer to Exceed World, Inc., and &ldquo;our
board of directors&rdquo; refers to the board of directors of Exceed World, Inc.</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This Current Report on Form 8-K contains
forward-looking statements regarding, among other things, our future operating results and financial position, our business strategy,
and other objectives for our future operations. The words &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;intend,&rdquo;
&ldquo;expect,&rdquo; &ldquo;may,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;potential&rdquo;
and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain
these identifying words. We have based these forward-looking statements largely on our current expectations and projections about
future events and financial trends that we believe may affect our business, financial condition and results of operations. There
are a number of important risks and uncertainties that could cause our actual results to differ materially from those indicated
by forward-looking statements including those set forth in the section of this Current Report entitled &ldquo;Risk Factors.&rdquo;
We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not
place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions
and expectations disclosed in the forward-looking statements we make. Our forward-looking statements do not reflect the potential
impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">You should read this Current Report
on Form 8-K and the documents that we have filed as exhibits to this Current Report on Form&nbsp;8-K completely and with the understanding
that our actual future results may be materially different from what we expect. The forward-looking statements contained in this
Current Report on Form 8-K are made as of the date of this Current Report on&nbsp;Form&nbsp;8-K, and we do not assume any obligation
to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required
by applicable law.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-2-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="table"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Page</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B><U><A HREF="#item1">Item 1.01 Entry into a Material Definitive Agreement</A></U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">4</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B><U><A HREF="#item2">Item 2.01 Completion of Acquisition or Disposition of Assets.</A></U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">4</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><A HREF="#business"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U>BUSINESS</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><A HREF="#risk"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U>RISK FACTORS</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">11</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U><A HREF="#man">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><A HREF="#properties"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; color: blue"><U>PROPERTIES</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">16</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U><A HREF="#security">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">16</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><A HREF="#directors"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U>DIRECTORS AND EXECUTIVE OFFICERS</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">16</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><A HREF="#executive"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U>EXECUTIVE COMPENSATION</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">16</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><A HREF="#certain"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue; line-height: 107%"><U>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, DIRECTOR INDEPENDENCE</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><A HREF="#legal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U>LEGAL PROCEEDINGS</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><A HREF="#market"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U>MARKET PRICE AND DIVIDENDS ON REGISTRANT&rsquo;S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><A HREF="#recent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U>RECENT SALES OF UNREGISTERED SECURITIES</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><A HREF="#description"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U>DESCRIPTION OF REGISTRANT&rsquo;S SECURITIES</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><A HREF="#indemnification"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U>INDEMNIFICATION OF DIRECTORS AND OFFICERS</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><A HREF="#financial"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U>FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U><A HREF="#changes">CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS AND FINANCIAL DISCLOSURE</A></U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><A HREF="#fin"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U>FINANCIAL STATEMENTS AND EXHIBITS</U></FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B><U><A HREF="#item3">Item 3.02 Unregistered Sales of Equity Securities</A></U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B><U><A HREF="#item9">Item 9.01 Financial Statements and Exhibits</A></U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">18</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue"><U><A HREF="#signatures">SIGNATURES</A></U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">19</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-3-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><A NAME="item1"></A>Item 1.01 Entry into a Material Definitive
Agreement.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 26, 2018, Force Internationale
Limited, a Cayman Island limited company (&ldquo;Force Internationale&rdquo;) entered into a Share Purchase Agreement with its
wholly-owned subsidiary, e-Learning Laboratory Co., Ltd., a Japan corporation (&ldquo;e-Learning&rdquo;) and 74.5% owner of the
Company. Under this Share Purchase Agreement, e-Learning transferred its 74.5% interest in the Company to Force Internationale.
As consideration for this transfer, Force Internationale paid $26,000.00 to e-Learning. Immediately subsequent, the Company entered
into a Share Purchase Agreement with Force Internationale, to acquire 100% of Force International Holdings Limited, a Hong Kong
limited company (&ldquo;Force Holdings&rdquo;) and 100% direct owner of e-Learning. In consideration of this agreement, the Company
issued 12,700,000 common shares to Force Internationale. The result of these transaction is that Force Internationale is a 74.5%
owner of the Company, the Company is a 100% owner of Force Holdings, and Force Holdings is a 100% owner of e-Learning. Prior to
the Share Purchase Agreements, Force Internationale was an indirect owner of 74.5% of the Company and subsequent to the Share Purchase
Agreements, Force Internationale is a direct owner of 74.5% of the Company. The Share Purchase Agreements were approved by the
boards of directors of each of the Company, Force Internationale, Force Holdings, and e-Learning. Copies of the Share Purchase
Agreements are included as Exhibit 2.1 and Exhibit 2.2 to this Current Report and is hereby incorporated by reference. All references
to the Agreements and other exhibits to this Current Report are qualified, in their entirety, by the text of such exhibits.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following chart illustrates the
structure of our consolidated affiliated entities prior to such restructuring:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_077.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 9pt/normal Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following chart illustrates the
structure of our consolidated affiliated entities after such restructuring:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/normal Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: Red"><IMG SRC="image_078.jpg" ALT=""></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Force Internationale is owned and controlled
by Mr. Tomoo Yoshida (&ldquo;Mr. Yoshida&rdquo;) and Mr. Keiichi Koga (&ldquo;Mr. Koga&rdquo;), who own 55.7% and 39.6%, respectively
of Force Internationale, and who serve on the two-person Board of Directors of Force Internationale. Mr. Yoshida also serves as
the sole director and Chief Executive Officer of the Company. Mr. Yoshida and Mr. Koga also serve as directors on the two-person
board of directors of Force Holdings. The five-person board of directors for e-Learning is comprised of Mr. Yoshida, Mr. Koga,
Kaname Mori, Koji Okada, and Naoharu Wada.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The information contained in Item&nbsp;2.01
below relating to the Agreement and the transaction contemplated thereby is incorporated herein by reference.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><A NAME="item2"></A>Item 2.01 Completion of Acquisition
or Disposition of Assets.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As described in item 1.01 above, and
as incorporated herein by reference thereto, on September 26, 2018, the Company participated in two transactions pursuant to which:
(1) 74.5% of the Company&rsquo;s common stock is directly owned, rather than indirectly owned, by Force Internationale; and (2)
the Company is the indirect 100% owner of e-Learning.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">  -4-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 10 DISCLOSURE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Set forth below is the information required by Form 10 Pursuant
to Section 12(b) or (g) of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="business"></A>BUSINESS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/10.6pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company was incorporated under
the laws of the State of Delaware on November 25, 2014. The address is 1-23-38-6F, Esakacho, Suita-shi, Osaka 564-0063 Japan.
We are an Emerging Growth Company as defined in the Jumpstart Our Business Startups (JOBS) Act.</P>

<P STYLE="font: 10pt/10.6pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>History</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company was originally incorporated with
the name Brilliant Acquisition, Inc., under the laws of the State of Delaware on November 25, 2014, with an objective to acquire,
or merge with, an operating business. On January 12, 2016, Thomas DeNunzio of 780 Reservoir Avenue, #123, Cranston, RI 02910, the
sole shareholder of the Company, entered into a Share Purchase Agreement with e-Learning. Pursuant to the Agreement, Mr. DeNunzio
transferred to e-Learning, 20,000,000 shares of our common stock which represents all of our issued and outstanding shares. Following
the closing of the share purchase transaction, e-Learning gained a 100% interest in the issued and outstanding shares of our common
stock and became the controlling shareholder of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 12, 2016, the Company changed its
name to Exceed World, Inc. and filed with the Delaware Secretary of State, a Certificate of Amendment. On January 12, 2016, Mr.
Thomas DeNunzio resigned as our Chief Executive Officer, Chief Financial Officer, President, Director, Secretary, and Treasurer.
Also, on January 12, 2016, Mr. Tomoo Yoshida was appointed as our Chief Executive Officer, Chief Financial Officer, President,
Director, Secretary, and Treasurer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 29, 2016, the Company entered into
a Stock Purchase Agreement with Tomoo Yoshida, our Chief Executive Officer, Chief Financial Officer, President, Director, Secretary,
and Treasurer. Pursuant to this Agreement, Tomoo Yoshida transferred to Exceed World, Inc., 10 shares of the common stock of E&amp;F
Co., Ltd., a Japan corporation (&ldquo;E&amp;F&rdquo;), which represents all of its issued and outstanding shares in consideration
of $4,835 (JPY 500,000). Following the effective date of the share purchase transaction on February 29, 2016, Exceed World, Inc.
gained a 100% interest in the issued and outstanding shares of E&amp;F&rsquo;s common stock and E&amp;F became a wholly owned subsidiary
of Exceed World. On August 4, 2016, the E&amp;F changed its name to School TV Co., Ltd (&ldquo;School TV&rdquo;) and filed with
the Legal Affairs Bureau in Osaka, Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2016, e-Learning entered into stock
purchase agreements with 7 Japanese individuals. Pursuant to these agreements, e-Learning sold 140,000 shares of common stock in
total to these individuals and received $270 as aggregate consideration. Each paid JPY0.215 per share. At the time of purchase
the price paid per share by each was the equivalent of about $0.002. This sale of shares was exempt from registration in accordance
with Regulation S of the Securities Act of 1933, as amended (&quot;Regulation S&quot;) because the above sales of the stock were
made to non-U.S. persons as defined under Rule 902 section (k)(2)(i) of Regulation S, pursuant to offshore transactions, and no
directed selling efforts were made in the United States by the issuer, a distributor, any of their respective affiliates, or any
person acting on behalf of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 1, 2016, the Company changed its
fiscal year end from November 30 to September 30.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 9, 2016, e-Learning entered into
stock purchase agreements with 33 Japanese individuals. Pursuant to these agreements, e-Learning sold 3,300 shares of common stock
in total to these individuals and received $330 as aggregate consideration. Each paid JPY10   per share. At the time of
purchase the price paid per share by each shareholder was the equivalent to about $0.1. These shares were sold pursuant to the
Company&rsquo;s effective S-1 Registration Statement deemed effective on July 20, 2016 at 4pm EST.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 28, 2016, the Company, with the
approval of its board of directors and its majority shareholders by written consent in lieu of a meeting, authorized the cancellation
of shares owned by e-Learning. e-Learning consented to the cancellation of shares. The total number of shares cancelled was 19,000,000
shares which was comprised of 16,500,000 restricted common shares and 2,500,000 free trading shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 28, 2016, every one (1) share of
common stock, par value $.0001 per share, of the Company issued and outstanding was automatically reclassified and changed into
twenty (20) shares fully paid and non-assessable shares of common stock of the Company, par value $.0001 per share. (&ldquo;20-for-1
Forward Stock Split&rdquo;) No fractional shares were issued. The authorized number of shares, and par value per share, of common
stock are not affected by the 20-for-1 Forward Stock Split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 28, 2016, we filed a Certificate
of Amendment with the Delaware Secretary of State. The effective date of the 20-for-1 Forward Stock Split was upon the acceptance
of the Certificate of Amendment with the Secretary of State of the State of Delaware. The Certificate of Amendment can be found
as Exhibit 3.1 to Form 8-K filed November 1, 2016.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During July 2017 and August 2017, e-Learning
entered into stock purchase agreements with 24 Japanese individuals. Pursuant to these agreements, e-Learning sold 2,240,000 shares
of its common stock in total to these individuals and received $38,263 as aggregate consideration.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-5-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Existing Business</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We operate three lines of business through
our wholly owned subsidiary, School TV. These include:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">- The sale and distribution of health
related products;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">- The promotion of third party consumer
goods and services; and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">- RE/MAX realtor business in Kanagawa,
Okinawa, and Tokyo, Japan.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Nature of Business: Sale and Distribution of Health Related
Products </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/normal Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: Red"><IMG SRC="image_079.jpg" ALT=""></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">*The chart above does not depict when
we make direct sales to consumers.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As depicted in the diagram above School
TV is our wholly owned subsidiary through whom we operate exclusively at this time. School TV sells primarily health related consumer
goods to distributors and consumers alike. At this time, School TV primarily operates under the operational model of &ldquo;drop
shipping.&rdquo; It should be noted however, that School TV does hold inventory and sells products directly to the consumer from
time to time. For products sold through our drop shipping model, after a purchase order has been filled out by a consumer the product
is shipped out by School TV&rsquo;s suppliers, rather than School TV. School TV sends a portion of the proceeds from the sale of
any our products directly to suppliers when sold through the drop shipping model. This accounts for Exceed World&rsquo;s cost of
the good and any other related expenses. Revenues generated from the sale of inventory held directly by School TV are retained
entirely by School TV. School TV is responsible for shipping goods sold that come from its own supply of inventory.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">School TV has acquired its physical
inventory, which will be explained in further detail below, from suppliers, and has plans to acquire additional inventory from
as of yet unidentified suppliers.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Currently, School TV has future intentions
to create an online marketplace to sell goods through but at this time, has not yet begun pursuing development of such a marketplace
or website. Plans and timeline of such also remain undetermined.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">School TV currently has no storefront
and there is no guarantee that it will ever obtain a storefront. At this time, School TV is not actively seeking to acquire a storefront
and it relies exclusively on personal relationships of our Chief Executive Officer to sell its current inventory.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Health Related Products</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We offer the below products for sale:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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: 9%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PURE ESALA</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>POPOCA</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Le jeune</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Magic Soap in Bath</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Becker</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplement</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplement</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplement</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soap</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Health Beauty Equipment</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><IMG SRC="image_080.jpg" ALT="" STYLE="height: 76.5pt; width: 76.5pt"></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><IMG SRC="image_081.jpg" ALT="" STYLE="height: 77.25pt; width: 76.5pt"></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><IMG SRC="image_082.jpg" ALT="" STYLE="height: 78.75pt; width: 78.75pt"></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><IMG SRC="image_083.jpg" ALT="" STYLE="height: 77.25pt; width: 76.5pt"></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><IMG SRC="image_084.jpg" ALT="" STYLE="height: 76.5pt; width: 75pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Benefit</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discharges excessive moisture and salt from the body; Relieves constipation.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Heats the body; Promotes metabolism.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antioxidation from the body; Keeps moisture in the skin.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Free of additives; Positive for skin health</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Activation of tissue by impulse waves</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Ingredients</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potassium chloride, Essence of vitamin Hyaluronic acid</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Piper longum extracts, Essential vitamins, Ginger and pepper</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placental extracts, Collagen peptide, Essence of melon</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Olive oil, Palm oil, Clay called kaoline</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplier</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: silver; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exceed Japan Co., Ltd.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: silver; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exceed Japan Co., Ltd. &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: silver; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exceed Japan Co., Ltd. &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: silver; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exceed Japan Co., Ltd. &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: silver; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amoto Kyouiku Kenko Co., Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unit Price and Cost</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling Price JPY</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,800</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,400</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58,320</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling Price USD</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.33</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.86</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">555.43</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost Price JPY</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,920</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,920</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,220</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">600</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37,800</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost Price USD</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.29</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.29</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49.71</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.71</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">360.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Markup %</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>52%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>52%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>46.7%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>75%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>35.2%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>





<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Inventory</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2018, we had $78,570
in inventory which primarily consists of a health beauty equipment. Any goods that are purchased from our supply of physical inventory
are sent out to the purchaser. We are responsible for any shipping and or related costs.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 27, 2018, e-Learning, the beneficial
owner of the Company, agreed to acquire significant majority of the remaining health beauty equipment, &quot;Becker&quot;, at
cost from the Company. The Company completed the delivery subsequently on July 31, 2018.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-6-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Process of Ordering, Delivery and
Payment</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Should a purchaser purchase a health
related supplement or product directly from School TV, the Company provides the purchaser a &ldquo;call sheet&rdquo; or in other
words a purchase order form which includes but is not limited to, basic information on the purchaser, the shipping address of the
purchaser, and payment details of the purchaser. School TV offers standard methods of shipping for its products at the cost of
the purchaser. School TV bills the purchaser directly as the purchase is from School TV&rsquo;s own stock of inventory.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Purchasers may also decide to purchase
products through particular &lsquo;distributors&rsquo; or sales agents of School TV. In this case the distributors receive a commission
decided upon by the Company on a case by case basis. Payments, billing, and shipping are still handled by School TV.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For products not available in School
TV&rsquo;s inventory, the Company utilizes the drop-shipping model described in the proceeding paragraphs. In this case School
TV is responsible for collecting payment and shipping information from the purchaser and then provides this information to the
supplier at which time the supplier bills the purchaser for the purchase of the product(s) and handles any shipping of the product(s)
thereafter. A commission is then paid to School TV for facilitating the transaction. Commissions are on a case by case basis with
no set commission.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Competition - Health, Food, and Related
Goods</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our primary competition comes from other
health food and supplement companies within Japan, but can also include global companies who offer their products within Japan.
Some of our competitors have larger resources than we have, a longer operating history, and established connections throughout
our target regions, which may make it difficult to penetrate into the market effectively. Even if we do manage to penetrate into
the health food and or supplement market with our products there can be no guarantee that we will be able to continue to compete
effectively with these established competitors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our competition includes, but is not
limited to, MUSO Co., Ltd, Asahi Food &amp; Healthcare Co., Ltd., Daiichi Sankyo Co., Ltd., Taisho Pharmaceutical Co., Ltd. and
Takeda Pharmaceutical Co., Ltd.. Several of these competitors have an established track record in Japan and offer highly valued
products throughout the country, which may serve to make it more difficult for our own products to gain attention as we begin operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Nature of Business: Promotion of Third Party Consumer
Goods and Services</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to our retail and drop-shipping
business described above we also provide promotional services for third party businesses and receive a commission upon the sale
of such product(s) or service(s). Included below we have disclosed the name, and principal good or service, of each third party
business to whom we presently offer promotional services.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>Products and Services - Sales</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</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: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Products</FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplier of Product or Service</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internet provider service(s)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Next BB Co., Ltd.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delivery service(s) of Goods</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real Web Co., Ltd.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Food product(s)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morita Seicha</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Food product(s)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOMOTO Co., Ltd.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Promotional activities are made through existing relationships
of School TV.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>Process of Ordering, Delivery and Payment</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Any and all billing, fulfillment, and
shipping (if applicable) related to this business is handled entirely by the supplier of each product or service exclusively. We
receive a commission upon facilitating a sale of a service or product that varies on a case by case basis. We are not directly
involved in the sale of any product or service in any way except for assisting with facilitating the sale via promotional services.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-7-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Nature of Business: RE/MAX Realtor
Business in Kanagawa, Okinawa, and Tokyo, Japan</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Basic structure</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(description continued on next page)&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: Red"><B><IMG SRC="image_085.jpg" ALT=""></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Kanagawa region and Okinawa region</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 7, 2017, our wholly owned subsidiary,
School TV entered into a RE/MAX Regional Franchise Agreement with the master franchisor of RE/MAX Japan, Kidding Co., to lease
the franchise rights to two Japanese Prefectures, Kanagawa and Okinawa, in consideration of JPY75,060,000 ($674,333) effective
on July 7, 2017. Both lease terms are for a term of fifteen years and, after expiration of the lease term, School TV will need
to pay to renew its rights to franchise RE/MAX should the Company decide to do so at that time. (*1, *2)</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As depicted in the chart above, School
TV has leased the rights to be regional franchisor owner of RE/MAX brokerage offices in two Prefectures (regions) of Japan from
Kidding Co. Kidding Co. is the managing company for all of Japan&rsquo;s RE/MAX operations. School TV is not engaged in any real
estate activities and any brokerage offices opened up in these prefectures under School TV will be Japanese real estate companies
with the proper licenses to carry out real estate sales and activities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Currently, there is no brokerage office
in either of these Prefectures and we have not yet generated any income relating to these activities. School TV is actively searching
for real estate companies which will agree to open up, own and run RE/MAX broker offices for each region. However, any and all
plans regarding the identification of an appropriate and interested real estate company remain speculative in nature and are still
under development. (*3)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Tokyo region</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">*In relation to the below operations we have not yet generated
any income.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 28, 2017, School TV entered
into an Agreement with Investech Co. whereas it is agreed that School TV will provide monetary support to Investech Co., a Japanese
Company, which operates a real estate brokerage office of RE/MAX Japan in the Tokyo region (the &ldquo;Investech Agreement&rdquo;).
