Exceed World, Inc. Files 10-K for Fiscal Year Ended September 30, 2023

TL;DR

<b>Exceed World, Inc. has filed its 2023 10-K report, detailing its operations and financial status for the fiscal year ending September 30, 2023.</b>

AI Summary

Exceed World, Inc. (EXDW) filed a Annual Report (10-K) with the SEC on January 5, 2024. Exceed World, Inc. filed its annual report (10-K) for the fiscal year ended September 30, 2023. The company is incorporated in Delaware and its principal executive offices are located in Osaka, Japan. Exceed World, Inc. was formerly known as Brilliant Acquisition, Inc., with a name change on February 18, 2015. The company's Common Stock is traded on the OTC Markets. Exceed World, Inc. is classified under SIC code 8200 (Services-Educational Services).

Why It Matters

For investors and stakeholders tracking Exceed World, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Exceed World, Inc.'s financial performance and operational status for the fiscal year 2023, crucial for investors assessing the company's current standing. As a 10-K filing, it contains audited financial statements and management's discussion and analysis, offering detailed insights into the company's business, risks, and future outlook.

Risk Assessment

Risk Level: low — Exceed World, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant financial or operational disclosures that would indicate a high-risk profile based solely on this header information.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion, and risk factors to understand Exceed World, Inc.'s performance and outlook.

Key Numbers

• 2023-09-30 — Fiscal Year End (The period covered by the 10-K report.)
• 000-55377 — SEC File Number (The SEC file number assigned to Exceed World, Inc.)
• 8200 — SIC Code (Standard Industrial Classification for Services-Educational Services.)
• 0001634293 — Central Index Key (The company's unique identifier with the SEC.)

Key Players & Entities

• Exceed World, Inc. (company) — Filer name and subject of the 10-K filing.
• Brilliant Acquisition, Inc. (company) — Former name of Exceed World, Inc.
• OTC Markets (company) — Exchange where Exceed World, Inc.'s Common Stock is traded.
• Delaware (jurisdiction) — State of incorporation for Exceed World, Inc.
• Osaka, Japan (location) — Location of Exceed World, Inc.'s principal executive offices.

FAQ

Industry Context

Exceed World, Inc. operates within the educational services sector, as indicated by its SIC code.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Thoroughly review the complete 10-K document for detailed financial statements and operational analysis.
2. Investigate the company's business segments and revenue streams as described in the filing.
3. Analyze the risk factors section to understand potential challenges and uncertainties facing Exceed World, Inc.

Key Dates

• 2023-09-30: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-01-05: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial extraction of header information for the 2023 10-K filing; comparative data from the previous filing is not yet available from this snippet.

Key Financial Figures

• $0.0001 — ch our shares are traded Common Stock, $0.0001 OTC Markets Indicate by check mark
• $0.70 — 00 based on a market price per share of $0.70. As of January 5, 2024, there were 32,
• $4,835 — outstanding shares in consideration of $4,835 (JPY 500,000). Following the effective
• $270 — total to these individuals and received $270 as aggregate consideration. Each paid J
• $0.002 — are by each was the equivalent of about $0.002. This sale of shares was exempt from re
• $330 — total to these individuals and received $330 as aggregate consideration. Each paid J
• $0.1 — shareholder was the equivalent to about $0.1. These shares were sold pursuant to the
• $38,263 — total to these individuals and received $38,263 as aggregate consideration. On Septemb
• $26,000.00 — his transfer, Force Internationale paid $26,000.00 to e-Learning. Immediately subsequent,
• $6,158 — Co., Ltd. JPY662,200 May 31, 2025 ($6,158) Esaka, Osaka, 6th floor 1-23-38-6F,
• $10,252 — , Ltd. JPY 1,102,500 June 30, 2024 ($10,252) Esaka, Osaka, 8th floor 1-23-38-8F,
• $5,718 — , Ltd. JPY614,935 October 31, 2024 ($5,718) Tokyo 1-8-40-1F, Konan, Minato-ku,
• $17,063 — orp. JPY 1,834,921 August 31, 2026 ($17,063) Item 3. Legal Proceedings. For the
• $74,000 — ximately JPY10.3 million (approximately $74,000) related to the cancellation of contrac
• $164,000 — ximately JPY22.8 million (approximately $164,000). As of the filing date, the Company ha

Filing Documents

• exceed_10k23o.htm (10-K) — 712KB
• ex31.htm (EX-31) — 12KB
• ex32.htm (EX-32) — 8KB
• image_098.jpg (GRAPHIC) — 35KB
• 0001599916-24-000027.txt (&nbsp;) — 3042KB
• exdw-20230930.xsd (EX-101.SCH) — 22KB
• exdw-20230930_cal.xml (EX-101.CAL) — 13KB
• exdw-20230930_def.xml (EX-101.DEF) — 18KB
• exdw-20230930_lab.xml (EX-101.LAB) — 186KB
• exdw-20230930_pre.xml (EX-101.PRE) — 128KB
• exceed_10k23o_htm.xml (XML) — 396KB

