# EDGAR Filing Document

**Accession Number:** 0001888980
**File Stem:** 0001104659-25-105112
**Filing Date:** 2025-11
**Character Count:** 22058
**Document Hash:** 150971422220e2c7a962c992e7e4b0c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-105112.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001104659-25-105112

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251103

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEAD REAL ESTATE CO., LTD
- **CENTRAL INDEX KEY:** 0001888980
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATIVE BUILDERS [1531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41814
- **FILM NUMBER:** 251441977

**BUSINESS ADDRESS:**
- **STREET 1:** 6F, MFPR SHIBUYA NANPEIDAI
- **STREET 2:** BUILDING 16-11, NAMPEIDAI-CHO,
- **CITY:** SHIBUYA-KU, TOKYO
- **STATE:** M0
- **ZIP:** 150-0036
- **BUSINESS PHONE:** 81 7014805120

**MAIL ADDRESS:**
- **STREET 1:** 6F, MFPR SHIBUYA NANPEIDAI
- **STREET 2:** BUILDING 16-11, NAMPEIDAI-CHO,
- **CITY:** SHIBUYA-KU, TOKYO
- **STATE:** M0
- **ZIP:** 150-0036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEAD REAL ESTATE CO., LTD.
- **DATE OF NAME CHANGE:** 20211019

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

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**FORM 6-K**

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**REPORT OF FOREIGN PRIVATE ISSUER<br> PURSUANT TO RULE 13a-16 OR 15d-16<br> UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of November 2025**

**Commission File Number: 001-41814**

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**Lead Real Estate Co., Ltd**

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**6F, MFPR Shibuya Nanpeidai Building 16-11**

**Nampeidai-cho, Shibuya-ku**

**Tokyo, 150-0036, Japan**<br> (Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ⌧ Form 40-F ◻

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit<br> No** | **Description** |
| [99.1](tm2529920d1_ex99-1.htm) | [Press Release dated November 3, 2025, "Lead Real Estate Co., Ltd Announces Fiscal Year 2025 Results"](tm2529920d1_ex99-1.htm) |

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**SIGNATURE**

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, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **Lead Real Estate Co., Ltd** | **Lead Real Estate Co., Ltd** |
| Date: November 3, 2025 | By: | /s/ Eiji Nagahara |
|  | Name: | Eiji Nagahara |
|  | Title: | Representative Director, President, and Chief Executive Officer |

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## Exhibit 99.1

**Exhibit 99.1**

Lead Real Estate Co., Ltd Announces Fiscal Year 2025 Results

● Net income attributable to common shareholders increased by 35.1% to JPY846.8 million, or $5.9 million

**Tokyo, Japan** - **<u>Lead Real Estate Co., Ltd</u>** (Nasdaq: LRE) ("LRE" or the "Company"), a Japanese real estate developer of luxury residential properties, including single-family homes and condominiums across Tokyo, Kanagawa prefecture and Sapporo, and which develops and operates the **ENT TERRACE** brand of extended-stay hotels, today announced financial results for the fiscal year ended June 30, 2025.

Total revenue was JPY18.8 billion ($130.7 million) for the fiscal year ended June 30, 2025, compared to JPY19.0 billion for the fiscal year ended June 30, 2024, a decrease of 0.6%.

The primary revenue component, real estate sales, was JPY18.3 billion ($127 million), compared to JPY18.5 billion in the prior fiscal year, representing a 1.0% year-over-year decline in the fiscal year ended June 30, 2025. This reflects the Company's strategic initiative to build out its hotel business as well as a stable performance amid fewer unit deliveries and higher average selling prices for single-family homes and condominiums. Real estate sales included the following.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Units<br> Delivered<br> (FY2025) | Units<br> Delivered<br> (FY2024) | FY2025 Average<br> Sale Price (USD<br> thousands) | FY2025 Average Sale<br> Price (JPY thousands) | %<br> Change <br>Y-Y |
| Single-Family Home (Land) | 70 | 71 | $618 | ¥89108 | 16.0% |
| Single-Family Home (Building) | 24 | 41 | $233 | ¥33574 | 10.7% |
| Condominium (Land) | 20 | 33 | $2225 | ¥320736 | -9.2% |
| Condominium (Building) | 5 | 4 | $364 | ¥52460 | 57.4% |
| Hotels (Land) | 4 |  | $7817 | ¥1126984 | n/m |
| Hotels (Building) | 1 |  | $549 | ¥79120 | n/m |

---

Other revenue increased by 15.5% to JPY535.3 million ($3.7 million), compared to JPY463.6 million in the prior fiscal year, primarily driven by the continued ramp-up of the Company's hotel operations and an increase in average daily rates.