(*4)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 28, 2017, School TV entered
into a Memorandum of Understanding with Kidding Co., pursuant to which Kidding Co. consents for School TV to provide monetary support
to Investech Co., a Japanese Company, which operates a regional branch of RE/MAX Japan in the Tokyo region (further details can
be found in the agreement titled &ldquo;Kidding MOU&rdquo;).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Tokyo region has the largest real
estate market in Japan. However, there is currently no regional owner in the Tokyo area. As such, Kidding Co. currently conducts
management of the RE/MAX location in Tokyo, Japan.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">School TV cannot, at this time, open
and/or own a real estate brokerage office pursuant to Japanese regulations. However, they are not forbidden from providing monetary
support to such brokerage offices in exchange for a percentage of profits from the brokerage offices. At present, School TV provides
monetary support to Investech Co., the owner and operator of the RE/MAX brokerage office located in Tokyo. Currently, Investech
Co. has three sales agents.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">e-Learning intends to provide sales
agents to Investech Co. in order to identify potential parties interested in purchasing real estate. Such sales agents will not
be directly involved in the sale of any real estate, and their sole purpose is to identify a potential real estate purchaser for
Investech to contact and pursue sales efforts. Pursuant to School TV&rsquo;s relationship with Investech, Co., School TV receives
a share of any profits generated from the RE/MAX profits in Tokyo through profit sharing. In the event that a sale is consummated
resulting from the efforts of e-Learning&rsquo;s sales agents, then 20% of Investech&rsquo;s profits for the transaction go to
the sales agent, and an additional 24% of the profits are paid to School TV. In any other scenario, that does not include a sales
agent from e-Learning, in which Investech generates revenue from the operations of their RE/MAX location then School TV receives
5% of Investech&rsquo;s profits.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Note: e-Learning and School TV do not
have a formal agreement pursuant to their sales agents or profit sharing&nbsp;at this point in time.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time Kidding Co., may pay
fees to School TV to cover some or all of the monetary support given to Investech Co., by School TV.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(*5) Ikezoe Trust owns Kidding Co., referred to in the chart
as &ldquo;Kidding&rdquo;.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><U>Competition - RE/MAX Business</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our primary competition comes from established
real estate companies within Japan, but can also include global companies who offer their products/services within Japan. Some
of our competitors have larger resources than we have, a longer operating history, and established connections throughout our target
regions, which may make it difficult to penetrate into the market effectively and find a real estate company to operate in Kanagawa
or Okinawa. Even if we do manage to penetrate into the market there can be no guarantee that we will be able to continue to effectively
compete with established competitors in an effective manner.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-8-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>e-learning Business</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">With the completion of the Company&rsquo;s
acquisition of Force Holdings and its subsidiaries (Hereinafter, collectively referred to as the &ldquo;Group&rdquo;), we are now
adding the business of providing education services to current business plan.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Group is an education service provider
in Japan and it offers a range of e-learning education programs as well as supporting services to complement such education programs
through an internet platform named &ldquo;Force Club&rdquo; (&ldquo;Force Club&rdquo;), which was launched in 2007. The Group
has offered e-learning programs through &ldquo;Force Club&rdquo;, all of which were procured from independent third-party software
developers, including pre-school learning resources, learning resources supplementing elementary school, junior high school and
senior high school curriculum, preparation courses for university entrance examinations and professional qualification examinations,
and English learning, appealing to a diverse customer base from pre-school children to students and adult learners. A list of
the Group&rsquo;s e-learning programs, target customer group and release date are set out below. The e-learning programs of Force
Club mainly serve as supplemental learning resources and self-learning tools for students and adult learners.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 4%; border: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No.</B></FONT></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Content Name</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Target </B></FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compatible Devices</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Release Date </B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENGLISH MONSTERS</FONT></TD>
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Primary school student</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iOS smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Android smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</FONT></TD></TR>
<TR>
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Romantic English Conversation - London Ver.</FONT></TD>
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Age 18 and over</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iOS smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iOS smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iOS smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iOS smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD></TR>
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    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Carnival of the Animals</FONT></TD>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iOS smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iOS smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Android smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sign Language Course</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adult</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PC</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD></TR>
<TR>
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">University Entrance Exam Preparation Course</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">High school student / </FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Those who prepare for entrance exam</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PC</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2008</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Android smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEARNING EYES</FONT></TD>
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adult</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PC</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Android smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD></TR>
<TR>
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">High School Student-oriented e-learning</FONT></TD>
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">High school student</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PC</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2009</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Android smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Folstar</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adult</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feature Phone</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2008</FONT></TD></TR>
<TR>
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualification Attainment Strategies Course</FONT></TD>
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adult</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iOS smartphone / tablet</FONT></TD>
    <TD NOWRAP ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Android smartphone / tablet</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP ROWSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">School TV</FONT></TD>
    <TD NOWRAP ROWSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Primary school student / Middle school student</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PC</FONT></TD>
    <TD NOWRAP ROWSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iOS smartphone / tablet</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Android smartphone / tablet</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Monsters app</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Main: High school student / College student</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(However, primary school student, middle school student, and adults are also included as targets.)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iOS smartphone / tablet</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015 </FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP ROWSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ForceMart</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force Club Members</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PC</FONT></TD>
    <TD NOWRAP ROWSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">iOS smartphone / tablet</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Android smartphone / tablet</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Group&rsquo;s e-learning programs
are offered to its customers who have to be first registered as a member of Force Club. Since 2002, the Group began to offer its
e-learning programs to its customers in CD-ROMs with pre-loaded learning content until 2007. Due to the popular trend for internet,
starting from 2007, the Group has made its e-learning programs available on its website for its customers, and the customers need
to pay a monthly fee in order to access and view the most up-to-date content on the website of the Group. At the advent of digital
technology in recent years and in view of the increasing popularity of tablet devices, the Group has released its e-learning programs
on smartphones and tablet devices for customer use since 2012 to cater for the popular demand of young learners and users in rural
areas of Japan. The e-learning programs of Force Club are targeted at residents of Japan, and thus the e-learning programs are
presented in Japanese only and no translated version is available. Since 2015, in addition to e-learning, the Group has started
offline business which attracts public attentions such as Abacus School and Robot Programming School. Through these offline business,
the Group has provided services to general users.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Group regularly updates its e-learning
materials and programs. In particular, the learning resources supplementing elementary school, junior high school and senior high
school curriculum would be overhauled to correspond to any revision in school curriculum, which generally takes place once in a
four-year period. In addition, most of preparation courses for the university entrance examinations and professional qualification
examinations would be revised at one to two year intervals to cater for any changes to the examination syllabus. The website of
the Group is updated from time to time to reflect the updates and changes to the learning materials and programs and for users
with smartphones and tablet devices, these updates can also be downloaded from the website of the Group.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-9-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Business Model</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Apart from using the conventional direct
sales marketing strategy, the Group has also adopted multilevel marketing (&ldquo;MLM&rdquo;) in operating its businesses.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since 2002, the Group has adopted a direct
sale marketing strategy to market its e-learning programs. Since 2007, the Group gradually changed its marketing strategy from
direct sale to MLM for the purposes of (i) establishing its brand name and penetrating into the rural areas of Japan; (ii) promoting
its products to wider customer groups through premium members; and (iii) incentivizing premium members to recruit new members
to join Force Club in order to increase the sales of its products and maximize profits for the Group. The Group adopted MLM since
2007 which is considered to be immediately effective, penetrative, and cost efficient as means of expanding its own educational
business for the following reasons: (i) distance learning is a word-of-mouth business, and word-of-mouth has immediate impact;
(ii) the Group relies on its premium members to help on product penetration into the suburban and rural areas of Japan; and (iii)
marketing cost can be reduced. Currently, the Group has no retail shops or other point-of-sale for its products. Based on the
consolidated accounts of the Group for each of the financial years from 2007 to 2017, the revenue generated by the Group after
adopting MLM has increased from JPY634,950,892 in 2007 to JPY4,101,389,763 in 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">MLM was adopted by the Group in order
to expand the sales of its e-learning programs through its Force Club members. Among Force Club members, premium members get a
tablet device, which entitle the premium members a life-time access of all e-learning educational content and a right to introduce
those content to other individuals. Since the Group&rsquo;s e-learning education programs are distributed in the form of online
downloads, it can be used for both online and offline and fully features a characteristic of e-learning: &ldquo;whenever, wherever,
and easy&quot;. Furthermore, the Group achieves high levels of customer satisfaction and maintains certain number of members providing
various e-learning education programs for persons aged 0 to 100 years at an affordable price.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Force Club Membership</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Force Club members are those who intend
to use products and services the Group offers. Among Force Club members, members who wish to engage in recruiting new members are
called premium members (&ldquo;Premium Members&rdquo;)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Premium Members can obtain rewards (special
income or commissions) from their activities for recruitment of new Force Club members.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Premium Members are high-end users of
the Group&rsquo;s products. Premium Members have to join a premium plan under which members are given rights to use all products
and services of the Group, and engage in activities to recruit new Force Club members and obtain rewards (special income or commissions)
from such activities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Group generally enters into a contract
(the &ldquo;Premium Member Contract&rdquo;) with each of its Premium Members, after confirming definitions, and terms and conditions
of engaging in multilevel marketing activities and details of the commission scheme for recruitment of new members.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The salient terms of the Premium Member
Contract are as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Eligibility</I> - the following individuals/corporations
are eligible to register as the Group&rsquo;s Premium Members:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i) Individuals (other than
students) who are 20 years old or above and are residents of Japan; and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii) Corporations established
in Japan</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Applicants are required to
provide proof of identity, such as driver license, passport or resident card for individual members or a certified copy of the
commercial registration for corporate members.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Payments</I> &ndash; an applicant who wishes
to be a Force Club Premium Member has to join the premium plan and pay an initial payment of JPY453,600, comprising:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i) The one-off registration fee
of JPY10,800;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii) The premium package fee of JPY421,200;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iii)An advanced payment of monthly
membership fees for the initial two months amounting to JPY21,600.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Monthly membership fees payable from the third
month onwards will be automatically transmitted from a Premium Member&rsquo;s bank account until termination of membership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Premium Members have to pay monthly membership
fees of JPY10,800 commencing from the third month to maintain their premium membership. If a Premium Member does not pay the monthly
membership fee before the prescribed due date, such Premium Member will be disqualified and will not be paid any commission with
respect to his recruitment performance in the preceding month, and Force Club services for such Premium Member will be suspended
in the following month. The commission and Force Club services for such Premium Member will be resumed in the subsequent month
if the monthly membership fee is paid within three months from the due date. Otherwise, the Premium Member is deemed to have withdrawn
from his membership if the monthly membership fee is not paid for three consecutive months after the payment due date.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Cooling-off period</I> - An individual
who has applied for registration as a Premium Member has a 20-day cooling-off period during which he may withdraw his Premium Member
application provided that he would return a premium package. The Group will refund in full any payments made by such Premium Member
upon receipt of the notification of the withdrawal of application and the premium package.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Cancellation of contract after the
cooling-off period</I> - after the 20-day cooling off period, Premium Members may cancel their contracts within 90 days from the
receipt of premium package provided that the following conditions are met:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i) Force Club services have
not been used;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii) Such Premium Member has
not started recruiting any new members; and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iii) Such Premium Member
has not intentionally or inadvertently lost or destroyed all or part of the premium package.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon cancellation of the contract, the Group
will, if applicable, return part of the payment to such Premium Member. The amount of payment to be returned to a Premium Member
in different scenarios, depending on when the contract is cancelled and whether the premium package is returned to the Group, is
set out below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 105%">Cancellation in the first month after joining Force Club</FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 105%">Cancellation in the second/third month after joining Force Club</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 105%">If the premium package is returned to the Group</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 105%">Refund JPY389,800 to a Premium Member</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 105%">Refund JPY379,080 to a Premium Member</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 105%">If the premium package is not returned to the Group</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 105%">Refund JPY10,800 to a Premium Member</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 105%">None.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Membership withdrawal</I> - Premium
Members may withdraw their membership and terminate contracts by sending a withdrawal notification to the Group. The Group would
not seek penalty charges or compensation from any Premium Member who withdraws and terminates his contract.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Premium Member Contract
sets out the rules of conduct required to be observed by Premium Members in recruiting new members to join Force Club. The Group
is entitled to suspend a Premium Member&rsquo;s business activities, suspend his commission, demand return of commission, remove
his title, or terminate his membership if such Premium Member violates or infringes the rules of conduct or other related laws
or regulations, and/or acts in a way that is offensive to public order and morals.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon registration as Force Club members,
applicants will be given a user ID to gain access to the e-learning programs through Force Club platform. Force Club members will
be given additional four user IDs after registration so that they can use total five user IDs for accessing e-learning content
through Force Club platform.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Force Club members can gain access to
e-learning programs through Force Club platform for their use of e-learning programs of the Group.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since the launch of Force Club in 2007, the
number of Force Club members had remained relatively stable. The number of Force Club members has increased from 3,989 as at September
30, 2008 to 6,558 as at September 30, 2017;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of
June 30, 2018, our subsidiaries, Force Holdings and its subsidiaries, had total assets of $19,907,774 and total liabilities of
$7,161,131. Our consolidated assets as of June 30, 2018 were $19,933,774 and total liabilities were $7,161,131</FONT>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Employees</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The number of the employees of the Group
at June 30, 2018 was 42.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp; </B></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="risk"></A>RISK FACTORS</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 389pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in our common stock involves
a high degree of risk. You should carefully consider the risks described below and the other information in this report before
making a decision to invest in our common stock. If any of the following risks and uncertainties develop into actual events, our
business, results of operations and financial condition could be adversely affected. In those cases, the trading price of our common
stock could decline and you may lose all or part of your investment.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Related to Our Company</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Since one of our products constitutes
a significant portion of our net sales, significant decreases in consumer demand for this product or our failure to produce a suitable
replacement should we cease offering it would harm our financial condition and operating results.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">If consumer demand for this product
decreases significantly or we cease offering this product without a suitable replacement, then our financial condition and operating
results would be harmed.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>If we lose the services of members
of our senior management team, then our financial condition and operating results could be harmed.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We depend on the continued services
of our Chief Executive Officer, Tomoo Yoshida, who also serves as our Chief Financial Officer, Director, President, Secretary,
and Treasurer, and our senior management team as it works to create an environment of inspiration, motivation and entrepreneurial
business success. Any significant leadership change or senior management transition involves inherent risk and any failure to ensure
a smooth transition could hinder our strategic planning, execution and future performance. While we strive to mitigate the negative
impact associated with changes to our senior management team, there may be uncertainty among investors, employees, Force Club and
Premium Members and others concerning our future direction and performance. Any disruption in our operations or uncertainty could
have a material adverse effect on our business, financial condition or results of operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, although we do not believe
that any of our senior management team are planning to leave or retire in the near term, we cannot assure you that our senior managers
will remain with us. The loss or departure of any member of our senior management team could adversely impact our Force Club and
Premium Member relations and operating results. If any of these executives do not remain with us, our business could suffer. Also,
our continued success will also be dependent on our ability to retain existing, and attract additional, qualified personnel to
meet our needs. We currently do not maintain &ldquo;key person&rdquo; life insurance with respect to our senior management team.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.8pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Foreign-currency fluctuations
and inflation in foreign markets could impact our financial position and results of operations.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In 2017, 100%
of our sales occurred in Japan. In preparing our financial statements, we translate revenue and expenses in our markets outside
the United States from their local currencies into U.S. dollars using weighted-average exchange rates. &nbsp;Foreign-currency fluctuations
can also cause losses and gains resulting from translation of foreign-currency-denominated balances on our balance sheet. In addition,
high levels of inflation and currency devaluations in any of our markets could negatively impact our balance sheet and results
of operations. It is difficult to predict future fluctuations and the effect these fluctuations may have upon future reported results
or our overall financial condition.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Difficult economic conditions
could harm our business.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Global economic
conditions continue to be challenging. Difficult economic conditions could adversely affect our business by causing a decline in
demand for our products, particularly if the economic conditions are prolonged or worsen. In addition, such economic conditions
may adversely impact access to capital for us and may otherwise adversely impact our operations and overall financial condition.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>We may become
involved in legal proceedings and other matters that, if adversely adjudicated or settled, could adversely affect our financial
results.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">We have been,
and may again become in the future, party to litigation, investigations or other legal matters. In general, litigation claims could
result in settlements or damages that could significantly affect financial results. It is not possible to predict the final resolution
of any litigation to which we may become party, and the impact of these matters on our business, results of operations and financial
condition could be material.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Government
authorities may question our tax or customs positions or change their laws in a manner that could increase our effective tax rate
or otherwise harm our business.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As a U.S. company
doing business globally, we are subject to all applicable tax laws. We are subject to audit by tax authorities. If authorities
challenge our tax positions, we may be subject to penalties, interest and payment of back taxes. The tax laws are continually changing
and are further subject to interpretation by the local government agencies. Such situations may require that we defend our positions
and/or adjust our operating procedures in response to such changes. Any or all of these potential risks may increase our effective
tax rate, increase our overall tax costs or otherwise harm our business.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>We may be
held responsible for certain taxes or assessments relating to the activities of our Premium Members, which could harm our financial
condition and operating results.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our Premium
Members are independent contractors and subject to taxation in their country of residency. In the event that our independent distributors
are deemed as employees rather than independent distributors under local laws and regulations,&nbsp;or the interpretation of local
laws and regulations, we may be held responsible for a variety of obligations that are imposed upon employers relating to their
employees, including withholding and related taxes plus any related assessments and penalties, which could harm our financial condition
and operating results. If our independent distributors were deemed to be employees rather than independent contractors, we would
also face the risk of increased liability for their actions.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Market conditions
and the strengths of competitors may harm our business.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our results
of operations may be harmed by market conditions and competition in the future. In addition, our business may be negatively impacted
if we fail to adequately adapt to trends in consumer behavior and technologies.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-11-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><B>The intellectual property we
utilize may infringe on the rights of others, resulting in costly litigation.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Currently,
the rights of 70% of our products are licensed from third party providers and the remaining 30% are owned by the Group. We expect
that competition for developing new products will become more severe in the competitive education industry. Under such circumstances,
if we depend on development of our own products, it would be time consuming and expensive. Rather, as our established sales system
has proved effective, we plan to continue to use the products developed by other companies. We expect to increase the ratio of
the products licensed by third parties.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In recent years,
there has been significant litigation involving patents and other intellectual property rights. In particular, there has been an
increase in the filing of suits alleging infringement of intellectual property rights, which pressure defendants into entering
settlement arrangements quickly to dispose of such suits, regardless of their merit. Other companies or individuals may allege
that we, or our&nbsp;members consumers, licensees or other parties indemnified by us infringe on their intellectual property rights.
