Japanese annual securities reports contain a section where the company itself states whether there is material uncertainty about its ability to continue as a going concern. Two levels appear: a formal note (継続企業の前提に関する注記), and the lighter material events disclosure (重要事象等) that precedes it. 54 companies carry the note and 120 carry the material-events disclosure.
A going concern note is not a bankruptcy prediction. It is the company's own statement that circumstances exist which raise doubt — recurring losses, negative operating cash flow, breached loan covenants. Many companies carry it for years, and some clear it after raising capital. We tracked three years of filings: of the companies that had a note, only about one in eight had it removed the following year, while their headcount fell by roughly a tenth (the full analysis).
| Company | Sector | Disclosure | Employees | Market cap |
|---|---|---|---|---|
| 株式会社ジャパンディスプレイ | Electric Appliances | Note | 2,333 | ¥507.4bn |
| AnGes, Inc. | Pharmaceutical | Note | 56 | ¥18.8bn |
| 株式会社海帆 | Retail Trade | Note | 83 | ¥12.9bn |
| TSUDAKOMA Corp. | Machinery | Note | 1,103 | ¥11.7bn |
| PIXELA CORPORATION | Electric Appliances | Note | 50 | ¥11.0bn |
| Carna Biosciences, Inc. | Pharmaceutical | Note | 61 | ¥7.6bn |
| KURAMOTO CO.,LTD. | Glass & Ceramics Products | Note | 74 | ¥7.2bn |
| UNIVA Oak Holdings Limited | Securities & Commodity Futures | Note | 116 | ¥6.7bn |
| ARCHITECTS STUDIO JAPAN INC. | Services | Note | 34 | ¥6.4bn |
| Wintest Corp. | Electric Appliances | Note | 68 | ¥5.6bn |
| abc Co.,Ltd. | Other Financing Business | Note | 79 | ¥5.2bn |
| BALMUDA Inc. | Electric Appliances | Note | 104 | ¥5.1bn |
| Quantum Solutions Co.,Ltd. | Information & Communication | Note | 41 | ¥5.0bn |
| JELLY BEANS GROUP Co.,Ltd. | Wholesale Trade | Note | 55 | ¥4.9bn |
| SymBio Pharmaceuticals Limited | Pharmaceutical | Note | 91 | ¥4.6bn |
| Advance Create Co.,Ltd. | Insurance | Note | 229 | ¥4.6bn |
| CyberStep,Inc. | Information & Communication | Note | 196 | ¥4.5bn |
| 4Cs HD Co., Ltd. | Retail Trade | Note | 92 | ¥4.2bn |
| HODL1, Inc. | Information & Communication | Note | 7 | ¥3.9bn |
| unbanked inc. | Securities & Commodity Futures | Note | 31 | ¥2.4bn |
| ANAP HOLDINGS INC. | Retail Trade | Note | 250 | ¥2.3bn |
| WIZE INC. | Information & Communication | Note | 95 | ¥2.2bn |
| TOSHIN HOLDINGS CO.,LTD | Information & Communication | Note | 94 | ¥2.1bn |
| BUNKYODO GROUP HOLDINGS CO.,LTD. | Retail Trade | Note | 131 | ¥2.0bn |
| G-NEXT Inc. | Information & Communication | Note | 22 | ¥1.4bn |
| CRAVIA Inc. | Services | Note | 25 | ¥1.3bn |
| SEKIDO CO.,LTD | Retail Trade | Note | 52 | ¥1.3bn |
| enish,inc. | Information & Communication | Note | 82 | ¥1.3bn |
| KUBOTEK CORPORATION | Precision Instruments | Note | 64 | ¥1.2bn |
| AXEL MARK INC. | Information & Communication | Note | 50 | ¥1.2bn |
| MATSUMOTO INC. | Other Products | Note | 164 | ¥1.1bn |
| WILSON LEARNING WORLDWIDE INC. | Services | Note | 69 | ¥1.1bn |