The cost of revenue for real estate sales declined by 6.1% to JPY14.8 billion ($102.4 million), from JPY15.7 billion for the fiscal year ended June 30, 2024.

Gross margin increased to 19.8% from 15.6% in the prior year, reflecting a more favorable sales mix and higher-margin hotel transactions.

Selling, general, and administrative expenses were JPY2.3 billion ($15.6 million), an increase of 9.9% from JPY2.1 billion in the prior fiscal year. As a percentage of revenue, these expenses increased to 12.0% from 10.8% in fiscal year 2024.

Operating income increased by 64.1% year over year to JPY1,475 million ($10.2 million), compared to JPY898.6 million in the fiscal year ended June 30, 2024. The operating profit margin was 7.8%, compared to 4.7% in the prior fiscal year.

Interest expenses were JPY44.5 million ($309 thousand), compared to JPY18.3 million in the fiscal year ended June 30, 2024, reflecting higher market interest rates.

Other expense was JPY35.9 million ($249 thousand), compared to other income of JPY73.8 million in the prior year, primarily due to a non-recurring impairment loss on equity securities of JPY23.5 million.

Total other income (expense) was a net expense of JPY80.4 million ($558 thousand), compared to net income of JPY55.5 million in the prior year.

Net income attributable to common shareholders increased by 35.1% to JPY846.8 million ($5.9 million), or earnings per ADS of JPY62.07 ($0.43), compared to JPY627 million, or earnings per ADS of JPY46.93, in the fiscal year ended June 30, 2024.

Cash and cash equivalents were JPY2.7 billion ($18.4 million) as of June 30, 2025, compared to JPY1.3 billion as of June 30, 2024.

"We are pleased with the improved profitability we were able to achieve in 2025, which reflected Lead Real Estate's strong positioning in the Japanese real estate market, sustained demand from both individual and institutional buyers, and our increased focus on high-value locations and stylish, luxury designs and finishes," said Mr. Eiji Nagahara, Chief Executive Officer of LRE. "We are committed to delivering quality products to our customers and generating long-term value for our shareholders, as demonstrated by our recent payment of our third consecutive annual dividend."

**Business Outlook**

"Building on another year of solid revenue and continued improvement in our bottom line, we enter fiscal year 2026 with confidence and focus," said Mr. Nagahara. "Market conditions remain favorable — inbound tourism has reached record levels, and housing demand in Tokyo's core wards continues to strengthen amid rising land values.

"We will continue to target prime real estate opportunities, leveraging our strong brand and trusted relationships with local partners to drive growth. In Japan, our strategy centers on expanding hotel operations nationwide, extending beyond our flagship ENT TERRACE brand with two new concepts and the continued rollout of our Master Lease model.

"This fiscal year we also expect to make progress in expanding our presence internationally. We plan to acquire condominium units in the Philippines and Malta as part of our risk-hedging strategy and our commitment to identifying high-value opportunities both locally and globally. We continue to evaluate opportunities for expansion in the United States as well.

"Supported by strong market fundamentals, we expect to deliver renewed revenue growth in fiscal 2026, and further enhance profitability while maintaining disciplined execution and a commitment to delivering long-term shareholder value through sustained earnings growth and continued dividend payments."

**Conference Call Details**

The Company will host a conference call to discuss its financial results for the fiscal year ended June 30, 2025, and business outlook on Monday, November 3, 2025, at 8:30 a.m. Eastern Time (10:30 p.m. Japan Standard Time).

To access the live call, participants in the United States should dial 1-877-407-9208, and international participants should dial 1-201-493-6784, approximately 15 minutes prior to the start time and use conference ID:13756898. The call will also be broadcast live over the Internet at <u>https://viavid.webcasts.com/starthere.jsp?ei=1741003&tp_key=2c0fb29124</u>.

For those unable to participate in the live event, a telephone replay will be available approximately three hours after the call concludes and will remain accessible until 11:59 p.m. Eastern Time on November 17, 2025, by dialing 1-844-512-2921 (U.S.) or 1-412-317-6671 (International) and entering the conference ID: 13756898.

The fiscal year 2025 earnings release will be available on the Company's website prior to the event: https://www.lead-real.co.jp/en/.

**Exchange Rate Information**

The Company's functional currency and reporting currency are the Japanese yen. Convenience translations included in this press release of Japanese yen into U.S. dollars have been made at the exchange rate of JPY144.1700 = $1.00, which was the foreign exchange rate on June 30, 2025, as reported by the Board of Governors of the Federal Reserve System in its weekly release on July 1, 2025.

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**About Lead Real Estate Co., Ltd**

Lead Real Estate Co., Ltd is a Japanese developer of luxury residential properties, including single-family homes and condominiums, across Tokyo, Kanagawa prefecture, and Sapporo. In addition, the Company operates hotels in Tokyo and leases apartment building units to individual customers in Japan and Dallas, Texas.