Even if we believe that such claims are without merit, defending such intellectual property litigation can be costly, distract
management's attention and resources, and the outcome is inherently uncertain. Claims of intellectual property infringement also
might require us to redesign affected products, enter into costly settlement or license agreements, pay costly damage awards, or
face a temporary or permanent injunction prohibiting us from marketing or selling certain of our products. Any of these results
may adversely affect our financial condition.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><B>If we are unable to protect our
intellectual property rights, our ability to compete could be negatively impacted.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Many of our
products rely on technologies developed or licensed by third parties, and we may not be able to obtain or continue to obtain licenses
and technologies from these third parties on reasonable terms or at all. The market for our products depends to a significant extent
upon the value associated with our product innovations and our brand equity. We rely upon patent, copyright, trademark and trade
secret laws in Japan and similar laws in other markets, and non-disclosure, confidentiality and other types of agreements with
our employees,&nbsp;members, consumers, suppliers and other parties, to establish, maintain and enforce our intellectual property
rights. Despite these measures, any of our intellectual property rights could be challenged, invalidated, circumvented or misappropriated,
or such intellectual property rights may not be sufficient to permit us to provide competitive advantages, which could result in
costly product redesign efforts, discontinuance of certain product offerings or other competitive harm. The costs required to protect
our intellectual property may be substantial or even not practical.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">To enforce and protect
our intellectual property rights, we may initiate litigation against third parties. Any lawsuits that we initiate could be expensive,
take significant time and divert management's attention from other business concerns, and we may ultimately fail to prevail or
recover on any claim. Litigation also puts our intellectual property at risk of being invalidated or interpreted narrowly. Additionally,
we may provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate and the damages
or other remedies awarded, if any, may not be commercially valuable. The occurrence of any of these events may adversely affect
our financial condition or diminish our investments in this area.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>If we are
unable to protect the confidentiality of our proprietary information and know-how, the value of our products could be adversely
affected.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">We rely on
our licenses, copyrights, trade secrets, processes and know-how. Despite these measures, any of our intellectual property rights
could be challenged, invalidated, circumvented or misappropriated. We generally seek to protect this information by confidentiality,
non-disclosure and assignment of invention agreements with our employees, consultants, scientific advisors and third parties. Our
employees may leave to work for competitors. Our distributors or sales leaders may seek other opportunities. These agreements may
be breached, and we may not have adequate remedies for any such breach. In addition, our trade secrets may be disclosed to or otherwise
become known or be independently developed by competitors. To the extent that our current or former employees, distributors, sales
leaders, consultants or contractors use intellectual property owned by others in their work for us, disputes may arise as to the
rights in related or resulting know-how and inventions. If, for any of the above reasons, our intellectual property is disclosed
or misappropriated, it would harm our ability to protect our rights and adversely affect our financial condition.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>A failure
of our internal controls over financial reporting or our compliance efforts could harm our stock price and our financial and operating
results or could result in fines or penalties.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">We have implemented
internal controls to help ensure the accuracy and completeness of our financial reporting and have implemented compliance policies
and programs to help ensure that our employees and&nbsp;members&nbsp;comply with applicable laws and regulations. Our internal
audit team regularly audits our internal controls and various aspects of our business and compliance program, and we regularly
assess the effectiveness of our internal controls. There can be no assurance, however, that our internal or external assessments
and audits will identify all significant deficiencies or material weaknesses in our internal controls. If a material weakness results
in a material misstatement of our financial results, we would be required to restate our financial statements.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Cyber security
risks and the failure to maintain the integrity of company, employee, member data could expose us to data loss, litigation, liability
and harm to our reputation.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">We collect,
store and transmit large volumes of company, employee and member data, including personally identifiable information, for business
purposes, including for transactional and promotional purposes, and our various information technology systems enter, process,
summarize and report such data. The integrity and protection of this data is critical to our business.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In addition,
a penetrated or compromised data system or the intentional, inadvertent or negligent release, misuse or disclosure of data could
result in theft, loss or fraudulent or unlawful use of company, employee or member data. Although we take measures to protect the
security, integrity and confidentiality of our data systems, we experience cyber attacks of varying degrees and types on a regular
basis, and our infrastructure may be vulnerable to these attacks. Our security measures may also be breached due to employee error
or malfeasance, system errors or otherwise. Additionally, outside parties may attempt to fraudulently induce employees, users,
or customers to disclose sensitive information to gain access to our data or our users' or customers' data. Any such breach or
unauthorized access could result in the unauthorized disclosure, misuse or loss of sensitive information and lead to significant
legal and financial exposure, regulatory inquiries or investigations, loss of confidence by our members, disruption of our operations
and damage to our reputation. These risks are heightened as we work with third-party partners and as our members use social media,
as the partners and social media platforms could be vulnerable to the same types of breaches.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>We will need additional capital to
expand our current operations or to enter into new fields of operations.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Currently, a significant portion of
our revenue derives from sales of our premium package. We expect this revenue to continue to grow. While we will maintain and further
increase the base for sale of this product, we also aim to expand our business by developing other services as well as entering
into other promising market. We will need to seek additional financing either through borrowing, private offerings of our securities
or through strategic partnerships and other arrangements with corporate partners. We cannot be assured that additional financing
will be available to us, or if available, will be available to us on terms favorable to us. If adequate additional financing is
not available on acceptable terms, we may not be able to implement our business development plan or expand our operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>If we fail to effectively manage
our growth our future business results could be harmed and our managerial and operational resources may be strained.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As we proceed with the expansion of
our operations, we expect to experience significant and rapid growth in the scope and complexity of our business. We will need
to hire additional personnel in order to successfully advance our operations. This growth is likely to place a strain on our management
and operational resources. The failure to develop and implement effective systems, or to hire and retain sufficient personnel for
the performance of all of the functions necessary to effectively service and manage our potential business, or the failure to manage
growth effectively, could have a materially adverse effect on our business and financial condition.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Relationships with our majority
shareholder and its parent and affiliates may be on terms which are perceived by investors as more or less favorable than those
that could be obtained from third parties.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our majority shareholder, Force Internationale,
presently owns 84.4% of our issued and outstanding common stock. While we anticipate that such percentage will be diluted over
time, our majority shareholder, its parent and affiliates will be perceived as having influence over our management and operations,
and any loans or other agreements which we may enter into with our majority shareholder and its parents and affiliates may be perceived
by investors as being on terms that are less favorable than we could otherwise receive; such perception could adversely impact
the price of our common stock. Similarly, such agreements could be perceived as being on terms more favorable than those that could
be obtained from third parties, and any unwillingness by our majority shareholder and its parent and affiliates to engage with
our common stock could discourage investors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-12-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>If we fail to further penetrate existing markets, then the
growth in sales of our products, along with our operating results, could be negatively impacted.</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">We plan to expand business around Asia. Recently the number
of foreigners visiting Japan for sightseeing and other purposes is increasing and there has been a growing interest in Japanese
culture. We plan to start providing language education services which include Japanese language education to foreigners.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Our business could be materially
and adversely affected as a result of natural disasters,&nbsp;other catastrophic events, acts of war or terrorism, or&nbsp;cyber-security
incidents and other acts by third parties.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We depend on the ability of our business
to run smoothly, including the ability of Premium Members to engage in their business building activities and the ability of our
programs and products to be available to consumers. Any material disruption caused by natural disasters, including, but not limited
to, fires, floods, hurricanes, volcanoes, and earthquakes; power loss or shortages; environmental disasters; telecommunications
or business information systems failures; acts of war or terrorism and other similar disruptions, including those due to cyber-security
incidents, ransomware, or other actions by third parties, could adversely affect our ability to conduct business.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>We depend on the integrity and reliability
of our information technology infrastructure, and any related inadequacies may result in substantial interruptions to our business.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our ability to provide products and
services to our Force Club and Premium Members depends on the performance and availability of our core transactional systems. While
we continue to invest in our information technology infrastructure, there can be no assurance that there will not be any significant
interruptions to such systems or that the systems will be adequate to meet all of our future business needs.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The most important aspect of our information
technology infrastructure is the system through which we calculate, record and store Premium Member sales and other incentives.
We have encountered, and may encounter in the future, errors in our software or our enterprise network, or inadequacies in the
software and services supplied by our vendors, although to date none of these errors or inadequacies has had a meaningful adverse
impact on our business. Any such errors or inadequacies that we may encounter in the future may result in substantial interruptions
to our services and may damage our relationships with, or cause us to lose, our Force Club and Premium Members if the errors or
inadequacies impair our ability to calculate sales and pay royalty overrides, bonuses and other incentives, which would harm our
financial condition and operating results.&nbsp;&nbsp;Such errors may be expensive or difficult to correct in&nbsp;a timely manner,
and we may have little or no control over whether any inadequacies in software or services supplied to us by third parties are
corrected, if at all.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Anyone who is able to circumvent our
security measures could misappropriate confidential or proprietary information, including that of third parties such as our Force
Club and Premium Members, cause interruption in our operations, damage our computers or otherwise damage our reputation and business.
We may need to expend significant resources to protect against security breaches or to address problems caused by such breaches.
Any actual security breaches could damage our reputation and result in a violation of applicable privacy and other laws, legal
and financial exposure, including litigation and other potential liability, and a loss of confidence in our security measures,
which could have an adverse effect on our results of operations and our reputation as a brand, business partner or employer. In
addition, employee error or malfeasance or other errors in the storage, use or transmission of any such information could result
in a disclosure to third parties. If this should occur, we could incur significant expenses addressing such problems. Since we
collect and store Force Club and Premium Member and vendor information, these risks are heightened.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Relating to the Education Industry</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">It is expected that if the birthrate
continues to be declining in Japan, the Japanese education industry will face severe competition and face reduced revenues over
the medium and long terms. Taking such risk into consideration, we are planning to develop business in the emerging countries in
Asia and establish education platform adding usability to provision of content. However, if the change in the market is faster
than expected or conversion into new business is not promptly made, our revenue or financial condition may be adversely affected.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Associated with Multi-Level
Marketing</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Our failure to establish and maintain
Force Club and Premium Member relationships for any reason could negatively impact sales of our products and harm our financial
condition and operating results.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We distribute our products exclusively
to and through Force Club and Premium Members, and we depend upon them directly for substantially all of our sales. Our Force Club
and Premium Members may voluntarily terminate their agreements with us at any time subject to the termination provisions. To increase
our revenue, we must increase the number of, or the productivity of, our Force Club and Premium Members. Accordingly, our success
depends in significant part upon our ability to recruit, retain and motivate a large base of Premium Members. The loss of a significant
number of Force Club or Premium Members for any reason could negatively impact sales of our products and could impair our ability
to attract new Force Club or Premium Members. Our operating results could be harmed if our existing and new business opportunities
and products do not generate sufficient interest to retain existing, and attract new, Force Club and Premium Members.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Adverse publicity associated with
our products, ingredients or network marketing program, or those of similar companies, could harm our financial condition and operating
results.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The size of our Force Club and Premium
Members and the results of our operations may be significantly affected by the public&rsquo;s perception of the Company and similar
companies. This perception is dependent upon opinions concerning:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 85px; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 85px; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the quality of our products;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 85px; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 85px; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the quality of similar products distributed by other companies;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 85px; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 85px; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Force Club and Premium Members;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Adverse publicity concerning any actual
or purported failure of our Company or our Force Club and Premium Members to comply with applicable laws and regulations could
have an adverse effect on the goodwill of our Company and could negatively affect our ability to attract, motivate and retain Force
Club and Premium Members, which would negatively impact our ability to generate revenue.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, our Force Club and Premium
Members&rsquo; and consumers&rsquo; perception of the quality of our products and as well as similar products distributed by other
companies can be significantly influenced by media attention concerning our products or similar products distributed by other companies.
Adverse publicity questions the benefits of our or similar products could lead to lawsuits or other legal challenges and could
negatively impact our reputation, the market demand for our products, or our general business.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Inability
of products to gain or maintain&nbsp;Force Club or Premium Membership could harm our business.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our operating
results could be adversely affected if our products, business opportunities, and other initiatives do not generate sufficient enthusiasm
and economic benefit to retain our existing Force Club and Premium Members or to attract new Force Club or Premium Members. Potential
factors affecting the attractiveness of our products, business opportunities, and other initiatives include, among other items,
perceived product quality and value, product exclusivity or effectiveness, economic success in our business opportunity, adverse
media attention, or regulatory restrictions.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Challenges
to the form of our network marketing system could harm our business.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">We may be subject
to challenges by government regulators regarding the form of our network marketing system. Legal and regulatory requirements concerning
the multi-level marketing industry generally do not include &quot;bright line&quot; rules and are inherently fact-based and subject
to interpretation. As a result, regulators and courts have discretion in their application of these laws and regulations, and the
enforcement or interpretation of these laws and regulations by government agencies or courts can change. We could also be subject
to challenges by private parties in civil actions. All of these actions and any future scrutiny of us or our industry could generate
negative publicity or further regulatory actions that could result in fines, restrict our ability to conduct our business in our
various markets, enter into new markets, motivate our membership, and attract consumers.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Improper
actions by our Members could harm our business.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Actions by
our Members, sanctioned by our Company or not, could violate applicable laws or regulations could result in government or third-party
actions against us, which could harm our business.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The direct
selling industry in Japan continues to experience regulatory and media scrutiny, and other direct selling companies have been suspended
from sponsoring activities in the past.&nbsp; Japan imposes strict requirements regarding how distributors approach prospective
customers.&nbsp; As a result, we continually evaluate and enhance our distributor compliance, education and training efforts in
Japan. However, we cannot be certain that our efforts will successfully prevent regulatory actions against us, including fines,
suspensions or other sanctions, or that the company and the direct selling industry will not receive further negative media attention,
all of which could harm our business.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>The loss
of key Premium Members could negatively impact our growth and our revenue.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Currently we
have 20 key Premium Members. They are responsible for sales promotion to expand their group and provide support and compliance
training to the members of their group. The loss of a key Premium Member, or a sales leader or a group of leading sales leaders,
whether by their own choice or through disciplinary actions by us for violations of our policies and procedures, could negatively
impact our growth and our revenue.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Laws and regulations may prohibit
or severely restrict direct selling and cause our revenue and profitability to decline, and regulators could adopt new regulations
that harm our business.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Laws and regulations
in Japan are particularly stringent and subject to broad discretion in enforcement by regulators. These laws and regulations are
generally intended to prevent fraudulent or deceptive schemes, often referred to as &quot;pyramid schemes,&quot; that compensate
participants primarily for recruiting additional participants without significant emphasis on product sales to consumers.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Complying with
these rules and regulations can be difficult, time-consuming and expensive, and may require significant resources. The laws and
regulations governing direct selling are modified from time to time, and, like other direct selling companies, we are subject from
time to time to government inquiries and investigations related to our direct selling activities. In addition, markets where we
currently do business could change their laws or regulations to prohibit direct selling. If we are unable to continue business
in existing markets or commence operations in new markets because of these laws, our revenue and profitability may decline.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><B>If we change sales compensation
plans, such changes could be viewed negatively by some or all of our&nbsp;membership and could contribute to a failure to achieve
desired long-term results and have a negative impact on revenue. </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-13-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Related To Our Common Stock</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The shares of our common stock are
currently not being traded and there can be no assurance that there will be an active market in the future.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our shares of common stock are traded
on the OTC Pink, which does not have the liquidity or corporate standards of the NYSE or NASDAQ and as such, the price per share
quoted on the OTC Pink may not reflect our value. There can be no assurance that there will be an active market for our shares
of common stock in the future. As a result, investors may not be able to liquidate their investment or liquidate it at a price
that reflects the value of the business.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>It is possible that we will not establish
an active market unless our stock is listed for trading on an exchange, and we cannot assure you that we will ever satisfy exchange
listing requirements.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">It is possible that a significant trading
market for our shares will not develop unless the shares are listed for trading on a national exchange. Exchange listing would
require us to satisfy a number of tests as to corporate governance, public float, shareholders, equity, assets, market makers and
other matters, some of which we do not currently meet. We cannot assure you that we will ever satisfy listing requirements for
a national exchange or that there ever will be significant liquidity in our shares.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>If we issue additional shares of
our common stock, you will experience dilution of your ownership interest.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We may issue shares of our authorized
but unissued equity securities in the future. Such shares may be issued in connection with raising capital, acquiring assets or
firing or retaining employees or consultants. If we issue such shares, your ownership will be diluted.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>We do not intend to pay dividends
in the foreseeable future, and investors should not purchase our stock expecting to receive dividends.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We have not paid any dividends on our
common stock in the past, and we do not anticipate that we will pay dividends in the foreseeable future. Accordingly, some investors
may decline to invest in our common stock, and this may reduce the liquidity of our stock.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The limitations on liability for
officers, directors and employees under the laws of the State of Delaware and the existence of indemnification rights for our officers,
directors and employees could result in substantial expenditures by the Company and could discourage lawsuits against our officers,
directors and employees.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Articles of Incorporation contain
a specific provision that eliminates the liability of our officers and directors for monetary damages to our company and shareholders.
