# EDGAR Filing Document

**Accession Number:** 0001946216
**File Stem:** 0000000000-23-000107
**Filing Date:** 2023-1
**Character Count:** 13080
**Document Hash:** c0a8b86a7213514e7bc693bc27ad39f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000107.hdr.sgml**: 20230427

**ACCESSION NUMBER**: 0000000000-23-000107

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230104

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SYLA Technologies Co., Ltd.
- **CENTRAL INDEX KEY:** 0001946216
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** EBISU PRIME SQUARE 7F HIRAO SHIBUYA-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 150-0012
- **BUSINESS PHONE:** 813-4560-0650

**MAIL ADDRESS:**
- **STREET 1:** EBISU PRIME SQUARE 7F HIRAO SHIBUYA-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 150-0012
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001493152-22-026730

## Text-Extract

```

United States securities and exchange commission logo

                             January 4, 2023

       Hiroyuki Sugimoto
       Chairman and Chief Executive Officer
       SYLA Technologies Co., Ltd.
       Ebisu Prime Square Tower 7F, 1-1-39
       Hiroo, Shibuya-ku, Tokyo, Japan

                                                        Re: SYLA Technologies
Co., Ltd.
                                                            Amendment No. 2 to
Registration Statement on Form F-1
                                                            Filed December 15,
2022
                                                            File No. 333-268420

       Dear Hiroyuki Sugimoto:

             We have reviewed your amended registration statement and have the
following
       comments. In some of our comments, we may ask you to provide us with
information so we
       may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.
Unless we note
       otherwise, our references to prior comments are to comments in our
December 14, 2022 letter.

       Amendment No. 2 to Registration Statement on Form F-1 filed December 15,
2022

       Description of Businsess, page 82

   1.                                                   We note your revised
disclosure regarding your AI switch system in response to our prior
                                                        comment 2. Please
provide further details of your AI switch system by explaining how
                                                        the system operates and
the services provided by your AI switch system. Your response
                                                        should address the
following:

                                                              Tell us how the
AI switch system collects cryptocurrency market information and
                                                            where does it
collect it from.
                                                              Tell us how
customers are notified which coins were most profitable in the past 24
                                                            hours, how often
they are notified and if this is the only information provided to your
 Hiroyuki Sugimoto
FirstName  LastNameHiroyuki
SYLA Technologies  Co., Ltd. Sugimoto
Comapany
January    NameSYLA Technologies Co., Ltd.
        4, 2023
January
Page 2 4, 2023 Page 2
FirstName LastName
              customers.
                Tell us how your customers access the AI switch system.
                Clarify whether the AI switch system is a separate service from
your mining machine
              operation and management services and if it is only available to
customers that
              purchase mining machines or mining machine operation and
management services.
                Tell us how you are compensated for AI switch system services,
including whether it
              is a flat or variable fee.
                Tell us how you account for the revenues earned from your AI
switch system.
                Tell us where this is accounted for in the financial statements
and where it is
              discussed in the footnotes.
Note 2 - Summary of Significant Accounting Policies
(n) Revenue Recognition, page F-47

2.       We note your response to our prior comment 3. Specifically, we note
that you only
         provide an "environment" whereby the company's customers can mine.
Please address the
         following questions related to the mining machine operations and
management services:

                Tell us how the customer's actually mine for crypto currency on
the computers you
              sell/rent which stay in your possession. Provide us a
step-by-step process as to how
              the mining is initiated and completed.
                Tell us who sets up the computers with the mining software and
who configures the
              computers for mining.
                Tell us how your customers gain access to the computers for
mining and explain how
              they are able to make decisions about what and when to mine.
                Tell us who operates the system that allows the customers to
gain access to their
              mining equipment and explain how customers pay for that access.
                Tell us the nature of your actual "maintenance" of the mining
machines.
                In your response to our prior comment 3 you state that    the
customers of the
              Company perform mining on an individual basis, by joining
different mining pools.
              Please tell us the entity or entities that manage these mining
pools. Additionally,
              please tell us the entity or entities that cultivate the list of
mining pools that are made
              available to customers for investment.
3.       We note your response to our prior comment 4 stating you only provide
an environment
         for the mining machines to operate continuously throughout the period
