TOKYO, Apr 30 (Pulse News Wire) – Edulab,inc. (4427.T) announced today that its subsidiary, Edutech Lab, Inc.
(ETL), will abandon claims against its wholly-owned subsidiary, DoubleYard Europe Limited (DYEU), ahead of planned liquidation procedures. The decision was made during a board meeting held on November 13, 2024. DYEU, established on February 11, 2020, operates in the artificial intelligence sector and holds a capital of €100. ETL’s abandonment of the debt claim, which amounts to €190,000 (approximately ¥35 million), will take place. The move is part of ongoing efforts to optimize the group's resources and streamline operations.
According to recent financial statements, DYEU reported total assets of ¥159 million euros, ¥141 million euros, and ¥134 million euros for fiscal years ending September 25, 24, and 23 respectively. Operating profit stood at ¥4 million, ¥10 million, and --¥5 million euros for the same periods, while net income was recorded at ¥36 million, ¥28 million, and --¥56 million euros. This action will result in a loss of €190,000 being recognized as extraordinary losses in ETL’s individual financial statements. However, DYEU will record an equivalent amount as extraordinary gains due to the debt forgiveness. As these transactions occur within the group, they will offset each other during the consolidation process, leaving no impact on consolidated earnings such as parent company shareholders' equity.
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