Further, we intend to provide indemnification to our officers and directors to the fullest extent permitted by the laws of the
State of Delaware. We may also enter into employment and other agreements in the future pursuant to which we will have indemnification
obligations. The foregoing indemnification obligations could result in the Company incurring substantial expenditures to cover
the cost of settlement or damage awards against officers and directors. These obligations may discourage the filing of derivative
litigation by our shareholders against our officers and directors even where such litigation may be perceived as beneficial by
our shareholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Exceed World will incur increased
costs and compliance risks as a result of becoming a public company.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As a public company, Exceed World will
have additional legal, accounting and other expenses that Exceed World did not have prior to acquiring Force Holdings and its subsidiaries.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-14-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="man"></A>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS
OF</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FINANCIAL CONDITION AND RESULTS OF
OPERATIONS</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This Current Report on Form 8-K contains
certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose,
any statements contained in this Current Report on Form 8-K that are not statements of historical fact may be deemed to be forward-looking
statements. Without limiting the foregoing, words such as &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;expect&rdquo;, &ldquo;believe&rdquo;,
&ldquo;anticipate&rdquo;, &ldquo;estimate&rdquo; or &ldquo;continue&rdquo; or comparable terminology are intended to identify forward-looking
statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially
depending on a variety of factors, many of which are not within our control. These factors include by are not limited to economic
conditions generally and in the industries in which we may participate; competition within our chosen industry, including competition
from much larger competitors; technological advances and failure to successfully develop business relationships.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Results of Operations of Force International Holdings
Limited and its subsidiaries (collectively referred to as the &ldquo;Group&rdquo;) for the Years Ended September 30, 2017, 2016
and 2015</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 7.1pt; padding-left: 7.1pt; line-height: 200%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 7.1pt; padding-left: 7.1pt; line-height: 200%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; padding-left: 7.1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; padding-left: 7.1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; padding-left: 7.1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; padding-left: 7.1pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-left: 7.8pt; text-indent: -7.8pt; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Revenue</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36,860,282</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,599,405</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,608,256</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 7.8pt; text-indent: -7.8pt; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(22,219,015)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15,577,446)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(23,869,890)</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-left: 7.8pt; text-indent: -7.8pt; line-height: 200%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-left: 7.8pt; text-indent: -7.8pt; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,641,267</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,021,959</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.1pt; padding-left: 7.1pt; text-align: right; line-height: 200%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,738,366</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.8pt; layout-grid-mode: char; text-indent: -7.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other income</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">158,856</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">291,621</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">179,317</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.8pt; layout-grid-mode: char; text-indent: -7.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in fair value of investment held for trading</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">130,280</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62,309</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(239,608)</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.8pt; layout-grid-mode: char; text-indent: -7.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling and distributions expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,120,970)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,292,856)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,372,227)</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.8pt; layout-grid-mode: char; text-indent: -7.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,720,466)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,994,759)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,083,885)</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.8pt; layout-grid-mode: char; text-indent: -7.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,801)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: Black 1pt solid; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.8pt; layout-grid-mode: char; text-indent: -7.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.8pt; layout-grid-mode: char; text-indent: -7.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Profit (loss) before tax</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,086,166</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,911,726)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,221,963</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.8pt; layout-grid-mode: char; text-indent: -7.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax (expense) credit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(533,439)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,888</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,049,426)</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.8pt; layout-grid-mode: char; text-indent: -7.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.8pt; layout-grid-mode: char; text-indent: -7.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Profit (loss) for the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,552,727</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,862,838)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt MingLiU; padding-right: 7.1pt; padding-left: 7.1pt; layout-grid-mode: char; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,172,537</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Revenue</B></FONT><B><FONT STYLE="font-family: PMingLiU,serif">&#12288;</FONT></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue was decreased from US$42,608,256
for the year ended September 30, 2015 to US$22,599,405 for the year ended September 30, 2016. This decrease in revenue is mainly
due to the Group&rsquo;s strategy to increase direct sales, which were substantially small compared to MLM sales in order to develop
and expand new market for the Group. The Group again focus on MLM sales thereafter and revenue was increased to US$36,860, 282
for the year ended September 30, 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Operating Expenses</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Selling and distribution expenses was
slightly decreased from US$2,372,227 for the year ended September 30, 2015 to US$2,292,856 for the year ended September 2016 and
further significantly decreased to US$1,120,970 for the year ended September 30, 2017. The significantly decrease in selling and
distributions expenses was primarily attributable to the Group&rsquo;s efforts for cost cutting measures. The administrative expenses
for the year ended September 30, 2015, 2016 and 2017 were US$8,083,885, US$9,994,759 and US$9,720,466 respectively.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Profit / Loss from Operations</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Group&rsquo;s loss for the year
ended September 30, 2016 was US$4,862,838 compared to profit of US$5,172,537 for the year ended September 30, 2015. This decrease
is mainly attributable to significant decrease in revenue and increase in operating expenses due to the Group&rsquo;s strategy
to focus on direct sales. The Group recorded profit of US$3,552,727 for the year ended 30 September 2017 from loss position in
2016 due to increase in MLM sales.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Liquidity
and Capital Resources</B></FONT><B><FONT STYLE="font-family: PMingLiU,serif">&#12288;</FONT></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Group&rsquo;s total assets decreased
from US$26,000,026 at September 30, 2015 to US$15,806,613 at September 30, 2016. The decrease in total assets was mainly attributable
to decrease in bank balance and cash due to decrease in revenue for the year ended September 30, 2016. At September 30, 2017, the
total assets was US$19,911,979, increased US$4,105,366 compared to the previous year. As total liabilities of the Group significantly
decreased from US$12,154,552 at September 30, 2015 to US$4,751,288 at September 30, 2016, net assets at September 2016 was US$11,055,325
compared to US$13,845,474 at the end of the previous year. Net assets at September 30, 2017 was increased to US$13,489,981.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Results of Operations of Group for
the Nine Months Ended June 30, 2018 and 2017</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: Red"><IMG SRC="image_086.jpg" ALT=""></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Revenue</B></FONT><B><FONT STYLE="font-family: PMingLiU,serif">&#12288;</FONT></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue for the nine months ended June
30, 2018 was US$19,795,079 as compared to US$29,820,580 for the nine months ended June 30, 2017. This decrease in revenue is mainly
attributable to the timing of sales promotion period. We time to time run campaigns to promote sales. As the main campaign for
the year ended September 30, 2017 was held during the first quarter of the year, the sales for the beginning of the year was increased.
However, for the year ended September 30, 2018, such campaign has been running during the last quarter, therefore, the sales during
the nine months ended June 30, 2018 was significantly decreased compared to that of the nine months ended June 30, 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating
Expenses</B></FONT><B><FONT STYLE="font-family: PMingLiU,serif">&#12288;</FONT></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Selling, general and administrative
expenses increased from US$8,019,384 for the nine months ended June 30, 2017 to US$9,482,028 for the nine months ended June 30,
2018. This increase in selling and administrative expenses is due to increase of expenses for promotion.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Profit
/ Loss from Operations</B></FONT><B><FONT STYLE="font-family: PMingLiU,serif">&#12288;</FONT></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Group incurred loss of US$976,590
for the nine months ended June 30, 2018 compared to profit of US$4,055,675 for the nine months ended June 30, 2017. This is because
revenue was decreased while selling and administrative expenses were increased for the nine months ended June 30, 2018.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-15-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="properties"></A>PROPERTIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Office Space</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At present, e-Learning is renting offices
in Esaka, Osaka and Minato-ku, Tokyo, Japan as well as premises for school business in Minato-ku, Tokyo. Force Holdings is renting
an office in Wanchai, Hong Kong.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="security"></A>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Pre-Closing Security Ownership</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth, as of
June 30, 2018, prior to the closing of the Share Purchase Agreements above in Item 1.01 (the &ldquo;Closing&rdquo;), the number
and percentage of our outstanding shares of common stock owned by (i) each person known to us to beneficially own more than 5%
of its outstanding common stock, (ii) each director, (iii) each named executive officer and significant employee, and (iv) all
officers and directors as a group.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 79%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The number of shares listed below includes shares that each
        shareholder listed in the table has the right to acquire beneficial ownership of within 60 days.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Name and Address (2)</B></P></TD>
    <TD STYLE="width: 10%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp; </B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Number of Common Shares Beneficially Owned</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 11%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp; </B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Percentage of Outstanding Common Shares (1)</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tomoo Yoshida (3)</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,294,000</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">81.47%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All Directors and Officers (1 individuals)</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,294,000&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">81.47%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keiichi Koga (4)</FONT></TD>
    <TD>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0">16,294,000</P></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">81.47%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon 20,000,000 outstanding common shares as of June 30, 2018, prior to the Closing.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">The mailing address for each individual and entity set forth above is 1-23-38-6F, Esakacho,
                                                           Suita-shi, Osaka Japan.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Mr. Yoshida is a beneficial owner of those 14,894,000 shares held by e-Learning. He is an officer
and director of e-Learning as well as an indirect owner of e-Learning though his 55.7% ownership of Force Internationale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Mr. Koga is a beneficial owner of those 14,894,000 shares held by e-Learning. He is a director
of e-Learning as well as an indirect owner of e-Learning though his 39.6% ownership of Force Internationale.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Post-Closing Security Ownership</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth, as of
September 26, 2018, following the closing of the Share Purchase Agreements and the issuance of 32,700,000 shares of our common
stock, the number and percentage of our outstanding shares of common stock owned by (i) each person known to us to beneficially
own more than 5% of its outstanding common stock, (ii) each director, (iii) each named executive officer and significant employee,
and (iv) all officers and directors as a group.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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: 73%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The number of shares listed below includes
        shares that each shareholder listed in the table has the right to acquire beneficial ownership of within 60 days.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Name and Address (2)</B></P></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Common Shares Beneficially Owned (1)</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage of Outstanding Common Shares (2)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tomoo Yoshida</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,994,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keiichi Koga</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,994,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All Directors and Officers (1 individuals)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,994,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force Internationale</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,594,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
common shares include Mr. Yoshida&rsquo;s and Mr. Koga&rsquo;s beneficial ownership in the Company through their controlling
interest in Force Internationale, which owns 27,594,000 common shares.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon 32,700,000 outstanding common shares as of September 25, 2018.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The mailing
address for each individual and entity set forth above is c/o 1-23-38-6F, Esakacho, Suita-shi, Osaka Japan.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Changes in Control</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 179pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is not aware of any arrangement
which may at a subsequent date result in a change in control of the Company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="directors"></A>DIRECTORS AND EXECUTIVE OFFICERS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The name, age and position of our officers
and directors are set forth below:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; border-bottom: black 1.5pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 60%; border-bottom: black 1.5pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position(s)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tomoo Yoshida</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO, President, Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 1.75in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The mailing address for each of the officers and directors named
above is c/o of the Company at:&nbsp;1-23-38-6F, Esakacho, Suita-shi, Osaka 564-0063, Japan.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Business Experience</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Tomoo Yoshida, aged 55, is a solo
director, president and chief executive officer of the Company since January 2016. He has more than a decade of experience in
the education industry. In 2002, Mr. Yoshida co-founded e-Learning and has since served as its representative director and chief
executive officer. Mr. Yoshida also serves as a director of Force Holdings, a wholly-owned subsidiary of the Company, the representative
director of e-Communications Co., Ltd. (&ldquo;e-Communications&rdquo;), a wholly-owned subsidiary of e-Learning. Mr. Yoshida
graduated with a degree in Commerce and Economics from Osaka University of Commerce in 1986.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The board of directors of the Company
(the &ldquo;Board&rdquo;) appointed Mr. Yoshida in recognition of his abilities to assist the Company in expanding its business
and the contributions he can make to the Company&rsquo;s strategic direction.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Code of Ethics</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We have not adopted a code of ethics
that applies to our officers, directors and employees. When we do adopt a code of ethics, we will disclose it in a Current Report
on Form 8-K.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Committees and Independent Directors</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Board has no nominating or compensation
committees. Our Board believes that the functions of such committees can be performed by the entire Board until independent directors
have been appointed. The Company&rsquo;s current audit committee consists of Tomoo Yoshida. Our Board intends to create nominating
and compensation committees, and to appoint a member to our audit committee that qualifies as an &ldquo;audit committee financial
expert&rdquo; as defined in Item 407(d)(5)(ii) of Regulation S-K, and is independent, in the near future.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Board has voluntarily adopted the
corporate governance standards defining the independence of our directors imposed by the NASDAQ Capital Market's requirements for
independent directors pursuant to Rule 5605(a)(2) of the Marketplace Rules of The NASDAQ Stock Market LLC.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="executive"></A>EXECUTIVE COMPENSATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">At the present time, the Company is not a party to any compensation
arrangements with any officer or director of the Company and has made no provisions for paying cash or non-cash compensation to
such officers and directors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The table below summarizes all compensation awarded to, earned
by, or paid to the Company&rsquo;s named executive officer for all services rendered in all capacities to us for the period from
October 1, 2017 through June 30, 2018.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SUMMARY COMPENSATION TABLE</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name and Principal Position</B></FONT></TD>
    <TD STYLE="width: 10%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Year</B></P></TD>
    <TD STYLE="width: 10%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Salary</B></P></TD>
    <TD STYLE="width: 10%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Bonus</B></P></TD>
    <TD STYLE="width: 10%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Stock Awards</B></P></TD>
    <TD STYLE="width: 10%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Option Awards</B></P></TD>
    <TD STYLE="width: 10%; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-Equity Incentive Plan Comp</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nonqualified deferred Comp Earnings</B></FONT></TD>
    <TD STYLE="width: 10%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>All Other Comp</B></P></TD>
    <TD STYLE="width: 10%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Total</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tomoo Yoshida</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer </FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company did not pay any salaries
to any officer, director or employee in the fiscal years ended December 31, 2015 and December 31, 2016. Mr. Yoshida was the sole
officer and director of the Company in 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also did not compensate
its executive officers and directors in the fiscal years ended December 31, 2016 and December 31, 2017, only employees and consultants.</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 257pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of this Report, the Company
does not have any stock option plans, retirement, pension, or profit sharing plans for the benefit of any of our officers or directors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Outstanding Equity Awards at Fiscal
Year-End</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no grants of stock options
through the date of this report.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not have any long-term incentive
plans that provide compensation intended to serve as incentive for performance.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has not adopted a stock option plan.
The Company has no plans to adopt it but may choose to do so in the future. If such a plan is adopted, this may be administered
by the Board or a committee appointed by the Board (the &ldquo;Committee&rdquo;). The Committee would have the power to modify,
extend or renew outstanding options and to authorize the grant of new options in substitution therefore, provided that any such
action may not impair any rights under any option previously granted. The Company may develop an incentive based stock option
plan for its officers and directors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Stock Awards Plan</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has not adopted a stock
awards plan, but may do so in the future. The terms of any such plan have not been determined.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-16-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B><A NAME="certain"></A>CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS, DIRECTOR INDEPENDENCE</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 125pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Family Relationships</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">None.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Transactions with Related Persons,
Promoters, and Certain Control Persons</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2018 and September 30, 2017,
the Company had $161,847 and $159,243, respectively, owed to Tomoo Yoshida, Chief Executive Officer and Chief Financial Officer
of the Company. The advance is due on demand and bears no interest.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of June 30,
2018 and September 30, 2017, the Company had $90,367 and $0, respectively, owed to e-Communications Co., Ltd. Tomoo Yoshida, our
CEO, is also the CEO of e-Communications. The advance is due on demand and bears no interest.&nbsp;For the nine months ended June
30, 2018 and 2017, the Company borrowed $90,547</FONT><FONT STYLE="font-family: Century,serif; font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">and
$0, respectively from e-Communications.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 24, 2017, the Company borrowed JPY25,000,000,
or $223,534 from e-Learning, primarily for the payment to lease the regional franchise rights of the RE/MAX System. The loan matures
on May 24, 2023. On May 29, 2018, e-Learning agreed to decrease the interest rate from 2% to 1% retroactively from the issuance
date of the loan, which granted a concession on previous interest accrued at the reduced rate. As a result, $2,330 additional paid-in
capital was recognized in relation to the concession. The interest expense related to this note payable was $3,203 and $0 during
the nine months ended June 30, 2018 and 2017, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the nine months ended June 30, 2018, e-Learning
provided 10 square meters of office space and 2 square meters of storage space to the Company free of charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 27, 2018, e-Learning agreed to acquire
significant majority of the remaining health beauty equipment, &ldquo;Becker&rdquo;, at cost from the Company. The Company completed
the delivery subsequently on July 31, 2018.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Please refer to note 30 of the notes
of the Force Holdings and subsidiaries&rsquo; audited financial statements for the years ended September 30, 2017, 2016 and 2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other than as described above, there has been
no transaction, since October 1, 2016, or currently proposed transaction, in which we were or are to be a participant and the amount
involved exceeds the lesser of $120,000 or one percent of our total assets at year-end for the last completed fiscal year, and
in which any of the following persons had or will have a direct or indirect material interest:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any director or executive officer of our Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any person who beneficially owns, directly or indirectly, shares
carrying more than 5% of the voting rights attached to our outstanding shares of common stock;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any of our promoters and control persons; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any member of the immediate family (including spouse, parents, children,
siblings and in-laws) of any of the foregoing persons.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In light of the relationships between our
director and our majority shareholder and its corporate parent, our director may not be deemed to be independent. Our Board has
no nominating or compensation committees. The Company&rsquo;s current audit committee consists of Tomoo Yoshida. Our Board has
voluntarily adopted the corporate governance standards defining the independence of our directors imposed by the NASDAQ Capital
Market's requirements for independent directors pursuant to Rule 5605(a)(2) of the Marketplace Rules of The NASDAQ Stock Market
LLC.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="legal"></A>LEGAL PROCEEDINGS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is not a party to any pending
legal proceedings, and no such proceedings are known to be contemplated.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no material proceedings to
which any director, officer or affiliate of the Company, or any owner of record or beneficially of more than five percent of any
class of voting securities of the Company, or any associate of any such director, officer, affiliate of the Company, or security
holder is a party adverse to the Company or any of its subsidiaries or has a material interest adverse to the Company or any of
its subsidiaries.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B><A NAME="market"></A>MARKET
PRICE AND DIVIDENDS ON REGISTRANT&rsquo;S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Market Information</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Company&rsquo;s common stock is
traded on the OTC Pink. There is presently no consistent liquid public trading market for our shares of common stock. We can provide
no assurance that our shares of common stock will be&nbsp;quoted on the OTC Markets, NYSE, or NASDAQ or, that a consistent liquid
public market will materialize.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Holders</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At June 30, 2018, the Company had 60
shareholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Securities authorized for issuance
under equity compensation plans.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not have securities
authorized for issuance under any equity compensation plans.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="recent"></A>RECENT SALES OF UNREGISTERED SECURITIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 26, 2018, the Company entered
into a Share Purchase Agreement with Force Internationale, to acquire 100% of Force Holdings and 100% direct owner of e-Learning.
In consideration of this agreement, the Company issued 12,700,000 common shares to Force Internationale.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="description"></A>DESCRIPTION OF REGISTRANT&rsquo;S
SECURITIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has authorized 500,000,000 shares
of common stock, $0.0001 par value per share, of which 20,000,000 shares were issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No shares of preferred stock have been authorized
nor issued.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Holders of our common stock are entitled to
one vote for each share held on all matters submitted to a vote of our stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since inception we have not paid any dividends
on our common stock. We currently do not anticipate paying any cash dividends in the foreseeable future on our common stock. Although
we intend to retain our earnings, if any, to finance the exploration and growth of our business, our Board will have the discretion
to declare and pay dividends in the future. Payment of dividends in the future will depend upon our earnings, capital requirements,
and other factors, which our Board may deem relevant.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Transfer Agent</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our stock transfer agent is Mountain
Share Transfer, LLC. Their mailing address is 2030 Powers Ferry Road SE, Atlanta, GA. 30339, and their telephone number is 303-460-1149.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="indemnification"></A>INDEMNIFICATION OF DIRECTORS AND OFFICERS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">Our directors and officers are indemnified
as provided by the Delaware corporate law and our Bylaws. We have agreed to indemnify each of our directors and certain officers
against certain liabilities, including liabilities under the Securities Act of 1933. Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to our directors, officers and controlling persons pursuant to the provisions
described above, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than our payment of expenses incurred or paid by our director, officer or controlling
person in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;Under the General Corporation Law
of the State of Delaware, or DGCL, a corporation is&nbsp;required&nbsp;to indemnify both the current and former directors or officers
of the corporation against expenses actually and reasonably incurred if the particular current or former director or officer seeking
indemnification is successful on the merits or otherwise in defense of any action, suit or proceeding brought by reason of the
fact that such person was a director or officer of the corporation. In addition, a corporation&nbsp;may&nbsp;indemnify its current
or former directors or officers against (i) judgments, fines, amounts paid in settlement, and reasonable expenses, including attorneys&rsquo;
fees, in the case of a third-party action, and (ii) expenses, including attorneys&rsquo; fees (but not amounts paid in settlement
or judgments), in the case of an action by the corporation or a derivative action brought by a stockholder, in each case incurred
in any actual or threatened litigation brought by reason of the fact that such person was serving in one of the previously mentioned
capacities. In order for an individual to qualify for what is generally referred to as &ldquo;permissive indemnification,&rdquo;
an appropriate body, such as the board&rsquo;s disinterested directors, must determine that such individual has met the requisite
standard of conduct.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">However, the weakness of indemnification,
whether required or permitted by statute, is that the current or former director or officer must either prevail in the action or
have met the requisite standard of conduct. This means that the director or officer must fund a defense to reach the required result.
In recognition of this, the DGCL permits a corporation to advance the expenses incurred by a current or former director or officer
in defending third-party or derivative actions without regard to a standard of conduct. As a condition precedent to the advancement
of expenses, a corporation is required to obtain from a director or officer to whom expenses are advanced an undertaking to repay
any amounts advanced in the event that it is later determined that such person is not entitled to indemnification.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="financial"></A>FINANCIAL STATEMENTS AND SUPPLEMENTARY
DATA</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The information provided below in Item 9.01 of this Current
Report on Form 8-K is incorporated by reference into this Item.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="changes"></A>CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS AND FINANCIAL DISCLOSURE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="fin"></A>FINANCIAL STATEMENTS AND EXHIBITS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The information provided below in Item
9.01 of this Current Report on Form 8-K is incorporated by reference into this Item.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-17-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><A NAME="item3"></A>Item 3.02 Unregistered Sales of Equity
Securities.</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 26, 2018, the Company entered
into a Share Purchase Agreement with Force Internationale, to acquire 100% of Force Holdings and 100% direct owner of e-Learning.