to your customers.
         Given that your only service is to provide space to the customer, tell
us why it is
         preferable for a customer to pay for your services rather than hold
possession of their own
         computer and mine on their own. Tell us the nature of your customers
and whether they
         are individuals or companies.
General

4.       We note your revised disclosure specifying your role in the crypto
mining space. With a
         view toward better understanding this role, please supplementally
provide us with the
 Hiroyuki Sugimoto
SYLA Technologies Co., Ltd.
January 4, 2023
Page 3
      form of your mining machine operations and management service agreement,
or a sample
      copy of such agreement currently in effect.
       You may contact Babette Cooper at 202-551-3396 or Isaac Esquivel at
202-551-3395 if
you have questions regarding comments on the financial statements and related
matters. Please
contact Benjamin Holt at 202-551-6614 or Jeffrey Gabor at 202-551-2544 with any
other
questions.

                                                          Sincerely,
FirstName LastNameHiroyuki Sugimoto
                                                          Division of
Corporation Finance
Comapany NameSYLA Technologies Co., Ltd.
                                                          Office of Real Estate
& Construction
January 4, 2023 Page 3
cc:       Craig D. Linder, Esq.
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

January 4, 2023

Hiroyuki Sugimoto
Chairman and Chief Executive Officer
SYLA Technologies Co., Ltd.
Ebisu Prime Square Tower 7F, 1-1-39
Hiroo, Shibuya-ku, Tokyo, Japan

Re: SYLA Technologies Co., Ltd.

Amendment No. 2 to Registration Statement on Form F-1

Filed December 15, 2022

File No. 333-268420

Dear Hiroyuki Sugimoto:

We have reviewed your amended registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our December 14, 2022 letter.

Amendment No. 2 to Registration Statement on Form F-1 filed December 15, 2022

Description of Business, page 82

1. We note your revised disclosure regarding your AI switch system in response to our prior comment 2. Please provide further details of your AI switch system by explaining how the system operates and the services provided by your AI switch system. Your response should address the following:
- Tell us how the AI switch system collects cryptocurrency market information and where does it collect it from.
- Tell us how customers are notified which coins were most profitable in the past 24 hours, how often they are notified and if this is the only information provided to your

Hiroyuki Sugimoto
SYLA Technologies Co., Ltd.
January 4, 2023
Page 2

customers.

- Tell us how your customers access the AI switch system.
- Clarify whether the AI switch system is a separate service from your mining machine operation and management services and if it is only available to customers that purchase mining machines or mining machine operation and management services.
- Tell us how you are compensated for AI switch system services, including whether it is a flat or variable fee.
- Tell us how you account for the revenues earned from your AI switch system.
- Tell us where this is accounted for in the financial statements and where it is discussed in the footnotes.

Note 2 - Summary of Significant Accounting Policies

(n) Revenue Recognition, page F-47

2. We note your response to our prior comment 3. Specifically, we note that you only provide an "environment" whereby the company's customers can mine. Please address the following questions related to the mining machine operations and management services:
- Tell us how the customer's actually mine for crypto currency on the computers you sell/rent which stay in your possession. Provide us a step-by-step process as to how the mining is initiated and completed.
- Tell us who sets up the computers with the mining software and who configures the computers for mining.
- Tell us how your customers gain access to the computers for mining and explain how they are able to make decisions about what and when to mine.
- Tell us who operates the system that allows the customers to gain access to their mining equipment and explain how customers pay for that access.
- Tell us the nature of your actual "maintenance" of the mining machines.
- In your response to our prior comment 3 you state that "the customers of the Company perform mining on an individual basis, by joining different mining pools." Please tell us the entity or entities that manage these mining pools. Additionally, please tell us the entity or entities that cultivate the list of mining pools that are made available to customers for investment.

3. We note your response to our prior comment 4 stating you only provide an environment for the mining machines to operate continuously throughout the period to your customers. Given that your only service is to provide space to the customer, tell us why it is preferable for a customer to pay for your services rather than hold possession of their own computer and mine on their own. Tell us the nature of your customers and whether they are individuals or companies.

General

4. We note your revised disclosure specifying your role in the crypto mining space. With a view toward better understanding this role, please supplementally provide us with the

Hiroyuki Sugimoto
SYLA Technologies Co., Ltd.
January 4, 2023
Page 3

form of your mining machine operations and management service agreement, or a sample copy of such agreement currently in effect.

You may contact Babette Cooper at 202-551-3396 or Isaac Esquivel at 202-551-3395 if you have questions regarding comments on the financial statements and related matters. Please contact Benjamin Holt at 202-551-6614 or Jeffrey Gabor at 202-551-2544 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Real Estate & Construction

cc: Craig D. Linder, Esq.