| J-Holdings Corp. | Wholesale Trade | Note | 11 | ¥990.6m |
| 株式会社Ｗｉｌｌ Ｓｍａｒｔ | Information & Communication | Note | 50 | ¥946.6m |
| Tokyo Board Industries co.,ltd. | Other Products | Note | 243 | ¥932.1m |
| V-cube, Inc. | Information & Communication | Note | 344 | ¥724.5m |
| BeMap,Inc. | Information & Communication | Note | 67 | ¥567.7m |
| LAPINE CO.,LTD | Textiles & Apparels | Note | 37 | ¥434.1m |
| Kitahama Capital Partners Co.,Ltd. | Services | Note | 38 | — |
| Souken Ace Co., Ltd | Construction | Note | 34 | — |
| HIROTA GROUP HOLDINGS Co.,Ltd. | Retail Trade | Note | 29 | — |
| ASULINA Co.,Ltd. | Information & Communication | Note | 14 | — |
| AltPlusInc. | Information & Communication | Note | 199 | — |
| DLE Inc. | Information & Communication | Note | 63 | — |
| ADR120S, Inc. | Information & Communication | Note | 13 | — |
| OKWEB, Inc. | Information & Communication | Note | 13 | — |
| ビープラッツ株式会社 | Information & Communication | Note | 43 | — |
| Janis Ltd. | Glass & Ceramics Products | Note | 153 | — |
| MEDIA LINKS CO.,LTD. | Electric Appliances | Note | 61 | — |
| Birdman Inc. | Services | Note | 11 | — |
| INEST,Inc. | Wholesale Trade | Note | 344 | — |
| RIGHT ON Co.,Ltd | Retail Trade | Note | 435 | — |
| SENSHUKAI CO.,LTD. | Retail Trade | Note | 886 | — |
| e LogiT co.,ltd. | Warehousing & Harbor Transportation | Note | 170 | — |
| DENTSU GROUP INC. | Services | Material events | 67,454 | ¥790.4bn |
| 株式会社丸井グループ | Retail Trade | Material events | 3,820 | ¥553.7bn |
| Sharp Corporation | Electric Appliances | Material events | 34,549 | ¥366.4bn |
| 株式会社Ｓｙｎｓｐｅｃｔｉｖｅ | Information & Communication | Material events | 228 | ¥165.7bn |
| TOYO ENGINEERING CORPORATION | Construction | Material events | 4,559 | ¥137.2bn |
| H.I.S. Co., Ltd. | Services | Material events | 10,804 | ¥80.2bn |
| 3-D Matrix,Ltd. | Precision Instruments | Material events | 129 | ¥50.7bn |
| 株式会社ｉｓｐａｃｅ | Transportation Equipment | Material events | 333 | ¥48.3bn |
| HEALIOS K.K. | Pharmaceutical | Material events | 75 | ¥37.0bn |
| DANTO HOLDINGS CORPORATION | Glass & Ceramics Products | Material events | 165 | ¥26.4bn |
| ACCESS CO., LTD. | Information & Communication | Material events | 795 | ¥19.9bn |
| 株式会社菊池製作所 | Metal Products | Material events | 339 | ¥18.3bn |
| ATSUGI CO., LTD. | Textiles & Apparels | Material events | 1,207 | ¥18.0bn |
| Toho Zinc Co.,Ltd. | Nonferrous Metals | Material events | 663 | ¥17.2bn |
| ReproCELL Incorporated | Chemicals | Material events | 101 | ¥16.1bn |
| Daikokuya Holdings Co.,LTD. | Electric Appliances | Material events | 140 | ¥15.4bn |
| CanBas Co.,Ltd. | Pharmaceutical | Material events | 14 | ¥12.9bn |
| W-SCOPE Corporation | Electric Appliances | Material events | 274 | ¥12.7bn |
| GFOOT CO.,LTD. | Retail Trade | Material events | 726 | ¥12.6bn |
| Chordia Therapeutics,Inc | Pharmaceutical | Material events | 20 | ¥11.0bn |
| TECNISCO, LTD. | Metal Products | Material events | 265 | ¥10.2bn |
| HEPHAIST CO.,LTD. | Machinery | Material events | 84 | ¥10.0bn |