In consideration of this agreement, the Company issued 12,700,000 common shares to Force Internationale. Such securities were not
registered under the Securities Act of 1933, and were issued pursuant to the exemption under Section 4(2) of the Securities Act.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><A NAME="item9"></A>Item 9.01 Financial Statements and
Exhibits.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(a) Financial Statements of Business Acquired.
</B>The Audited Financial Statements of Force Holdings and subsidiaries for the fiscal years ended September 30, 2017 are filed
as Exhibit 99.1 to this Current Report on Form 8-K and are incorporated herein by reference. The Unaudited Financial Statements
of Force Holdings and subsidiaries for the fiscal period ended June 30, 2018 are filed as Exhibit 99.2 to this Current Report
on Form 8-K and are incorporated herein by reference.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(b) Exhibits.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 88%; border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%"><B>Description</B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">2.1</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Share Purchase Agreement dated September 26, 2018 by and among Force Internationale and e-Learning. (4)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">2.2</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Share Purchase Agreement dated September 26, 2018 by and among Force Internationale and Exceed World. (4)</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">3.1</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Certificate of Incorporation of the Company (1)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">3.2</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Bylaws of the Company (1)</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">3.3</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Amendment to the Articles of Incorporation of the Company (2)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">3.4</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Amendment to the Articles of Incorporation of the Company (3)</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">3.5</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Articles of Association of Force Holdings. (4)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">3.6</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Articles of Incorporation of e-Learning. (4)</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">21</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Subsidiaries of the Company. (4)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">99.1</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Force Holdings and subsidiaries&rsquo; audited financial statements for the years ended September 30, 2017, 2016 and 2015. (4)</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">99.2</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Force Holdings and subsidiaries&rsquo; unaudited financial statements for the nine months ended June 30, 2018 and June 30, 2017. (4)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">99.3</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Unaudited proforma condensed combined financial information of the Company and Force Holdings and subsidiaries as of June 30, 2018 (4)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></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: 49px; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed as an exhibit to the Company's Registration Statement on Form 10-12G as filed with the SEC on February 19, 2015, and incorporated herein by this reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed as an exhibit to the Company's Current Report on Form 8-K as filed with the SEC on January 12, 2016, and incorporated herein by this reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed as an exhibit to the Company's Current Report on Form 8-K as filed with the SEC on October 28, 2016, and incorporated herein by this reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed herewith.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">-18-</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><A HREF="#table">Table of Contents</A></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="signatures"></A>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exceed World, Inc</B></FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 2%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 35%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 11%; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: white 3pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: October 2, 2018</FONT></TD>
    <TD STYLE="border-bottom: white 3pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Tomoo Yoshida</FONT></TD>
    <TD STYLE="border-bottom: white 3pt solid; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Name:&#9;Tomoo Yoshida</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Title:&#9;Chief Executive Officer </FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported):
October 2, 2018
Exceed World, Inc.
(Exact name of registrant as specified
in its charter)
Delaware
000-55377
98-1339955
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1-23-38-6F, Esakacho, Suita-shi,
Osaka Japan
564-0063
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
+81-6-6339-4177
N/A
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or
Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth
company
☒
If an emerging growth company, 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.
☐
-1-
Throughout this Report on Form 8-K, the terms the "Company,"
"we," "us" "our" and "Exceed World" refer to Exceed World, Inc., and "our
board of directors" refers to the board of directors of Exceed World, Inc.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Current Report on Form 8-K contains
forward-looking statements regarding, among other things, our future operating results and financial position, our business strategy,
and other objectives for our future operations. The words "anticipate," "believe," "intend,"
"expect," "may," "estimate," "predict," "project," "potential"
and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain
these identifying words. We have based these forward-looking statements largely on our current expectations and projections about
future events and financial trends that we believe may affect our business, financial condition and results of operations. There
are a number of important risks and uncertainties that could cause our actual results to differ materially from those indicated
by forward-looking statements including those set forth in the section of this Current Report entitled "Risk Factors."
We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not
place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions
and expectations disclosed in the forward-looking statements we make. Our forward-looking statements do not reflect the potential
impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make.
You should read this Current Report
on Form 8-K and the documents that we have filed as exhibits to this Current Report on Form 8-K completely and with the understanding
that our actual future results may be materially different from what we expect. The forward-looking statements contained in this
Current Report on Form 8-K are made as of the date of this Current Report on Form 8-K, and we do not assume any obligation
to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required
by applicable law.
-2-
TABLE OF CONTENTS
Page
Item 1.01 Entry into a Material Definitive Agreement
4
Item 2.01 Completion of Acquisition or Disposition of Assets.
4
BUSINESS
5
RISK FACTORS
11
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
15
PROPERTIES
16
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
16
DIRECTORS AND EXECUTIVE OFFICERS
16
EXECUTIVE COMPENSATION
16
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, DIRECTOR INDEPENDENCE
17
LEGAL PROCEEDINGS
17
MARKET PRICE AND DIVIDENDS ON REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
17
RECENT SALES OF UNREGISTERED SECURITIES
17
DESCRIPTION OF REGISTRANT'S SECURITIES
17
INDEMNIFICATION OF DIRECTORS AND OFFICERS
17
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
17
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS AND FINANCIAL DISCLOSURE
17
FINANCIAL STATEMENTS AND EXHIBITS
17
Item 3.02 Unregistered Sales of Equity Securities
18
Item 9.01 Financial Statements and Exhibits
18
SIGNATURES
19
-3-
Table of Contents
Item 1.01 Entry into a Material Definitive
Agreement.
On September 26, 2018, Force Internationale
Limited, a Cayman Island limited company ("Force Internationale") entered into a Share Purchase Agreement with its
wholly-owned subsidiary, e-Learning Laboratory Co., Ltd., a Japan corporation ("e-Learning") and 74.5% owner of the
Company. Under this Share Purchase Agreement, e-Learning transferred its 74.5% interest in the Company to Force Internationale.
As consideration for this transfer, Force Internationale paid $26,000.00 to e-Learning. Immediately subsequent, the Company entered
into a Share Purchase Agreement with Force Internationale, to acquire 100% of Force International Holdings Limited, a Hong Kong
limited company ("Force Holdings") and 100% direct owner of e-Learning. In consideration of this agreement, the Company
issued 12,700,000 common shares to Force Internationale. The result of these transaction is that Force Internationale is a 74.5%
owner of the Company, the Company is a 100% owner of Force Holdings, and Force Holdings is a 100% owner of e-Learning. Prior to
the Share Purchase Agreements, Force Internationale was an indirect owner of 74.5% of the Company and subsequent to the Share Purchase
Agreements, Force Internationale is a direct owner of 74.5% of the Company. The Share Purchase Agreements were approved by the
boards of directors of each of the Company, Force Internationale, Force Holdings, and e-Learning. Copies of the Share Purchase
Agreements are included as Exhibit 2.1 and Exhibit 2.2 to this Current Report and is hereby incorporated by reference. All references
to the Agreements and other exhibits to this Current Report are qualified, in their entirety, by the text of such exhibits.
The following chart illustrates the
structure of our consolidated affiliated entities prior to such restructuring:
The following chart illustrates the
structure of our consolidated affiliated entities after such restructuring:
Force Internationale is owned and controlled
by Mr. Tomoo Yoshida ("Mr. Yoshida") and Mr. Keiichi Koga ("Mr. Koga"), who own 55.7% and 39.6%, respectively
of Force Internationale, and who serve on the two-person Board of Directors of Force Internationale. Mr. Yoshida also serves as
the sole director and Chief Executive Officer of the Company. Mr. Yoshida and Mr. Koga also serve as directors on the two-person
board of directors of Force Holdings. The five-person board of directors for e-Learning is comprised of Mr. Yoshida, Mr. Koga,
Kaname Mori, Koji Okada, and Naoharu Wada.
The information contained in Item 2.01
below relating to the Agreement and the transaction contemplated thereby is incorporated herein by reference.
Item 2.01 Completion of Acquisition
or Disposition of Assets.
As described in item 1.01 above, and
as incorporated herein by reference thereto, on September 26, 2018, the Company participated in two transactions pursuant to which:
(1) 74.5% of the Company's common stock is directly owned, rather than indirectly owned, by Force Internationale; and (2)
the Company is the indirect 100% owner of e-Learning.
-4-
Table of Contents
FORM 10 DISCLOSURE
Set forth below is the information required by Form 10 Pursuant
to Section 12(b) or (g) of the Securities Exchange Act of 1934.
BUSINESS
The Company was incorporated under
the laws of the State of Delaware on November 25, 2014. The address is 1-23-38-6F, Esakacho, Suita-shi, Osaka 564-0063 Japan.
We are an Emerging Growth Company as defined in the Jumpstart Our Business Startups (JOBS) Act.
History
The Company was originally incorporated with
the name Brilliant Acquisition, Inc., under the laws of the State of Delaware on November 25, 2014, with an objective to acquire,
or merge with, an operating business. On January 12, 2016, Thomas DeNunzio of 780 Reservoir Avenue, #123, Cranston, RI 02910, the
sole shareholder of the Company, entered into a Share Purchase Agreement with e-Learning. Pursuant to the Agreement, Mr. DeNunzio
transferred to e-Learning, 20,000,000 shares of our common stock which represents all of our issued and outstanding shares. Following
the closing of the share purchase transaction, e-Learning gained a 100% interest in the issued and outstanding shares of our common
stock and became the controlling shareholder of the Company.
On January 12, 2016, the Company changed its
name to Exceed World, Inc. and filed with the Delaware Secretary of State, a Certificate of Amendment. On January 12, 2016, Mr.
Thomas DeNunzio resigned as our Chief Executive Officer, Chief Financial Officer, President, Director, Secretary, and Treasurer.
Also, on January 12, 2016, Mr. Tomoo Yoshida was appointed as our Chief Executive Officer, Chief Financial Officer, President,
Director, Secretary, and Treasurer.
On February 29, 2016, the Company entered into
a Stock Purchase Agreement with Tomoo Yoshida, our Chief Executive Officer, Chief Financial Officer, President, Director, Secretary,
and Treasurer. Pursuant to this Agreement, Tomoo Yoshida transferred to Exceed World, Inc., 10 shares of the common stock of E&F
Co., Ltd., a Japan corporation ("E&F"), which represents all of its issued and outstanding shares in consideration
of $4,835 (JPY 500,000). Following the effective date of the share purchase transaction on February 29, 2016, Exceed World, Inc.
gained a 100% interest in the issued and outstanding shares of E&F's common stock and E&F became a wholly owned subsidiary
of Exceed World. On August 4, 2016, the E&F changed its name to School TV Co., Ltd ("School TV") and filed with
the Legal Affairs Bureau in Osaka, Japan.
On April 1, 2016, e-Learning entered into stock
purchase agreements with 7 Japanese individuals. Pursuant to these agreements, e-Learning sold 140,000 shares of common stock in
total to these individuals and received $270 as aggregate consideration. Each paid JPY0.215 per share. At the time of purchase
the price paid per share by each was the equivalent of about $0.002. This sale of shares was exempt from registration in accordance
with Regulation S of the Securities Act of 1933, as amended ("Regulation S") because the above sales of the stock were
made to non-U.S. persons as defined under Rule 902 section (k)(2)(i) of Regulation S, pursuant to offshore transactions, and no
directed selling efforts were made in the United States by the issuer, a distributor, any of their respective affiliates, or any
person acting on behalf of any of the foregoing.
On August 1, 2016, the Company changed its
fiscal year end from November 30 to September 30.
On August 9, 2016, e-Learning entered into
stock purchase agreements with 33 Japanese individuals. Pursuant to these agreements, e-Learning sold 3,300 shares of common stock
in total to these individuals and received $330 as aggregate consideration. Each paid JPY10   per share. At the time of
purchase the price paid per share by each shareholder was the equivalent to about $0.1. These shares were sold pursuant to the
Company's effective S-1 Registration Statement deemed effective on July 20, 2016 at 4pm EST.
On October 28, 2016, the Company, with the
approval of its board of directors and its majority shareholders by written consent in lieu of a meeting, authorized the cancellation
of shares owned by e-Learning. e-Learning consented to the cancellation of shares. The total number of shares cancelled was 19,000,000
shares which was comprised of 16,500,000 restricted common shares and 2,500,000 free trading shares.
On October 28, 2016, every one (1) share of
common stock, par value $.0001 per share, of the Company issued and outstanding was automatically reclassified and changed into
twenty (20) shares fully paid and non-assessable shares of common stock of the Company, par value $.0001 per share. ("20-for-1
Forward Stock Split") No fractional shares were issued. The authorized number of shares, and par value per share, of common
stock are not affected by the 20-for-1 Forward Stock Split.
On October 28, 2016, we filed a Certificate
of Amendment with the Delaware Secretary of State. The effective date of the 20-for-1 Forward Stock Split was upon the acceptance
of the Certificate of Amendment with the Secretary of State of the State of Delaware. The Certificate of Amendment can be found
as Exhibit 3.1 to Form 8-K filed November 1, 2016.
During July 2017 and August 2017, e-Learning
entered into stock purchase agreements with 24 Japanese individuals. Pursuant to these agreements, e-Learning sold 2,240,000 shares
of its common stock in total to these individuals and received $38,263 as aggregate consideration.
-5-
Table of Contents
Existing Business
We operate three lines of business through
our wholly owned subsidiary, School TV. These include:
- The sale and distribution of health
related products;
- The promotion of third party consumer
goods and services; and
- RE/MAX realtor business in Kanagawa,
Okinawa, and Tokyo, Japan.
Nature of Business: Sale and Distribution of Health Related
Products
*The chart above does not depict when
we make direct sales to consumers.
As depicted in the diagram above School
TV is our wholly owned subsidiary through whom we operate exclusively at this time. School TV sells primarily health related consumer
goods to distributors and consumers alike. At this time, School TV primarily operates under the operational model of "drop
shipping." It should be noted however, that School TV does hold inventory and sells products directly to the consumer from
time to time. For products sold through our drop shipping model, after a purchase order has been filled out by a consumer the product
is shipped out by School TV's suppliers, rather than School TV. School TV sends a portion of the proceeds from the sale of
any our products directly to suppliers when sold through the drop shipping model. This accounts for Exceed World's cost of
the good and any other related expenses. Revenues generated from the sale of inventory held directly by School TV are retained
entirely by School TV. School TV is responsible for shipping goods sold that come from its own supply of inventory.
School TV has acquired its physical
inventory, which will be explained in further detail below, from suppliers, and has plans to acquire additional inventory from
as of yet unidentified suppliers.
Currently, School TV has future intentions
to create an online marketplace to sell goods through but at this time, has not yet begun pursuing development of such a marketplace
or website. Plans and timeline of such also remain undetermined.
School TV currently has no storefront
and there is no guarantee that it will ever obtain a storefront. At this time, School TV is not actively seeking to acquire a storefront
and it relies exclusively on personal relationships of our Chief Executive Officer to sell its current inventory.
Health Related Products
We offer the below products for sale:
PURE ESALA
POPOCA
Le jeune
Magic Soap in Bath
Becker
Supplement
Supplement
Supplement
Soap
Health Beauty Equipment
Benefit
Discharges excessive moisture and salt from the body; Relieves constipation.
Heats the body; Promotes metabolism.
Antioxidation from the body; Keeps moisture in the skin.
Free of additives; Positive for skin health
Activation of tissue by impulse waves
Principal Ingredients
Potassium chloride, Essence of vitamin Hyaluronic acid
Piper longum extracts, Essential vitamins, Ginger and pepper
Placental extracts, Collagen peptide, Essence of melon
Olive oil, Palm oil, Clay called kaoline
N/A
Supplier
Exceed Japan Co., Ltd.
Exceed Japan Co., Ltd.
Exceed Japan Co., Ltd.
Exceed Japan Co., Ltd.
Amoto Kyouiku Kenko Co., Ltd.
Unit Price and Cost
Selling Price JPY
4,000
4,000
9,800
2,400
58,320
Selling Price USD
38.10
38.10
93.33
22.86
555.43
Cost Price JPY
1,920
1,920
5,220
600
37,800
Cost Price USD
18.29
18.29
49.71
5.71
360.00
Markup %
52%
52%
46.7%
75%
35.2%
Inventory
As of June 30, 2018, we had $78,570
in inventory which primarily consists of a health beauty equipment. Any goods that are purchased from our supply of physical inventory
are sent out to the purchaser. We are responsible for any shipping and or related costs.
On July 27, 2018, e-Learning, the beneficial
owner of the Company, agreed to acquire significant majority of the remaining health beauty equipment, "Becker", at
cost from the Company. The Company completed the delivery subsequently on July 31, 2018.
-6-
Table of Contents
Process of Ordering, Delivery and
Payment
Should a purchaser purchase a health
related supplement or product directly from School TV, the Company provides the purchaser a "call sheet" or in other
words a purchase order form which includes but is not limited to, basic information on the purchaser, the shipping address of the
purchaser, and payment details of the purchaser. School TV offers standard methods of shipping for its products at the cost of
the purchaser. School TV bills the purchaser directly as the purchase is from School TV's own stock of inventory.
Purchasers may also decide to purchase
products through particular 'distributors' or sales agents of School TV. In this case the distributors receive a commission
decided upon by the Company on a case by case basis. Payments, billing, and shipping are still handled by School TV.
For products not available in School
TV's inventory, the Company utilizes the drop-shipping model described in the proceeding paragraphs. In this case School
TV is responsible for collecting payment and shipping information from the purchaser and then provides this information to the
supplier at which time the supplier bills the purchaser for the purchase of the product(s) and handles any shipping of the product(s)
thereafter. A commission is then paid to School TV for facilitating the transaction. Commissions are on a case by case basis with
no set commission.
Competition - Health, Food, and Related
Goods
Our primary competition comes from other
health food and supplement companies within Japan, but can also include global companies who offer their products within Japan.
Some of our competitors have larger resources than we have, a longer operating history, and established connections throughout
our target regions, which may make it difficult to penetrate into the market effectively. Even if we do manage to penetrate into
the health food and or supplement market with our products there can be no guarantee that we will be able to continue to compete
effectively with these established competitors.
Our competition includes, but is not
limited to, MUSO Co., Ltd, Asahi Food & Healthcare Co., Ltd., Daiichi Sankyo Co., Ltd., Taisho Pharmaceutical Co., Ltd. and
Takeda Pharmaceutical Co., Ltd.. Several of these competitors have an established track record in Japan and offer highly valued
products throughout the country, which may serve to make it more difficult for our own products to gain attention as we begin operations.
Nature of Business: Promotion of Third Party Consumer
Goods and Services
In addition to our retail and drop-shipping
business described above we also provide promotional services for third party businesses and receive a commission upon the sale
of such product(s) or service(s). Included below we have disclosed the name, and principal good or service, of each third party
business to whom we presently offer promotional services.
Products and Services - Sales
Products
Supplier of Product or Service
Internet provider service(s)
Next BB Co., Ltd.
Delivery service(s) of Goods
Real Web Co., Ltd.
Food product(s)
Morita Seicha
Food product(s)
TOMOTO Co., Ltd.
Promotional activities are made through existing relationships
of School TV.
Process of Ordering, Delivery and Payment
Any and all billing, fulfillment, and
shipping (if applicable) related to this business is handled entirely by the supplier of each product or service exclusively. We
receive a commission upon facilitating a sale of a service or product that varies on a case by case basis. We are not directly
involved in the sale of any product or service in any way except for assisting with facilitating the sale via promotional services.