Business

Business 1 Item 1A Risk Factors 4 Item 1B Unresolved Staff Comments 4 Item 2

Properties

Properties 4 Item 3 Legal Proceedings 4 Item 4 Mine Safety Disclosures 4 PART II Item 5 Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 5 Item 6 Selected Financial Data 5 Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 5 Item 7A Quantitative and Qualitative Disclosures about Market Risk 5 Item 8 Financial F1-F10 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 6 Item 9A Controls and Procedures 6 Item 9B Other Information 6 PART III Item 10 Directors, Executive Officers and Corporate Governance 7 Item 11 Executive Compensation 8 Item 12 Security 9 Item 13 Certain Relationships and Related Transactions, and Director Independence 9 Item 14 Principal Accounting Fees and Services 9 PART IV Item 15 Exhibits, Financial Statement Schedules 10

Signatures

Signatures 10 Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This prospectus contains forward-looking statements that involve risk and uncertainties. We use words such as "anticipate", "believe", "plan", "expect", "future", "intend", and similar expressions to identify such forward-looking statements. Investors should be aware that all forward-looking statements contained within this filing are good faith estimates of management as of the date of this filing. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks faced by us as described in the "Risk Factors" section and elsewhere in this prospectus. PART I

Business

Item 1. Business. Corporate 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 Laboratory Co., Ltd., a Japan corporation ("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 subsidiar

Risk Factors

Item 1A. Risk Factors. As a smaller reporting company, as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Properties

Item 2. Properties. Exceed World, Inc. is provided office space rent free from e-Learning Laboratory Co., Ltd. at the address of 1-23-38-6F, Esakacho, Suita-shi. e-Communications Co., Ltd., a Japan corporation, is a wholly owned subsidiary of e-Learning Laboratory Co, Ltd., a Japan corporation. e-Communications Co., Ltd. sub-leases (rents) office space from its parent company, e-Learning Laboratory Co, Ltd., a Japan corporation at the following addresses: 1-23-38-1F, Esakacho, Suita-shi, Osaka Japan 1-23-38-6F, Esakacho, Suita-shi, Osaka Japan 1-23-38-8F, Esakacho, Suita-shi, Osaka Japan 1-8-40-1F, Konan, Minato-ku, Tokyo, Japan. The aforementioned office spaces are shared by both e-Communications Co., Ltd. and e-Learning Laboratory Co., Ltd. The following table details the terms of the lease agreements for various properties leased by e-Learning Laboratory Co., Ltd. Workspace Address Lessee Lessor Monthly Rent Term (Expiration of Lease) Esaka, Osaka, 1st floor 1-23-38-1F, Esakacho, Suita-shi, Osaka Japan e-Learning Laboratory Co., Ltd. F&M Co., Ltd. JPY662,200 May 31, 2025 ($6,158) Esaka, Osaka, 6th floor 1-23-38-6F, Esakacho, Suita-shi, Osaka Japan e-Learning Laboratory Co., Ltd. F&M Co., Ltd. JPY 1,102,500 June 30, 2024 ($10,252) Esaka, Osaka, 8th floor 1-23-38-8F, Esakacho, Suita-shi, Osaka Japan e-Learning Laboratory Co., Ltd. F&M Co., Ltd. JPY614,935 October 31, 2024 ($5,718) Tokyo 1-8-40-1F, Konan, Minato-ku, Tokyo, Japan e-Learning Laboratory Co., Ltd. Tokyu Community Corp. JPY 1,834,921 August 31, 2026 ($17,063)

Legal Proceedings

Item 3. Legal Proceedings. For the year ended September 30, 2023, the Company has settled four legal cases in total amount of approximately JPY10.3 million (approximately $74,000) related to the cancellation of contracts. From October 1, 2023 to the filing date, the Company has settled three cases under the same nature with an aggregate amount of approximately JPY22.8 million (approximately $164,000). As of the filing date, the Company had five pending legal cases, claiming a damage of approximately JPY93 million (approximately $620,000) under the same nature. Our legal counsel estimated a probable settlement of these cases with total settlement amount of approximately JPY38.1 million (approximately $255,000). The Company has recorded JPY60.9 million (approximately $419,000) as contingency liability as of September 30, 2023, representing cases not yet settled as of September 30, 2023. During the past ten (10) years, none of our directors, persons nominated to become directors, executive officers, promoters or control persons was involved in any of the legal proceedings listen in Item 401 (f) of Regulation S-K.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not applicable. -4- Table of Contents PART II

Market for Registrant's

Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities. Market Information We are currently quoted on the OTC Marketplace. Our ticker symbol is EXDW. Holders Currently, as of the date of this report, and as of our fiscal year end, there are approximately 60 shareholders of record of our common stock and 32,700,000 shares of common stock deemed issued and outstanding. Dividends and Share Repurchases We have not paid any dividends to our shareholder. There are no restrictions which would limit our ability to pay dividends on common equity or that are likely to do so in the future. Issuer Purchases of Equity Securities None. Equity Compensation Plan Information Not applicable. Recent Sales of Unregistered Securities; Uses of Proceeds from Registered Securities None. Item 6

View Full Filing

View this 10-K filing on SEC EDGAR