Exceed World, Inc. Files 2024 10-K

TL;DR

Exceed World (EXWD) filed its 2024 10-K. Check financials for FY ending 9/30/24.

AI Summary

Exceed World, Inc. filed its 10-K for the fiscal year ending September 30, 2024. The company, formerly known as Brilliant Acquisition, Inc. until February 18, 2015, is based in Osaka, Japan. The filing covers financial data and business operations for the period.

Why It Matters

This 10-K filing provides a comprehensive overview of Exceed World, Inc.'s financial performance and business activities for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance details or forward-looking statements that would indicate a high risk.

Key Players & Entities

• Exceed World, Inc. (company) — Filer of the 10-K
• Brilliant Acquisition, Inc. (company) — Former name of Exceed World, Inc.
• 2024-09-30 (date) — Fiscal year end
• 2025-01-14 (date) — Filing date
• Osaka, Japan (location) — Company headquarters

FAQ

Key Financial Figures

• $0.0001 — ch our shares are traded Common Stock, $0.0001 OTC Markets Indicate by check mark
• $0.51 — 90 based on a market price per share of $0.51. As of January 14, 2025, 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,
• $4,400 — Co., Ltd. JPY662,200 May 31, 2025 ($4,400) Esaka, Osaka, 6th floor 1-23-38-6F,
• $7,326 — , Ltd. JPY 1,102,500 June 30, 2026 ($7,326) Esaka, Osaka, 8th floor 1-23-38-8F,
• $4,086 — , Ltd. JPY614,935 October 30, 2026 ($4,086) Tokyo 1-8-40-1F, Konan, Minato-ku,
• $12,192 — orp. JPY 1,834,921 August 31, 2026 ($12,192) Item 3. Legal Proceedings. For the
• $783,000 — imately JPY113.2 million (approximately $783,000) related to the cancellation of contrac
• $24,000 — oximately JPY3.4 million (approximately $24,000). As of the filing date, the Company ha

Filing Documents

• exceed_10k24o.htm (10-K) — 695KB
• ex31.htm (EX-31) — 12KB
• ex32.htm (EX-32) — 8KB
• image_099.jpg (GRAPHIC) — 35KB
• 0001599916-25-000002.txt ( ) — 3190KB
• exdw-20240930.xsd (EX-101.SCH) — 22KB
• exdw-20240930_cal.xml (EX-101.CAL) — 13KB
• exdw-20240930_def.xml (EX-101.DEF) — 18KB
• exdw-20240930_lab.xml (EX-101.LAB) — 191KB
• exdw-20240930_pre.xml (EX-101.PRE) — 131KB
• exceed_10k24o_htm.xml (XML) — 456KB

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 ($4,400) 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, 2026 ($7,326) 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 30, 2026 ($4,086) 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 ($12,192)

Legal Proceedings

Item 3. Legal Proceedings. For the year ended September 30, 2024, the Company has settled seven legal cases in total amount of approximately JPY113.2 million (approximately $783,000) related to the cancellation of contracts. From October 1, 2024 to the filing date, the Company has settled 1 case under the same nature with an aggregate amount of approximately JPY3.4 million (approximately $24,000). As of the filing date, the Company had four pending legal cases, claiming a damage of approximately JPY13.0 million (approximately $91,000) under the same nature. Our legal counsel estimated a probable settlement of these cases with total settlement amount of approximately JPY5.2 million (approximately $36,000). The Company has recorded JPY6.9 million (approximately $49,000) as contingency liability as of September 30, 2024, representing cases not yet settled as of September 30, 2024. During the past ten (10) years, none of our directors, persons nominated to become direct

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