-7-
Table of Contents
Nature of Business: RE/MAX Realtor
Business in Kanagawa, Okinawa, and Tokyo, Japan
Basic structure
(description continued on next page)
Kanagawa region and Okinawa region
On July 7, 2017, our wholly owned subsidiary,
School TV entered into a RE/MAX Regional Franchise Agreement with the master franchisor of RE/MAX Japan, Kidding Co., to lease
the franchise rights to two Japanese Prefectures, Kanagawa and Okinawa, in consideration of JPY75,060,000 ($674,333) effective
on July 7, 2017. Both lease terms are for a term of fifteen years and, after expiration of the lease term, School TV will need
to pay to renew its rights to franchise RE/MAX should the Company decide to do so at that time. (*1, *2)
As depicted in the chart above, School
TV has leased the rights to be regional franchisor owner of RE/MAX brokerage offices in two Prefectures (regions) of Japan from
Kidding Co. Kidding Co. is the managing company for all of Japan's RE/MAX operations. School TV is not engaged in any real
estate activities and any brokerage offices opened up in these prefectures under School TV will be Japanese real estate companies
with the proper licenses to carry out real estate sales and activities.
Currently, there is no brokerage office
in either of these Prefectures and we have not yet generated any income relating to these activities. School TV is actively searching
for real estate companies which will agree to open up, own and run RE/MAX broker offices for each region. However, any and all
plans regarding the identification of an appropriate and interested real estate company remain speculative in nature and are still
under development. (*3)
Tokyo region
*In relation to the below operations we have not yet generated
any income.
On July 28, 2017, School TV entered
into an Agreement with Investech Co. whereas it is agreed that School TV will provide monetary support to Investech Co., a Japanese
Company, which operates a real estate brokerage office of RE/MAX Japan in the Tokyo region (the "Investech Agreement").
(*4)
On July 28, 2017, School TV entered
into a Memorandum of Understanding with Kidding Co., pursuant to which Kidding Co. consents for School TV to provide monetary support
to Investech Co., a Japanese Company, which operates a regional branch of RE/MAX Japan in the Tokyo region (further details can
be found in the agreement titled "Kidding MOU").
The Tokyo region has the largest real
estate market in Japan. However, there is currently no regional owner in the Tokyo area. As such, Kidding Co. currently conducts
management of the RE/MAX location in Tokyo, Japan.
School TV cannot, at this time, open
and/or own a real estate brokerage office pursuant to Japanese regulations. However, they are not forbidden from providing monetary
support to such brokerage offices in exchange for a percentage of profits from the brokerage offices. At present, School TV provides
monetary support to Investech Co., the owner and operator of the RE/MAX brokerage office located in Tokyo. Currently, Investech
Co. has three sales agents.
e-Learning intends to provide sales
agents to Investech Co. in order to identify potential parties interested in purchasing real estate. Such sales agents will not
be directly involved in the sale of any real estate, and their sole purpose is to identify a potential real estate purchaser for
Investech to contact and pursue sales efforts. Pursuant to School TV's relationship with Investech, Co., School TV receives
a share of any profits generated from the RE/MAX profits in Tokyo through profit sharing. In the event that a sale is consummated
resulting from the efforts of e-Learning's sales agents, then 20% of Investech's profits for the transaction go to
the sales agent, and an additional 24% of the profits are paid to School TV. In any other scenario, that does not include a sales
agent from e-Learning, in which Investech generates revenue from the operations of their RE/MAX location then School TV receives
5% of Investech's profits.
Note: e-Learning and School TV do not
have a formal agreement pursuant to their sales agents or profit sharing at this point in time.
From time to time Kidding Co., may pay
fees to School TV to cover some or all of the monetary support given to Investech Co., by School TV.
(*5) Ikezoe Trust owns Kidding Co., referred to in the chart
as "Kidding".
Competition - RE/MAX Business
Our primary competition comes from established
real estate companies within Japan, but can also include global companies who offer their products/services within Japan. Some
of our competitors have larger resources than we have, a longer operating history, and established connections throughout our target
regions, which may make it difficult to penetrate into the market effectively and find a real estate company to operate in Kanagawa
or Okinawa. Even if we do manage to penetrate into the market there can be no guarantee that we will be able to continue to effectively
compete with established competitors in an effective manner.
-8-
Table of Contents
e-learning Business
With the completion of the Company's
acquisition of Force Holdings and its subsidiaries (Hereinafter, collectively referred to as the "Group"), we are now
adding the business of providing education services to current business plan.
The Group is an education service provider
in Japan and it offers a range of e-learning education programs as well as supporting services to complement such education programs
through an internet platform named "Force Club" ("Force Club"), which was launched in 2007. The Group
has offered e-learning programs through "Force Club", all of which were procured from independent third-party software
developers, including pre-school learning resources, learning resources supplementing elementary school, junior high school and
senior high school curriculum, preparation courses for university entrance examinations and professional qualification examinations,
and English learning, appealing to a diverse customer base from pre-school children to students and adult learners. A list of
the Group's e-learning programs, target customer group and release date are set out below. The e-learning programs of Force
Club mainly serve as supplemental learning resources and self-learning tools for students and adult learners.
No.
Content Name
Target
Compatible Devices
Release Date
1
ENGLISH MONSTERS
Primary school student
iOS smartphone / tablet
2013
Android smartphone / tablet
2013
2
Romantic English Conversation - London Ver.
Age 18 and over
iOS smartphone / tablet
2013
Android smartphone / tablet
2013
3
Romantic English Conversation - College Life Ver.
Age 18 and over
iOS smartphone / tablet
2013
Android smartphone / tablet
2013
4
ENGLISH MONSTERS AR
Primary school student
iOS smartphone / tablet
2013
Android smartphone / tablet
2013
5
The Blue Danube
Infants
iOS smartphone / tablet
2012
Android smartphone / tablet
2014
6
The Nutcracker
Infants
iOS smartphone / tablet
2012
Android smartphone / tablet
2014
7
Peter & the Wolf
Infants
iOS smartphone / tablet
2012
Android smartphone / tablet
2014
8
The Four Seasons
Infants
iOS smartphone / tablet
2012
Android smartphone / tablet
2014
9
The Carnival of the Animals
Infants
iOS smartphone / tablet
2012
Android smartphone / tablet
2014
10
Play A,B,C on the Keyboard
Infants
iOS smartphone / tablet
2012
Android smartphone / tablet
2014
11
Say Hello to English Words!
Infants
iOS smartphone / tablet
2012
Android smartphone / tablet
2014
12
Force Paint
Infants
iOS smartphone / tablet
2012
Android smartphone / tablet
2014
13
Force Musician
Infants
iOS smartphone / tablet
2012
14
Inheritance Diagnosis Consultant
Adult
iOS smartphone / tablet
2013
Android smartphone / tablet
2013
15
Sign Language Course
Adult
PC
2014
16
University Entrance Exam Preparation Course
High school student /
Those who prepare for entrance exam
PC
2008
Android smartphone / tablet
2014
17
LEARNING EYES
Adult
PC
2012
Android smartphone / tablet
2014
18
High School Student-oriented e-learning
High school student
PC
2009
Android smartphone / tablet
2014
19
Folstar
Adult
Feature Phone
2008
20
Qualification Attainment Strategies Course
Adult
iOS smartphone / tablet
2015
Android smartphone / tablet
21
School TV
Primary school student / Middle school student
PC
2015
iOS smartphone / tablet
Android smartphone / tablet
23
English Monsters app
Main: High school student / College student
(However, primary school student, middle school student, and adults are also included as targets.)
iOS smartphone / tablet
2015
23
ForceMart
Force Club Members
PC
2017
iOS smartphone / tablet
Android smartphone / tablet
The Group's e-learning programs
are offered to its customers who have to be first registered as a member of Force Club. Since 2002, the Group began to offer its
e-learning programs to its customers in CD-ROMs with pre-loaded learning content until 2007. Due to the popular trend for internet,
starting from 2007, the Group has made its e-learning programs available on its website for its customers, and the customers need
to pay a monthly fee in order to access and view the most up-to-date content on the website of the Group. At the advent of digital
technology in recent years and in view of the increasing popularity of tablet devices, the Group has released its e-learning programs
on smartphones and tablet devices for customer use since 2012 to cater for the popular demand of young learners and users in rural
areas of Japan. The e-learning programs of Force Club are targeted at residents of Japan, and thus the e-learning programs are
presented in Japanese only and no translated version is available. Since 2015, in addition to e-learning, the Group has started
offline business which attracts public attentions such as Abacus School and Robot Programming School. Through these offline business,
the Group has provided services to general users.
The Group regularly updates its e-learning
materials and programs. In particular, the learning resources supplementing elementary school, junior high school and senior high
school curriculum would be overhauled to correspond to any revision in school curriculum, which generally takes place once in a
four-year period. In addition, most of preparation courses for the university entrance examinations and professional qualification
examinations would be revised at one to two year intervals to cater for any changes to the examination syllabus. The website of
the Group is updated from time to time to reflect the updates and changes to the learning materials and programs and for users
with smartphones and tablet devices, these updates can also be downloaded from the website of the Group.
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Business Model
Apart from using the conventional direct
sales marketing strategy, the Group has also adopted multilevel marketing ("MLM") in operating its businesses.
Since 2002, the Group has adopted a direct
sale marketing strategy to market its e-learning programs. Since 2007, the Group gradually changed its marketing strategy from
direct sale to MLM for the purposes of (i) establishing its brand name and penetrating into the rural areas of Japan; (ii) promoting
its products to wider customer groups through premium members; and (iii) incentivizing premium members to recruit new members
to join Force Club in order to increase the sales of its products and maximize profits for the Group. The Group adopted MLM since
2007 which is considered to be immediately effective, penetrative, and cost efficient as means of expanding its own educational
business for the following reasons: (i) distance learning is a word-of-mouth business, and word-of-mouth has immediate impact;
(ii) the Group relies on its premium members to help on product penetration into the suburban and rural areas of Japan; and (iii)
marketing cost can be reduced. Currently, the Group has no retail shops or other point-of-sale for its products. Based on the
consolidated accounts of the Group for each of the financial years from 2007 to 2017, the revenue generated by the Group after
adopting MLM has increased from JPY634,950,892 in 2007 to JPY4,101,389,763 in 2017.
MLM was adopted by the Group in order
to expand the sales of its e-learning programs through its Force Club members. Among Force Club members, premium members get a
tablet device, which entitle the premium members a life-time access of all e-learning educational content and a right to introduce
those content to other individuals. Since the Group's e-learning education programs are distributed in the form of online
downloads, it can be used for both online and offline and fully features a characteristic of e-learning: "whenever, wherever,
and easy". Furthermore, the Group achieves high levels of customer satisfaction and maintains certain number of members providing
various e-learning education programs for persons aged 0 to 100 years at an affordable price.
Force Club Membership
Force Club members are those who intend
to use products and services the Group offers. Among Force Club members, members who wish to engage in recruiting new members are
called premium members ("Premium Members")
Premium Members can obtain rewards (special
income or commissions) from their activities for recruitment of new Force Club members.
Premium Members are high-end users of
the Group's products. Premium Members have to join a premium plan under which members are given rights to use all products
and services of the Group, and engage in activities to recruit new Force Club members and obtain rewards (special income or commissions)
from such activities.
The Group generally enters into a contract
(the "Premium Member Contract") with each of its Premium Members, after confirming definitions, and terms and conditions
of engaging in multilevel marketing activities and details of the commission scheme for recruitment of new members.
The salient terms of the Premium Member
Contract are as follows:
Eligibility
- the following individuals/corporations
are eligible to register as the Group's Premium Members:
(i) Individuals (other than
students) who are 20 years old or above and are residents of Japan; and
(ii) Corporations established
in Japan
Applicants are required to
provide proof of identity, such as driver license, passport or resident card for individual members or a certified copy of the
commercial registration for corporate members.
Payments
– an applicant who wishes
to be a Force Club Premium Member has to join the premium plan and pay an initial payment of JPY453,600, comprising:
(i) The one-off registration fee
of JPY10,800;
(ii) The premium package fee of JPY421,200;
and
(iii)An advanced payment of monthly
membership fees for the initial two months amounting to JPY21,600.
Monthly membership fees payable from the third
month onwards will be automatically transmitted from a Premium Member's bank account until termination of membership.
Premium Members have to pay monthly membership
fees of JPY10,800 commencing from the third month to maintain their premium membership. If a Premium Member does not pay the monthly
membership fee before the prescribed due date, such Premium Member will be disqualified and will not be paid any commission with
respect to his recruitment performance in the preceding month, and Force Club services for such Premium Member will be suspended
in the following month. The commission and Force Club services for such Premium Member will be resumed in the subsequent month
if the monthly membership fee is paid within three months from the due date. Otherwise, the Premium Member is deemed to have withdrawn
from his membership if the monthly membership fee is not paid for three consecutive months after the payment due date.
Cooling-off period
- An individual
who has applied for registration as a Premium Member has a 20-day cooling-off period during which he may withdraw his Premium Member
application provided that he would return a premium package. The Group will refund in full any payments made by such Premium Member
upon receipt of the notification of the withdrawal of application and the premium package.
Cancellation of contract after the
cooling-off period
- after the 20-day cooling off period, Premium Members may cancel their contracts within 90 days from the
receipt of premium package provided that the following conditions are met:
(i) Force Club services have
not been used;
(ii) Such Premium Member has
not started recruiting any new members; and
(iii) Such Premium Member
has not intentionally or inadvertently lost or destroyed all or part of the premium package.
Upon cancellation of the contract, the Group
will, if applicable, return part of the payment to such Premium Member. The amount of payment to be returned to a Premium Member
in different scenarios, depending on when the contract is cancelled and whether the premium package is returned to the Group, is
set out below:
Cancellation in the first month after joining Force Club
Cancellation in the second/third month after joining Force Club
If the premium package is returned to the Group
Refund JPY389,800 to a Premium Member
Refund JPY379,080 to a Premium Member
If the premium package is not returned to the Group
Refund JPY10,800 to a Premium Member
None.
Membership withdrawal
- Premium
Members may withdraw their membership and terminate contracts by sending a withdrawal notification to the Group. The Group would
not seek penalty charges or compensation from any Premium Member who withdraws and terminates his contract.
In addition, the Premium Member Contract
sets out the rules of conduct required to be observed by Premium Members in recruiting new members to join Force Club. The Group
is entitled to suspend a Premium Member's business activities, suspend his commission, demand return of commission, remove
his title, or terminate his membership if such Premium Member violates or infringes the rules of conduct or other related laws
or regulations, and/or acts in a way that is offensive to public order and morals.
Upon registration as Force Club members,
applicants will be given a user ID to gain access to the e-learning programs through Force Club platform. Force Club members will
be given additional four user IDs after registration so that they can use total five user IDs for accessing e-learning content
through Force Club platform.
Force Club members can gain access to
e-learning programs through Force Club platform for their use of e-learning programs of the Group.
Since the launch of Force Club in 2007, the
number of Force Club members had remained relatively stable. The number of Force Club members has increased from 3,989 as at September
30, 2008 to 6,558 as at September 30, 2017;
As of
June 30, 2018, our subsidiaries, Force Holdings and its subsidiaries, had total assets of $19,907,774 and total liabilities of
$7,161,131. Our consolidated assets as of June 30, 2018 were $19,933,774 and total liabilities were $7,161,131
.
Employees
The number of the employees of the Group
at June 30, 2018 was 42.
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RISK FACTORS
An investment in our common stock involves
a high degree of risk. You should carefully consider the risks described below and the other information in this report before
making a decision to invest in our common stock. If any of the following risks and uncertainties develop into actual events, our
business, results of operations and financial condition could be adversely affected. In those cases, the trading price of our common
stock could decline and you may lose all or part of your investment.
Risks Related to Our Company
Since one of our products constitutes
a significant portion of our net sales, significant decreases in consumer demand for this product or our failure to produce a suitable
replacement should we cease offering it would harm our financial condition and operating results.
If consumer demand for this product
decreases significantly or we cease offering this product without a suitable replacement, then our financial condition and operating
results would be harmed.
If we lose the services of members
of our senior management team, then our financial condition and operating results could be harmed.
We depend on the continued services
of our Chief Executive Officer, Tomoo Yoshida, who also serves as our Chief Financial Officer, Director, President, Secretary,
and Treasurer, and our senior management team as it works to create an environment of inspiration, motivation and entrepreneurial
business success. Any significant leadership change or senior management transition involves inherent risk and any failure to ensure
a smooth transition could hinder our strategic planning, execution and future performance. While we strive to mitigate the negative
impact associated with changes to our senior management team, there may be uncertainty among investors, employees, Force Club and
Premium Members and others concerning our future direction and performance. Any disruption in our operations or uncertainty could
have a material adverse effect on our business, financial condition or results of operations.
Additionally, although we do not believe
that any of our senior management team are planning to leave or retire in the near term, we cannot assure you that our senior managers
will remain with us. The loss or departure of any member of our senior management team could adversely impact our Force Club and
Premium Member relations and operating results. If any of these executives do not remain with us, our business could suffer. Also,
our continued success will also be dependent on our ability to retain existing, and attract additional, qualified personnel to
meet our needs. We currently do not maintain "key person" life insurance with respect to our senior management team.
Foreign-currency fluctuations
and inflation in foreign markets could impact our financial position and results of operations.
In 2017, 100%
of our sales occurred in Japan. In preparing our financial statements, we translate revenue and expenses in our markets outside
the United States from their local currencies into U.S. dollars using weighted-average exchange rates.  Foreign-currency fluctuations
can also cause losses and gains resulting from translation of foreign-currency-denominated balances on our balance sheet. In addition,
high levels of inflation and currency devaluations in any of our markets could negatively impact our balance sheet and results
of operations. It is difficult to predict future fluctuations and the effect these fluctuations may have upon future reported results
or our overall financial condition.
Difficult economic conditions
could harm our business.
Global economic
conditions continue to be challenging. Difficult economic conditions could adversely affect our business by causing a decline in
demand for our products, particularly if the economic conditions are prolonged or worsen. In addition, such economic conditions
may adversely impact access to capital for us and may otherwise adversely impact our operations and overall financial condition.
We may become
involved in legal proceedings and other matters that, if adversely adjudicated or settled, could adversely affect our financial
results.
We have been,
and may again become in the future, party to litigation, investigations or other legal matters. In general, litigation claims could
result in settlements or damages that could significantly affect financial results. It is not possible to predict the final resolution
of any litigation to which we may become party, and the impact of these matters on our business, results of operations and financial
condition could be material.
Government
authorities may question our tax or customs positions or change their laws in a manner that could increase our effective tax rate
or otherwise harm our business.
As a U.S. company
doing business globally, we are subject to all applicable tax laws. We are subject to audit by tax authorities. If authorities
challenge our tax positions, we may be subject to penalties, interest and payment of back taxes. The tax laws are continually changing
and are further subject to interpretation by the local government agencies. Such situations may require that we defend our positions
and/or adjust our operating procedures in response to such changes. Any or all of these potential risks may increase our effective
tax rate, increase our overall tax costs or otherwise harm our business.
We may be
held responsible for certain taxes or assessments relating to the activities of our Premium Members, which could harm our financial
condition and operating results.
Our Premium
Members are independent contractors and subject to taxation in their country of residency. In the event that our independent distributors
are deemed as employees rather than independent distributors under local laws and regulations, or the interpretation of local
laws and regulations, we may be held responsible for a variety of obligations that are imposed upon employers relating to their
employees, including withholding and related taxes plus any related assessments and penalties, which could harm our financial condition
and operating results. If our independent distributors were deemed to be employees rather than independent contractors, we would
also face the risk of increased liability for their actions.
Market conditions
and the strengths of competitors may harm our business.
Our results
of operations may be harmed by market conditions and competition in the future. In addition, our business may be negatively impacted
if we fail to adequately adapt to trends in consumer behavior and technologies.
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The intellectual property we
utilize may infringe on the rights of others, resulting in costly litigation.