| 株式会社アスタリスク | Electric Appliances | Material events | 75 | ¥9.4bn |
| CellSeed Inc. | Precision Instruments | Material events | 36 | ¥9.3bn |
| J Frontier Co.,Ltd. | Information & Communication | Material events | 202 | ¥8.7bn |
| K Pharma,Inc. | Pharmaceutical | Material events | 20 | ¥8.7bn |
| THE KYOTO HOTEL, LTD. | Services | Material events | 364 | ¥8.1bn |
| KONAKA CO.,LTD. | Retail Trade | Material events | 1,882 | ¥8.0bn |
| OncoTherapy Science, Inc. | Pharmaceutical | Material events | 46 | ¥7.9bn |
| ソレイジア・ファーマ株式会社 | Pharmaceutical | Material events | 22 | ¥7.6bn |
| Bitcoin Japan Corporation | Wholesale Trade | Material events | 80 | ¥7.6bn |
| MEDINET Co., Ltd. | Services | Material events | 107 | ¥7.4bn |
| Star seeds Co.,Ltd. | Retail Trade | Material events | 145 | ¥7.4bn |
| Precision System Science Co., Ltd. | Precision Instruments | Material events | 151 | ¥7.1bn |
| Village Vanguard CO.,LTD. | Retail Trade | Material events | 356 | ¥6.9bn |
| TriIs Incorporated | Services | Material events | 13 | ¥6.8bn |
| SUNWELS Co.,Ltd. | Services | Material events | 3,570 | ¥6.3bn |
| 株式会社ＮＡＴＴＹ ＳＷＡＮＫＹホールディングス | Retail Trade | Material events | 314 | ¥6.3bn |
| ALMEDIO INC. | Other Products | Material events | 208 | ¥5.7bn |
| Kubota Pharmaceutical Holdings Co., Ltd. | Pharmaceutical | Material events | 8 | ¥5.7bn |
| GALA INCORPORATED | Information & Communication | Material events | 72 | ¥5.6bn |
| Modalis Therapeutics Corporation | Pharmaceutical | Material events | 17 | ¥5.3bn |
| FISCO Ltd. | Information & Communication | Material events | 24 | ¥4.8bn |
| Monstarlab Inc. | Information & Communication | Material events | 847 | ¥4.7bn |
| D.Western Therapeutics Institute, Inc. | Pharmaceutical | Material events | 19 | ¥4.3bn |
| 株式会社メドレックス | Pharmaceutical | Material events | 21 | ¥4.2bn |
| PIALA INC. | Services | Material events | 161 | ¥3.9bn |
| PATH corporation | Information & Communication | Material events | 50 | ¥3.7bn |
| The Sailor Pen Co.,Ltd. | Other Products | Material events | 197 | ¥3.3bn |
| DREAM VISION CO.,LTD. | Retail Trade | Material events | 100 | ¥3.3bn |
| Ubiteq,INC. | Electric Appliances | Material events | 81 | ¥3.3bn |
| Showa Holdings Co.,Ltd. | Rubber Products | Material events | 311 | ¥3.2bn |
| SANKO MARKETING FOODS CO.,LTD. | Retail Trade | Material events | 317 | ¥3.1bn |
| ImageONE Co.,Ltd. | Wholesale Trade | Material events | 42 | ¥3.0bn |
| TOP CULTURE Co.,Ltd. | Retail Trade | Material events | 192 | ¥3.0bn |
| Fundely Co., Ltd. | Retail Trade | Material events | 41 | ¥3.0bn |
| LINKBAL INC. | Services | Material events | 58 | ¥2.9bn |
| TABIKOBO Co. Ltd. | Services | Material events | 108 | ¥2.6bn |
| NAIGAI CO.,LTD. | Textiles & Apparels | Material events | 164 | ¥2.6bn |
| KITABO CO.,Ltd | Textiles & Apparels | Material events | 148 | ¥2.5bn |
| SDS HOLDINGS Co.,Ltd. | Construction | Material events | 21 | ¥2.5bn |
| ユナイテッド＆コレクティブ株式会社 | Retail Trade | Material events | 198 | ¥2.5bn |
| 株式会社カラダノート | Services | Material events | 45 | ¥2.5bn |