The Company's mission is to serve its customers by offering stylish, safe, and luxurious living. The Company's vision is to adopt the Kaizen (continuous improvement) approach to seek to improve its operations, and to leverage its nationally recognized, award-winning luxury homes and strong market position in the luxury residential property market in Tokyo, Kanagawa prefecture, and Sapporo to create a global transaction platform allowing access to prime Japanese condominiums as well as overseas condominiums, including in the U.S. and Hong Kong.

For more information, please visit the Company's website at **<u>https://www.lead-real.co.jp/en/</u>**.

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**About "ENT TERRACE"**

"ENT TERRACE" Series is an extended-stay hotel brand operated by Lead Real Estate Co., Ltd. The Company will continue to develop its hotels with the aim of providing a space where guests can relax as if they were at home while ensuring privacy and easing the burden of long-term stays.

Learn more at **<u>https://ent-terrace.com/en/</u>.**

**Forward-Looking Statements**

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors that may affect its future results in the Company's registration statement and in its other filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

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**Contact Information**

**For Media and Investor Relations:** <br> Daisuke Takahashi<br> Chief Financial Officer<br> Lead Real Estate Co., Ltd<br> d-takahashi@lead-real.co.jp<br> +81 3-5784-5127

AUM Advisors

Crocker Coulson<br> Email: <u>crocker.coulson@aummedia.org</u><br> Tel: (646) 652-7185

**Summary Financial Tables**

**LEAD REAL ESTATE CO., LTD**

**CONSOLIDATED BALANCE SHEETS**

**AS OF JUNE 30, 2025 AND 2024**

**(Japanese yen in thousands, except share data)**

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| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | ¥2656860 | ¥1300684 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 38523 | 22859 |
| &nbsp;&nbsp;&nbsp;Real estate inventory | 10134739 | 9267825 |
| &nbsp;&nbsp;&nbsp;Contract assets | 141418 | 236499 |
| &nbsp;&nbsp;&nbsp;Prepaid and other current assets | 381581 | 493819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 13353121 | 11321686 |
| Property and equipment, net | 5796381 | 5449101 |
| Intangible asset, net | 35396 | 54138 |
| Investments in marketable securities | 25303 | 20844 |
| Right-of-use assets, operating lease, net | 820786 | 154613 |
| Investments | 122101 | 46394 |
| Other assets | 326746 | 170588 |
| **Total assets** | ¥20479834 | ¥17217364 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | ¥1035712 | ¥602013 |
| &nbsp;&nbsp;&nbsp;Current portion of notes payable | 7599606 | 6815181 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 337483 | 130259 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 201313 | 67938 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 764920 | 356856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 9939034 | 7972247 |
| Notes payable, net of current portion | 4557855 | 4598151 |
| Deferred tax liabilities, net | 89638 | 85018 |
| Operating lease liabilities, net of current portion | 621962 | 91471 |
| Other liabilities | 240632 | 233109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 15449121 | 12979996 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |
| Common stock, 50,000,000 shares authorized, 15,628,000 shares issued and 13,641,900 shares outstanding as of June 30, 2025 and 2024 with no stated par value | 1207055 | 1206765 |
| Retained earnings | 3965673 | 3159815 |
| Treasury stock, at cost, 1,986,100 shares as of June 30, 2025 and 2024 | (154121) | (154121) |
| Non-controlling interest | (8456) | (7558) |
| Accumulated translation gain | 20562 | 32467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 5030713 | 4237368 |
| **Total liabilities and shareholders' equity** | ¥20479834 | ¥17217364 |

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**LEAD REAL ESTATE CO., LTD** 

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**FOR THE FISCAL YEARS ENDED JUNE 30, 2025, 2024, AND 2023**