Currently,
the rights of 70% of our products are licensed from third party providers and the remaining 30% are owned by the Group. We expect
that competition for developing new products will become more severe in the competitive education industry. Under such circumstances,
if we depend on development of our own products, it would be time consuming and expensive. Rather, as our established sales system
has proved effective, we plan to continue to use the products developed by other companies. We expect to increase the ratio of
the products licensed by third parties.
In recent years,
there has been significant litigation involving patents and other intellectual property rights. In particular, there has been an
increase in the filing of suits alleging infringement of intellectual property rights, which pressure defendants into entering
settlement arrangements quickly to dispose of such suits, regardless of their merit. Other companies or individuals may allege
that we, or our members consumers, licensees or other parties indemnified by us infringe on their intellectual property rights.
Even if we believe that such claims are without merit, defending such intellectual property litigation can be costly, distract
management's attention and resources, and the outcome is inherently uncertain. Claims of intellectual property infringement also
might require us to redesign affected products, enter into costly settlement or license agreements, pay costly damage awards, or
face a temporary or permanent injunction prohibiting us from marketing or selling certain of our products. Any of these results
may adversely affect our financial condition.
If we are unable to protect our
intellectual property rights, our ability to compete could be negatively impacted.
Many of our
products rely on technologies developed or licensed by third parties, and we may not be able to obtain or continue to obtain licenses
and technologies from these third parties on reasonable terms or at all. The market for our products depends to a significant extent
upon the value associated with our product innovations and our brand equity. We rely upon patent, copyright, trademark and trade
secret laws in Japan and similar laws in other markets, and non-disclosure, confidentiality and other types of agreements with
our employees, members, consumers, suppliers and other parties, to establish, maintain and enforce our intellectual property
rights. Despite these measures, any of our intellectual property rights could be challenged, invalidated, circumvented or misappropriated,
or such intellectual property rights may not be sufficient to permit us to provide competitive advantages, which could result in
costly product redesign efforts, discontinuance of certain product offerings or other competitive harm. The costs required to protect
our intellectual property may be substantial or even not practical.
To enforce and protect
our intellectual property rights, we may initiate litigation against third parties. Any lawsuits that we initiate could be expensive,
take significant time and divert management's attention from other business concerns, and we may ultimately fail to prevail or
recover on any claim. Litigation also puts our intellectual property at risk of being invalidated or interpreted narrowly. Additionally,
we may provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate and the damages
or other remedies awarded, if any, may not be commercially valuable. The occurrence of any of these events may adversely affect
our financial condition or diminish our investments in this area.
If we are
unable to protect the confidentiality of our proprietary information and know-how, the value of our products could be adversely
affected.
We rely on
our licenses, copyrights, trade secrets, processes and know-how. Despite these measures, any of our intellectual property rights
could be challenged, invalidated, circumvented or misappropriated. We generally seek to protect this information by confidentiality,
non-disclosure and assignment of invention agreements with our employees, consultants, scientific advisors and third parties. Our
employees may leave to work for competitors. Our distributors or sales leaders may seek other opportunities. These agreements may
be breached, and we may not have adequate remedies for any such breach. In addition, our trade secrets may be disclosed to or otherwise
become known or be independently developed by competitors. To the extent that our current or former employees, distributors, sales
leaders, consultants or contractors use intellectual property owned by others in their work for us, disputes may arise as to the
rights in related or resulting know-how and inventions. If, for any of the above reasons, our intellectual property is disclosed
or misappropriated, it would harm our ability to protect our rights and adversely affect our financial condition.
A failure
of our internal controls over financial reporting or our compliance efforts could harm our stock price and our financial and operating
results or could result in fines or penalties.
We have implemented
internal controls to help ensure the accuracy and completeness of our financial reporting and have implemented compliance policies
and programs to help ensure that our employees and members comply with applicable laws and regulations. Our internal
audit team regularly audits our internal controls and various aspects of our business and compliance program, and we regularly
assess the effectiveness of our internal controls. There can be no assurance, however, that our internal or external assessments
and audits will identify all significant deficiencies or material weaknesses in our internal controls. If a material weakness results
in a material misstatement of our financial results, we would be required to restate our financial statements.
Cyber security
risks and the failure to maintain the integrity of company, employee, member data could expose us to data loss, litigation, liability
and harm to our reputation.
We collect,
store and transmit large volumes of company, employee and member data, including personally identifiable information, for business
purposes, including for transactional and promotional purposes, and our various information technology systems enter, process,
summarize and report such data. The integrity and protection of this data is critical to our business.
In addition,
a penetrated or compromised data system or the intentional, inadvertent or negligent release, misuse or disclosure of data could
result in theft, loss or fraudulent or unlawful use of company, employee or member data. Although we take measures to protect the
security, integrity and confidentiality of our data systems, we experience cyber attacks of varying degrees and types on a regular
basis, and our infrastructure may be vulnerable to these attacks. Our security measures may also be breached due to employee error
or malfeasance, system errors or otherwise. Additionally, outside parties may attempt to fraudulently induce employees, users,
or customers to disclose sensitive information to gain access to our data or our users' or customers' data. Any such breach or
unauthorized access could result in the unauthorized disclosure, misuse or loss of sensitive information and lead to significant
legal and financial exposure, regulatory inquiries or investigations, loss of confidence by our members, disruption of our operations
and damage to our reputation. These risks are heightened as we work with third-party partners and as our members use social media,
as the partners and social media platforms could be vulnerable to the same types of breaches.
We will need additional capital to
expand our current operations or to enter into new fields of operations.
Currently, a significant portion of
our revenue derives from sales of our premium package. We expect this revenue to continue to grow. While we will maintain and further
increase the base for sale of this product, we also aim to expand our business by developing other services as well as entering
into other promising market. We will need to seek additional financing either through borrowing, private offerings of our securities
or through strategic partnerships and other arrangements with corporate partners. We cannot be assured that additional financing
will be available to us, or if available, will be available to us on terms favorable to us. If adequate additional financing is
not available on acceptable terms, we may not be able to implement our business development plan or expand our operations.
If we fail to effectively manage
our growth our future business results could be harmed and our managerial and operational resources may be strained.
As we proceed with the expansion of
our operations, we expect to experience significant and rapid growth in the scope and complexity of our business. We will need
to hire additional personnel in order to successfully advance our operations. This growth is likely to place a strain on our management
and operational resources. The failure to develop and implement effective systems, or to hire and retain sufficient personnel for
the performance of all of the functions necessary to effectively service and manage our potential business, or the failure to manage
growth effectively, could have a materially adverse effect on our business and financial condition.
Relationships with our majority
shareholder and its parent and affiliates may be on terms which are perceived by investors as more or less favorable than those
that could be obtained from third parties.
Our majority shareholder, Force Internationale,
presently owns 84.4% of our issued and outstanding common stock. While we anticipate that such percentage will be diluted over
time, our majority shareholder, its parent and affiliates will be perceived as having influence over our management and operations,
and any loans or other agreements which we may enter into with our majority shareholder and its parents and affiliates may be perceived
by investors as being on terms that are less favorable than we could otherwise receive; such perception could adversely impact
the price of our common stock. Similarly, such agreements could be perceived as being on terms more favorable than those that could
be obtained from third parties, and any unwillingness by our majority shareholder and its parent and affiliates to engage with
our common stock could discourage investors.
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Table of Contents
If we fail to further penetrate existing markets, then the
growth in sales of our products, along with our operating results, could be negatively impacted.
We plan to expand business around Asia. Recently the number
of foreigners visiting Japan for sightseeing and other purposes is increasing and there has been a growing interest in Japanese
culture. We plan to start providing language education services which include Japanese language education to foreigners.
Our business could be materially
and adversely affected as a result of natural disasters, other catastrophic events, acts of war or terrorism, or cyber-security
incidents and other acts by third parties.
We depend on the ability of our business
to run smoothly, including the ability of Premium Members to engage in their business building activities and the ability of our
programs and products to be available to consumers. Any material disruption caused by natural disasters, including, but not limited
to, fires, floods, hurricanes, volcanoes, and earthquakes; power loss or shortages; environmental disasters; telecommunications
or business information systems failures; acts of war or terrorism and other similar disruptions, including those due to cyber-security
incidents, ransomware, or other actions by third parties, could adversely affect our ability to conduct business.
We depend on the integrity and reliability
of our information technology infrastructure, and any related inadequacies may result in substantial interruptions to our business.
Our ability to provide products and
services to our Force Club and Premium Members depends on the performance and availability of our core transactional systems. While
we continue to invest in our information technology infrastructure, there can be no assurance that there will not be any significant
interruptions to such systems or that the systems will be adequate to meet all of our future business needs.
The most important aspect of our information
technology infrastructure is the system through which we calculate, record and store Premium Member sales and other incentives.
We have encountered, and may encounter in the future, errors in our software or our enterprise network, or inadequacies in the
software and services supplied by our vendors, although to date none of these errors or inadequacies has had a meaningful adverse
impact on our business. Any such errors or inadequacies that we may encounter in the future may result in substantial interruptions
to our services and may damage our relationships with, or cause us to lose, our Force Club and Premium Members if the errors or
inadequacies impair our ability to calculate sales and pay royalty overrides, bonuses and other incentives, which would harm our
financial condition and operating results.  Such errors may be expensive or difficult to correct in a timely manner,
and we may have little or no control over whether any inadequacies in software or services supplied to us by third parties are
corrected, if at all.
Anyone who is able to circumvent our
security measures could misappropriate confidential or proprietary information, including that of third parties such as our Force
Club and Premium Members, cause interruption in our operations, damage our computers or otherwise damage our reputation and business.
We may need to expend significant resources to protect against security breaches or to address problems caused by such breaches.
Any actual security breaches could damage our reputation and result in a violation of applicable privacy and other laws, legal
and financial exposure, including litigation and other potential liability, and a loss of confidence in our security measures,
which could have an adverse effect on our results of operations and our reputation as a brand, business partner or employer. In
addition, employee error or malfeasance or other errors in the storage, use or transmission of any such information could result
in a disclosure to third parties. If this should occur, we could incur significant expenses addressing such problems. Since we
collect and store Force Club and Premium Member and vendor information, these risks are heightened.
Risks Relating to the Education Industry
It is expected that if the birthrate
continues to be declining in Japan, the Japanese education industry will face severe competition and face reduced revenues over
the medium and long terms. Taking such risk into consideration, we are planning to develop business in the emerging countries in
Asia and establish education platform adding usability to provision of content. However, if the change in the market is faster
than expected or conversion into new business is not promptly made, our revenue or financial condition may be adversely affected.
Risks Associated with Multi-Level
Marketing
Our failure to establish and maintain
Force Club and Premium Member relationships for any reason could negatively impact sales of our products and harm our financial
condition and operating results.
We distribute our products exclusively
to and through Force Club and Premium Members, and we depend upon them directly for substantially all of our sales. Our Force Club
and Premium Members may voluntarily terminate their agreements with us at any time subject to the termination provisions. To increase
our revenue, we must increase the number of, or the productivity of, our Force Club and Premium Members. Accordingly, our success
depends in significant part upon our ability to recruit, retain and motivate a large base of Premium Members. The loss of a significant
number of Force Club or Premium Members for any reason could negatively impact sales of our products and could impair our ability
to attract new Force Club or Premium Members. Our operating results could be harmed if our existing and new business opportunities
and products do not generate sufficient interest to retain existing, and attract new, Force Club and Premium Members.
Adverse publicity associated with
our products, ingredients or network marketing program, or those of similar companies, could harm our financial condition and operating
results.
The size of our Force Club and Premium
Members and the results of our operations may be significantly affected by the public's perception of the Company and similar
companies. This perception is dependent upon opinions concerning:
•
the quality of our products;
•
the quality of similar products distributed by other companies;
•
our Force Club and Premium Members;
Adverse publicity concerning any actual
or purported failure of our Company or our Force Club and Premium Members to comply with applicable laws and regulations could
have an adverse effect on the goodwill of our Company and could negatively affect our ability to attract, motivate and retain Force
Club and Premium Members, which would negatively impact our ability to generate revenue.
In addition, our Force Club and Premium
Members' and consumers' perception of the quality of our products and as well as similar products distributed by other
companies can be significantly influenced by media attention concerning our products or similar products distributed by other companies.
Adverse publicity questions the benefits of our or similar products could lead to lawsuits or other legal challenges and could
negatively impact our reputation, the market demand for our products, or our general business.
Inability
of products to gain or maintain Force Club or Premium Membership could harm our business.
Our operating
results could be adversely affected if our products, business opportunities, and other initiatives do not generate sufficient enthusiasm
and economic benefit to retain our existing Force Club and Premium Members or to attract new Force Club or Premium Members. Potential
factors affecting the attractiveness of our products, business opportunities, and other initiatives include, among other items,
perceived product quality and value, product exclusivity or effectiveness, economic success in our business opportunity, adverse
media attention, or regulatory restrictions.
Challenges
to the form of our network marketing system could harm our business.
We may be subject
to challenges by government regulators regarding the form of our network marketing system. Legal and regulatory requirements concerning
the multi-level marketing industry generally do not include "bright line" rules and are inherently fact-based and subject
to interpretation. As a result, regulators and courts have discretion in their application of these laws and regulations, and the
enforcement or interpretation of these laws and regulations by government agencies or courts can change. We could also be subject
to challenges by private parties in civil actions. All of these actions and any future scrutiny of us or our industry could generate
negative publicity or further regulatory actions that could result in fines, restrict our ability to conduct our business in our
various markets, enter into new markets, motivate our membership, and attract consumers.
Improper
actions by our Members could harm our business.
Actions by
our Members, sanctioned by our Company or not, could violate applicable laws or regulations could result in government or third-party
actions against us, which could harm our business.
The direct
selling industry in Japan continues to experience regulatory and media scrutiny, and other direct selling companies have been suspended
from sponsoring activities in the past.  Japan imposes strict requirements regarding how distributors approach prospective
customers.  As a result, we continually evaluate and enhance our distributor compliance, education and training efforts in
Japan. However, we cannot be certain that our efforts will successfully prevent regulatory actions against us, including fines,
suspensions or other sanctions, or that the company and the direct selling industry will not receive further negative media attention,
all of which could harm our business.
The loss
of key Premium Members could negatively impact our growth and our revenue.
Currently we
have 20 key Premium Members. They are responsible for sales promotion to expand their group and provide support and compliance
training to the members of their group. The loss of a key Premium Member, or a sales leader or a group of leading sales leaders,
whether by their own choice or through disciplinary actions by us for violations of our policies and procedures, could negatively
impact our growth and our revenue.
Laws and regulations may prohibit
or severely restrict direct selling and cause our revenue and profitability to decline, and regulators could adopt new regulations
that harm our business.
Laws and regulations
in Japan are particularly stringent and subject to broad discretion in enforcement by regulators. These laws and regulations are
generally intended to prevent fraudulent or deceptive schemes, often referred to as "pyramid schemes," that compensate
participants primarily for recruiting additional participants without significant emphasis on product sales to consumers.
Complying with
these rules and regulations can be difficult, time-consuming and expensive, and may require significant resources. The laws and
regulations governing direct selling are modified from time to time, and, like other direct selling companies, we are subject from
time to time to government inquiries and investigations related to our direct selling activities. In addition, markets where we
currently do business could change their laws or regulations to prohibit direct selling. If we are unable to continue business
in existing markets or commence operations in new markets because of these laws, our revenue and profitability may decline.
If we change sales compensation
plans, such changes could be viewed negatively by some or all of our membership and could contribute to a failure to achieve
desired long-term results and have a negative impact on revenue.
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Table of Contents
Risks Related To Our Common Stock
The shares of our common stock are
currently not being traded and there can be no assurance that there will be an active market in the future.
Our shares of common stock are traded
on the OTC Pink, which does not have the liquidity or corporate standards of the NYSE or NASDAQ and as such, the price per share
quoted on the OTC Pink may not reflect our value. There can be no assurance that there will be an active market for our shares
of common stock in the future. As a result, investors may not be able to liquidate their investment or liquidate it at a price
that reflects the value of the business.
It is possible that we will not establish
an active market unless our stock is listed for trading on an exchange, and we cannot assure you that we will ever satisfy exchange
listing requirements.
It is possible that a significant trading
market for our shares will not develop unless the shares are listed for trading on a national exchange. Exchange listing would
require us to satisfy a number of tests as to corporate governance, public float, shareholders, equity, assets, market makers and
other matters, some of which we do not currently meet. We cannot assure you that we will ever satisfy listing requirements for
a national exchange or that there ever will be significant liquidity in our shares.
If we issue additional shares of
our common stock, you will experience dilution of your ownership interest.
We may issue shares of our authorized
but unissued equity securities in the future. Such shares may be issued in connection with raising capital, acquiring assets or
firing or retaining employees or consultants. If we issue such shares, your ownership will be diluted.
We do not intend to pay dividends
in the foreseeable future, and investors should not purchase our stock expecting to receive dividends.
We have not paid any dividends on our
common stock in the past, and we do not anticipate that we will pay dividends in the foreseeable future. Accordingly, some investors
may decline to invest in our common stock, and this may reduce the liquidity of our stock.
The limitations on liability for
officers, directors and employees under the laws of the State of Delaware and the existence of indemnification rights for our officers,
directors and employees could result in substantial expenditures by the Company and could discourage lawsuits against our officers,
directors and employees.
Our Articles of Incorporation contain
a specific provision that eliminates the liability of our officers and directors for monetary damages to our company and shareholders.
Further, we intend to provide indemnification to our officers and directors to the fullest extent permitted by the laws of the
State of Delaware. We may also enter into employment and other agreements in the future pursuant to which we will have indemnification
obligations. The foregoing indemnification obligations could result in the Company incurring substantial expenditures to cover
the cost of settlement or damage awards against officers and directors. These obligations may discourage the filing of derivative
litigation by our shareholders against our officers and directors even where such litigation may be perceived as beneficial by
our shareholders.
Exceed World will incur increased
costs and compliance risks as a result of becoming a public company.
As a public company, Exceed World will
have additional legal, accounting and other expenses that Exceed World did not have prior to acquiring Force Holdings and its subsidiaries.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
OF
FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
This Current Report on Form 8-K contains
certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose,
any statements contained in this Current Report on Form 8-K that are not statements of historical fact may be deemed to be forward-looking
statements. Without limiting the foregoing, words such as "may", "will", "expect", "believe",
"anticipate", "estimate" or "continue" or comparable terminology are intended to identify forward-looking
statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially
depending on a variety of factors, many of which are not within our control. These factors include by are not limited to economic
conditions generally and in the industries in which we may participate; competition within our chosen industry, including competition
from much larger competitors; technological advances and failure to successfully develop business relationships.
Results of Operations of Force International Holdings
Limited and its subsidiaries (collectively referred to as the "Group") for the Years Ended September 30, 2017, 2016
and 2015
2017
2016
2015
US$
US$
US$
Revenue
36,860,282
22,599,405
42,608,256
Cost of sales
(22,219,015)
(15,577,446)
(23,869,890)
Gross profit
14,641,267
7,021,959
18,738,366
Other income
158,856
291,621
179,317
Change in fair value of investment held for trading
130,280
62,309
(239,608)
Selling and distributions expenses
(1,120,970)
(2,292,856)
(2,372,227)
Administrative expenses
(9,720,466)
(9,994,759)
(8,083,885)
Finance costs
(2,801)
-
-
Profit (loss) before tax
4,086,166
(4,911,726)
8,221,963
Income tax (expense) credit
(533,439)
48,888
(3,049,426)
Profit (loss) for the year
3,552,727
(4,862,838)
5,172,537
Revenue
Revenue was decreased from US$42,608,256
for the year ended September 30, 2015 to US$22,599,405 for the year ended September 30, 2016. This decrease in revenue is mainly
due to the Group's strategy to increase direct sales, which were substantially small compared to MLM sales in order to develop
and expand new market for the Group. The Group again focus on MLM sales thereafter and revenue was increased to US$36,860, 282
for the year ended September 30, 2017.