| Tokyo Communications Group,Inc. | Information & Communication | Material events | 122 | ¥2.4bn |
| CVS Bay Area Inc. | Retail Trade | Material events | 184 | ¥2.4bn |
| Nextware Ltd. | Information & Communication | Material events | 224 | ¥2.4bn |
| JMC CORPORATION | Nonferrous Metals | Material events | 138 | ¥2.2bn |
| Wedge Holdings CO., LTD. | Other Financing Business | Material events | 63 | ¥2.2bn |
| TOHO LAMAC CO., LTD. | Wholesale Trade | Material events | 74 | ¥2.1bn |
| Life Intelligent Enterprise Co.,Ltd. | Nonferrous Metals | Material events | 136 | ¥2.1bn |
| Gyet Co., Ltd. | Retail Trade | Material events | 224 | ¥2.0bn |
| ＡｐｐＢａｎｋ株式会社 | Services | Material events | 22 | ¥2.0bn |
| ｍｏｎｏＡＩ ｔｅｃｈｎｏｌｏｇｙ株式会社 | Information & Communication | Material events | 126 | ¥1.9bn |
| TB GROUP INC. | Electric Appliances | Material events | 118 | ¥1.8bn |
| Twenty-four seven Holdings Inc. | Services | Material events | 114 | ¥1.7bn |
| NICHIRYOKU CO., LTD. | Retail Trade | Material events | 80 | ¥1.6bn |
| OPTOELECTRONICS CO.,LTD. | Electric Appliances | Material events | 164 | ¥1.6bn |
| FUJITA CORPORATION Co.,Ltd. | Retail Trade | Material events | 126 | ¥1.6bn |
| TAYA CO.,Ltd. | Services | Material events | 490 | ¥1.6bn |
| KAN-NANMARU CORPORATION | Retail Trade | Material events | 108 | ¥1.6bn |
| AUN CONSULTING,Inc. | Services | Material events | 23 | ¥1.6bn |
| SiriusVision CO., LTD. | Machinery | Material events | 85 | ¥1.3bn |
| happiness and d co ltd | Retail Trade | Material events | 316 | ¥1.3bn |
| RVH Inc. | Electric Appliances | Material events | 136 | ¥1.3bn |
| GRCS Inc. | Services | Material events | 213 | ¥1.3bn |
| Image Information Inc. | Information & Communication | Material events | 57 | ¥1.2bn |
| Future Link Network Co.,Ltd. | Services | Material events | 116 | ¥1.1bn |
| 株式会社学びエイド | Information & Communication | Material events | 30 | ¥750.7m |
| YAMATO Mobility & Mfg.Co.,Ltd. | Chemicals | Material events | 321 | ¥713.2m |
| FUJI JAPAN CO. LTD. | Construction | Material events | 40 | — |
| FUKUTOME MEAT PACKERS, LTD. | Foods | Material events | 325 | — |
| TAKIZAWA HAM CO.,LTD. | Foods | Material events | 303 | — |
| VLC SECURITY CO., LTD. | Services | Material events | 59 | — |
| Vector HOLDINGS Inc. | Retail Trade | Material events | 23 | — |
| YUMEMITSUKETAI Co., Ltd. | Retail Trade | Material events | 7 | — |
| DAIDOH LIMITED | Textiles & Apparels | Material events | 722 | — |
Showing up to 150, notes first, then by market capitalisation. Employees are consolidated headcount from the annual securities report.
Source: annual securities reports filed with EDINET (Financial Services Agency of Japan), parsed by Corpus. The classification into "note" and "material events" follows the sections of the filing itself. Corpus does not predict insolvency and does not recommend buying or selling any security (disclaimer). Japanese edition with more detail: 継続企業の前提. Terms are explained in the glossary.
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