**(Japanese yen in thousands, except share and per share data)**

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| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Years Ended June 30,** | **For the Fiscal Years Ended June 30,** | **For the Fiscal Years Ended June 30,** |
|  | **2025** | **2024** | **2023** |
|  | | | (as restated) |
| Revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate sales | ¥18307409 | ¥18487074 | ¥17098308 |
| &nbsp;&nbsp;&nbsp;Other revenue | 535254 | 463609 | 316940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 18842663 | 18950683 | 17415248 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of sales – real estate | 14756750 | 15721271 | 14466459 |
| &nbsp;&nbsp;&nbsp;Cost of sales – other | 357279 | 279806 | 191544 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 2253653 | 2051040 | 1817970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 17367682 | 18052117 | 16475973 |
| Operating income | 1474981 | 898566 | 939275 |
| Other income (expense): |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expenses | (44544) | (18286) | (16731) |
| &nbsp;&nbsp;&nbsp;Other, net | (35881) | 73759 | 6268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (80425) | 55473 | (10463) |
| Income before income taxes | 1394556 | 954039 | 928812 |
| Income taxes | 548331 | 327869 | 317418 |
| Net income | 846225 | 626170 | 611394 |
| Net loss attributable to the noncontrolling interests | (559) | (789) | (524) |
| Net income attributable to common stockholders | 846784 | 626959 | 611918 |
| Foreign currency translation gain (loss) | (11905) | 10512 | 5241 |
| Total Comprehensive income | ¥834879 | ¥637471 | ¥617159 |
| Earnings per share: |  |  |  |
| Basic | ¥62.07 | ¥46.93 | ¥48.96 |
| Diluted | ¥62.07 | ¥46.93 | ¥48.96 |
| Weighted average shares outstanding: |  |  |  |
| Basic | 13641900 | 13360834 | 12498900 |
| Diluted | 13641900 | 13360834 | 12498900 |

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**LEAD REAL ESTATE CO., LTD** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE FISCAL YEARS ENDED JUNE 30, 2025, 2024, AND 2023**

**(Japanese yen in thousands)** 

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| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Years Ended June 30,** | **For the Fiscal Years Ended June 30,** | **For the Fiscal Years Ended June 30,** |
|  | **2025** | **2024** | **2023** |
|  | | | (as restated) |
| Cash flows from operating activities: |  |  |  |
| Net income | ¥846225 | ¥626170 | ¥611394 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 110448 | 102713 | 82865 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of assets | 320 | 5852 |  |
| &nbsp;&nbsp;&nbsp;Gain on sales of assets | (1000) |  |  |
| &nbsp;&nbsp;&nbsp;Impairment loss on property and equipment | 14741 |  |  |
| &nbsp;&nbsp;&nbsp;Impairment loss on real estate inventories | 6013 |  |  |
| &nbsp;&nbsp;&nbsp;Non-cash finance lease expense | 28503 | 23847 | 20523 |
| &nbsp;&nbsp;&nbsp;Investment revaluation (gain) loss | (4459) | 1965 | 96 |
| &nbsp;&nbsp;&nbsp;Impairment loss on equity securities without readily determinable fair values | 23509 |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes, net | 4418 | 50993 | 3334 |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (15664) | (16246) | (3302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate inventory | 1204545 | 1122406 | (1569350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 95081 | 199522 | (178305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 112238 | (290238) | 47429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease, net | (2307) | 2655 | (805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (156158) | 15890 | 11963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 433699 | (130709) | 50699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 207224 | (130271) | 4552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 405722 | (12654) | (730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 3313098 | 1571895 | (919637) |
| Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (2521787) | (2221499) | (1250451) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment | 3182 |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of intangible assets | (2351) | (6359) | (2438) |
| &nbsp;&nbsp;&nbsp;Purchase of investments and investments in marketable securities | (100841) | (15203) | (8150) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of investments in marketable securities |  |  | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (2621797) | (2243061) | (1256039) |
| Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from notes payable | 14734600 | 15014801 | 14580822 |
| &nbsp;&nbsp;&nbsp;Payments on notes payable | (13969871) | (14745923) | (11944327) |
| &nbsp;&nbsp;&nbsp;Payments on IPO costs |  | (229046) | (63702) |
| &nbsp;&nbsp;&nbsp;Proceeds from common stock issuance |  | 1187428 |  |
| &nbsp;&nbsp;&nbsp;Dividend payments | (40926) | (24998) |  |
| &nbsp;&nbsp;&nbsp;Purchases of noncontrolling interest | (49) |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of principal portion of finance lease liability | (27999) | (25689) | (18262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 695755 | 1176573 | 2554531 |
| Effect of exchange rate change on cash and cash equivalents | (30880) | 8904 | 4410 |
| Net increase in cash and cash equivalents | 1356176 | 514311 | 383265 |
| Cash and cash equivalents, beginning of year | 1300684 | 786373 | 403108 |
| Cash and cash equivalents, end of year | ¥2656860 | ¥1300684 | ¥786373 |
| Supplemental disclosures of cash flow information: |  |  |  |
| Cash paid during the year for |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | ¥44544 | ¥352355 | ¥292581 |
| &nbsp;&nbsp;&nbsp;Income taxes | ¥309482 | ¥316050 | ¥396669 |
| Non-cash investing and financing activities |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets obtained in exchange for operating lease liabilities | ¥747616 | ¥2613 | ¥103771 |
| &nbsp;&nbsp;&nbsp;Finance lease right - of - use assets obtained in exchange for finance lease liabilities | ¥38066 | ¥38673 | ¥50685 |

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