Operating Expenses
Selling and distribution expenses was
slightly decreased from US$2,372,227 for the year ended September 30, 2015 to US$2,292,856 for the year ended September 2016 and
further significantly decreased to US$1,120,970 for the year ended September 30, 2017. The significantly decrease in selling and
distributions expenses was primarily attributable to the Group's efforts for cost cutting measures. The administrative expenses
for the year ended September 30, 2015, 2016 and 2017 were US$8,083,885, US$9,994,759 and US$9,720,466 respectively.
Profit / Loss from Operations
The Group's loss for the year
ended September 30, 2016 was US$4,862,838 compared to profit of US$5,172,537 for the year ended September 30, 2015. This decrease
is mainly attributable to significant decrease in revenue and increase in operating expenses due to the Group's strategy
to focus on direct sales. The Group recorded profit of US$3,552,727 for the year ended 30 September 2017 from loss position in
2016 due to increase in MLM sales.
Liquidity
and Capital Resources
The Group's total assets decreased
from US$26,000,026 at September 30, 2015 to US$15,806,613 at September 30, 2016. The decrease in total assets was mainly attributable
to decrease in bank balance and cash due to decrease in revenue for the year ended September 30, 2016. At September 30, 2017, the
total assets was US$19,911,979, increased US$4,105,366 compared to the previous year. As total liabilities of the Group significantly
decreased from US$12,154,552 at September 30, 2015 to US$4,751,288 at September 30, 2016, net assets at September 2016 was US$11,055,325
compared to US$13,845,474 at the end of the previous year. Net assets at September 30, 2017 was increased to US$13,489,981.
Results of Operations of Group for
the Nine Months Ended June 30, 2018 and 2017
Revenue
Revenue for the nine months ended June
30, 2018 was US$19,795,079 as compared to US$29,820,580 for the nine months ended June 30, 2017. This decrease in revenue is mainly
attributable to the timing of sales promotion period. We time to time run campaigns to promote sales. As the main campaign for
the year ended September 30, 2017 was held during the first quarter of the year, the sales for the beginning of the year was increased.
However, for the year ended September 30, 2018, such campaign has been running during the last quarter, therefore, the sales during
the nine months ended June 30, 2018 was significantly decreased compared to that of the nine months ended June 30, 2017.
Operating
Expenses
Selling, general and administrative
expenses increased from US$8,019,384 for the nine months ended June 30, 2017 to US$9,482,028 for the nine months ended June 30,
2018. This increase in selling and administrative expenses is due to increase of expenses for promotion.
Profit
/ Loss from Operations
The Group incurred loss of US$976,590
for the nine months ended June 30, 2018 compared to profit of US$4,055,675 for the nine months ended June 30, 2017. This is because
revenue was decreased while selling and administrative expenses were increased for the nine months ended June 30, 2018.
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PROPERTIES
Office Space
At present, e-Learning is renting offices
in Esaka, Osaka and Minato-ku, Tokyo, Japan as well as premises for school business in Minato-ku, Tokyo. Force Holdings is renting
an office in Wanchai, Hong Kong.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT
Pre-Closing Security Ownership
The following table sets forth, as of
June 30, 2018, prior to the closing of the Share Purchase Agreements above in Item 1.01 (the "Closing"), the number
and percentage of our outstanding shares of common stock owned by (i) each person known to us to beneficially own more than 5%
of its outstanding common stock, (ii) each director, (iii) each named executive officer and significant employee, and (iv) all
officers and directors as a group.
The number of shares listed below includes shares that each
        shareholder listed in the table has the right to acquire beneficial ownership of within 60 days.
Name and Address (2)
Number of Common Shares Beneficially Owned
Percentage of Outstanding Common Shares (1)
Tomoo Yoshida (3)
16,294,000
81.47%
All Directors and Officers (1 individuals)
16,294,000
81.47%
Keiichi Koga (4)
16,294,000
81.47%
(1)       Based
upon 20,000,000 outstanding common shares as of June 30, 2018, prior to the Closing.
(2)
The mailing address for each individual and entity set forth above is 1-23-38-6F, Esakacho,
                                                           Suita-shi, Osaka Japan.
(3)
Mr. Yoshida is a beneficial owner of those 14,894,000 shares held by e-Learning. He is an officer
and director of e-Learning as well as an indirect owner of e-Learning though his 55.7% ownership of Force Internationale.
(4)
Mr. Koga is a beneficial owner of those 14,894,000 shares held by e-Learning. He is a director
of e-Learning as well as an indirect owner of e-Learning though his 39.6% ownership of Force Internationale.
Post-Closing Security Ownership
The following table sets forth, as of
September 26, 2018, following the closing of the Share Purchase Agreements and the issuance of 32,700,000 shares of our common
stock, the number and percentage of our outstanding shares of common stock owned by (i) each person known to us to beneficially
own more than 5% of its outstanding common stock, (ii) each director, (iii) each named executive officer and significant employee,
and (iv) all officers and directors as a group.
The number of shares listed below includes
        shares that each shareholder listed in the table has the right to acquire beneficial ownership of within 60 days.
Name and Address (2)
Number of Common Shares Beneficially Owned (1)
Percentage of Outstanding Common Shares (2)
Tomoo Yoshida
28,994,000
88.7%
Keiichi Koga
28,994,000
88.7%
All Directors and Officers (1 individuals)
28,994,000
88.7%
Force Internationale
27,594,000
84.4%
(1)       These
common shares include Mr. Yoshida's and Mr. Koga's beneficial ownership in the Company through their controlling
interest in Force Internationale, which owns 27,594,000 common shares.
(2)       Based
upon 32,700,000 outstanding common shares as of September 25, 2018.
(3)        The mailing
address for each individual and entity set forth above is c/o 1-23-38-6F, Esakacho, Suita-shi, Osaka Japan.
Changes in Control
The Company is not aware of any arrangement
which may at a subsequent date result in a change in control of the Company.
DIRECTORS AND EXECUTIVE OFFICERS
The name, age and position of our officers
and directors are set forth below:
Name
Age
Position(s)
Tomoo Yoshida
55
CEO, President, Director
The mailing address for each of the officers and directors named
above is c/o of the Company at: 1-23-38-6F, Esakacho, Suita-shi, Osaka 564-0063, Japan.
Business Experience
Mr. Tomoo Yoshida, aged 55, is a solo
director, president and chief executive officer of the Company since January 2016. He has more than a decade of experience in
the education industry. In 2002, Mr. Yoshida co-founded e-Learning and has since served as its representative director and chief
executive officer. Mr. Yoshida also serves as a director of Force Holdings, a wholly-owned subsidiary of the Company, the representative
director of e-Communications Co., Ltd. ("e-Communications"), a wholly-owned subsidiary of e-Learning. Mr. Yoshida
graduated with a degree in Commerce and Economics from Osaka University of Commerce in 1986.
The board of directors of the Company
(the "Board") appointed Mr. Yoshida in recognition of his abilities to assist the Company in expanding its business
and the contributions he can make to the Company's strategic direction.
Code of Ethics
We have not adopted a code of ethics
that applies to our officers, directors and employees. When we do adopt a code of ethics, we will disclose it in a Current Report
on Form 8-K.
Committees and Independent Directors
Our Board has no nominating or compensation
committees. Our Board believes that the functions of such committees can be performed by the entire Board until independent directors
have been appointed. The Company's current audit committee consists of Tomoo Yoshida. Our Board intends to create nominating
and compensation committees, and to appoint a member to our audit committee that qualifies as an "audit committee financial
expert" as defined in Item 407(d)(5)(ii) of Regulation S-K, and is independent, in the near future.
Our Board has voluntarily adopted the
corporate governance standards defining the independence of our directors imposed by the NASDAQ Capital Market's requirements for
independent directors pursuant to Rule 5605(a)(2) of the Marketplace Rules of The NASDAQ Stock Market LLC.
EXECUTIVE COMPENSATION
At the present time, the Company is not a party to any compensation
arrangements with any officer or director of the Company and has made no provisions for paying cash or non-cash compensation to
such officers and directors.
The table below summarizes all compensation awarded to, earned
by, or paid to the Company's named executive officer for all services rendered in all capacities to us for the period from
October 1, 2017 through June 30, 2018.
SUMMARY COMPENSATION TABLE
Name and Principal Position
Year
Salary
Bonus
Stock Awards
Option Awards
Non-Equity Incentive Plan Comp
Nonqualified deferred Comp Earnings
All Other Comp
Total
Tomoo Yoshida
2018
-
-
-
-
-
-
-
-
Chief Executive Officer
The Company did not pay any salaries
to any officer, director or employee in the fiscal years ended December 31, 2015 and December 31, 2016. Mr. Yoshida was the sole
officer and director of the Company in 2017.
The Company also did not compensate
its executive officers and directors in the fiscal years ended December 31, 2016 and December 31, 2017, only employees and consultants.
As of the date of this Report, the Company
does not have any stock option plans, retirement, pension, or profit sharing plans for the benefit of any of our officers or directors.
Outstanding Equity Awards at Fiscal
Year-End
There were no grants of stock options
through the date of this report.
We do not have any long-term incentive
plans that provide compensation intended to serve as incentive for performance.
The Board has not adopted a stock option plan.
The Company has no plans to adopt it but may choose to do so in the future. If such a plan is adopted, this may be administered
by the Board or a committee appointed by the Board (the "Committee"). The Committee would have the power to modify,
extend or renew outstanding options and to authorize the grant of new options in substitution therefore, provided that any such
action may not impair any rights under any option previously granted. The Company may develop an incentive based stock option
plan for its officers and directors.
Stock Awards Plan
The Company has not adopted a stock
awards plan, but may do so in the future. The terms of any such plan have not been determined.
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Table of Contents
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS, DIRECTOR INDEPENDENCE
Family Relationships
None.
Transactions with Related Persons,
Promoters, and Certain Control Persons
As of June 30, 2018 and September 30, 2017,
the Company had $161,847 and $159,243, respectively, owed to Tomoo Yoshida, Chief Executive Officer and Chief Financial Officer
of the Company. The advance is due on demand and bears no interest.
As of June 30,
2018 and September 30, 2017, the Company had $90,367 and $0, respectively, owed to e-Communications Co., Ltd. Tomoo Yoshida, our
CEO, is also the CEO of e-Communications. The advance is due on demand and bears no interest. For the nine months ended June
30, 2018 and 2017, the Company borrowed $90,547
and
$0, respectively from e-Communications.
On May 24, 2017, the Company borrowed JPY25,000,000,
or $223,534 from e-Learning, primarily for the payment to lease the regional franchise rights of the RE/MAX System. The loan matures
on May 24, 2023. On May 29, 2018, e-Learning agreed to decrease the interest rate from 2% to 1% retroactively from the issuance
date of the loan, which granted a concession on previous interest accrued at the reduced rate. As a result, $2,330 additional paid-in
capital was recognized in relation to the concession. The interest expense related to this note payable was $3,203 and $0 during
the nine months ended June 30, 2018 and 2017, respectively.
For the nine months ended June 30, 2018, e-Learning
provided 10 square meters of office space and 2 square meters of storage space to the Company free of charge.
On July 27, 2018, e-Learning agreed to acquire
significant majority of the remaining health beauty equipment, "Becker", at cost from the Company. The Company completed
the delivery subsequently on July 31, 2018.
Please refer to note 30 of the notes
of the Force Holdings and subsidiaries' audited financial statements for the years ended September 30, 2017, 2016 and 2015.
Other than as described above, there has been
no transaction, since October 1, 2016, or currently proposed transaction, in which we were or are to be a participant and the amount
involved exceeds the lesser of $120,000 or one percent of our total assets at year-end for the last completed fiscal year, and
in which any of the following persons had or will have a direct or indirect material interest:
(i)
Any director or executive officer of our Company;
(ii)
Any person who beneficially owns, directly or indirectly, shares
carrying more than 5% of the voting rights attached to our outstanding shares of common stock;
(iii)
Any of our promoters and control persons; and
(iv)
Any member of the immediate family (including spouse, parents, children,
siblings and in-laws) of any of the foregoing persons.
In light of the relationships between our
director and our majority shareholder and its corporate parent, our director may not be deemed to be independent. Our Board has
no nominating or compensation committees. The Company's current audit committee consists of Tomoo Yoshida. Our Board has
voluntarily adopted the corporate governance standards defining the independence of our directors imposed by the NASDAQ Capital
Market's requirements for independent directors pursuant to Rule 5605(a)(2) of the Marketplace Rules of The NASDAQ Stock Market
LLC.
LEGAL PROCEEDINGS
The Company is not a party to any pending
legal proceedings, and no such proceedings are known to be contemplated.
There are no material proceedings to
which any director, officer or affiliate of the Company, or any owner of record or beneficially of more than five percent of any
class of voting securities of the Company, or any associate of any such director, officer, affiliate of the Company, or security
holder is a party adverse to the Company or any of its subsidiaries or has a material interest adverse to the Company or any of
its subsidiaries.
MARKET
PRICE AND DIVIDENDS ON REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Market Information
Our Company's common stock is
traded on the OTC Pink. There is presently no consistent liquid public trading market for our shares of common stock. We can provide
no assurance that our shares of common stock will be quoted on the OTC Markets, NYSE, or NASDAQ or, that a consistent liquid
public market will materialize.
Holders
At June 30, 2018, the Company had 60
shareholders.
Securities authorized for issuance
under equity compensation plans.
The Company does not have securities
authorized for issuance under any equity compensation plans.
RECENT SALES OF UNREGISTERED SECURITIES
On September 26, 2018, the Company entered
into a Share Purchase Agreement with Force Internationale, to acquire 100% of Force Holdings and 100% direct owner of e-Learning.
In consideration of this agreement, the Company issued 12,700,000 common shares to Force Internationale.
DESCRIPTION OF REGISTRANT'S
SECURITIES
The Company has authorized 500,000,000 shares
of common stock, $0.0001 par value per share, of which 20,000,000 shares were issued and outstanding.
No shares of preferred stock have been authorized
nor issued.
Holders of our common stock are entitled to
one vote for each share held on all matters submitted to a vote of our stockholders.
Since inception we have not paid any dividends
on our common stock. We currently do not anticipate paying any cash dividends in the foreseeable future on our common stock. Although
we intend to retain our earnings, if any, to finance the exploration and growth of our business, our Board will have the discretion
to declare and pay dividends in the future. Payment of dividends in the future will depend upon our earnings, capital requirements,
and other factors, which our Board may deem relevant.
Transfer Agent
Our stock transfer agent is Mountain
Share Transfer, LLC. Their mailing address is 2030 Powers Ferry Road SE, Atlanta, GA. 30339, and their telephone number is 303-460-1149.
INDEMNIFICATION OF DIRECTORS AND OFFICERS
Our directors and officers are indemnified
as provided by the Delaware corporate law and our Bylaws. We have agreed to indemnify each of our directors and certain officers
against certain liabilities, including liabilities under the Securities Act of 1933. Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to our directors, officers and controlling persons pursuant to the provisions
described above, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than our payment of expenses incurred or paid by our director, officer or controlling
person in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
Under the General Corporation Law
of the State of Delaware, or DGCL, a corporation is required to indemnify both the current and former directors or officers
of the corporation against expenses actually and reasonably incurred if the particular current or former director or officer seeking
indemnification is successful on the merits or otherwise in defense of any action, suit or proceeding brought by reason of the
fact that such person was a director or officer of the corporation. In addition, a corporation may indemnify its current
or former directors or officers against (i) judgments, fines, amounts paid in settlement, and reasonable expenses, including attorneys'
fees, in the case of a third-party action, and (ii) expenses, including attorneys' fees (but not amounts paid in settlement
or judgments), in the case of an action by the corporation or a derivative action brought by a stockholder, in each case incurred
in any actual or threatened litigation brought by reason of the fact that such person was serving in one of the previously mentioned
capacities. In order for an individual to qualify for what is generally referred to as "permissive indemnification,"
an appropriate body, such as the board's disinterested directors, must determine that such individual has met the requisite
standard of conduct.
However, the weakness of indemnification,
whether required or permitted by statute, is that the current or former director or officer must either prevail in the action or
have met the requisite standard of conduct. This means that the director or officer must fund a defense to reach the required result.
In recognition of this, the DGCL permits a corporation to advance the expenses incurred by a current or former director or officer
in defending third-party or derivative actions without regard to a standard of conduct. As a condition precedent to the advancement
of expenses, a corporation is required to obtain from a director or officer to whom expenses are advanced an undertaking to repay
any amounts advanced in the event that it is later determined that such person is not entitled to indemnification.
FINANCIAL STATEMENTS AND SUPPLEMENTARY
DATA
The information provided below in Item 9.01 of this Current
Report on Form 8-K is incorporated by reference into this Item.
CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS AND FINANCIAL DISCLOSURE
Not Applicable
FINANCIAL STATEMENTS AND EXHIBITS
The information provided below in Item
9.01 of this Current Report on Form 8-K is incorporated by reference into this Item.
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Table of Contents
Item 3.02 Unregistered Sales of Equity
Securities.
On September 26, 2018, the Company entered
into a Share Purchase Agreement with Force Internationale, to acquire 100% of Force Holdings and 100% direct owner of e-Learning.
In consideration of this agreement, the Company issued 12,700,000 common shares to Force Internationale. Such securities were not
registered under the Securities Act of 1933, and were issued pursuant to the exemption under Section 4(2) of the Securities Act.
Item 9.01 Financial Statements and
Exhibits.
(a) Financial Statements of Business Acquired.
The Audited Financial Statements of Force Holdings and subsidiaries for the fiscal years ended September 30, 2017 are filed
as Exhibit 99.1 to this Current Report on Form 8-K and are incorporated herein by reference. The Unaudited Financial Statements
of Force Holdings and subsidiaries for the fiscal period ended June 30, 2018 are filed as Exhibit 99.2 to this Current Report
on Form 8-K and are incorporated herein by reference.
(b) Exhibits.
Exhibit No.
Description
2.1
Share Purchase Agreement dated September 26, 2018 by and among Force Internationale and e-Learning. (4)
2.2
Share Purchase Agreement dated September 26, 2018 by and among Force Internationale and Exceed World. (4)
3.1
Certificate of Incorporation of the Company (1)
3.2
Bylaws of the Company (1)
3.3
Amendment to the Articles of Incorporation of the Company (2)
3.4
Amendment to the Articles of Incorporation of the Company (3)
3.5
Articles of Association of Force Holdings. (4)
3.6
Articles of Incorporation of e-Learning. (4)
21
Subsidiaries of the Company. (4)
99.1
Force Holdings and subsidiaries' audited financial statements for the years ended September 30, 2017, 2016 and 2015. (4)
99.2
Force Holdings and subsidiaries' unaudited financial statements for the nine months ended June 30, 2018 and June 30, 2017. (4)
99.3
Unaudited proforma condensed combined financial information of the Company and Force Holdings and subsidiaries as of June 30, 2018 (4)
(1)
Filed as an exhibit to the Company's Registration Statement on Form 10-12G as filed with the SEC on February 19, 2015, and incorporated herein by this reference.
(2)
Filed as an exhibit to the Company's Current Report on Form 8-K as filed with the SEC on January 12, 2016, and incorporated herein by this reference.
(3)
Filed as an exhibit to the Company's Current Report on Form 8-K as filed with the SEC on October 28, 2016, and incorporated herein by this reference.
(4)
Filed herewith.
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Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Exceed World, Inc
Date: October 2, 2018
By:
/s/ Tomoo Yoshida
Name:	Tomoo Yoshida
Title:	Chief Executive Officer
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