(Note: SYLA Technologies Co. Ltd. priced its IPO on March 30, 2023, in sync with the terms in its prospectus: 1.88 million American Depositary Shares (1,875,000 ADS) at $8.00 to raise $15.0 millon. SYLA Technologies Co. Ltd. filed an F-1/A dated Jan. 12, 2023, in which it disclosed that its IPO would be a NASDAQ listing: 1.88 million ADS (1,875,000 ADS) at an assumed IPO price of $8.00. SYLA Technologies Co., Ltd. filed an F-1/A on Dec. 6, 2022, disclosing terms for its IPO – 1.88 million (1,875,000) American Depositary Shares (ADS) at an assumed IPO price of $8.00 – but the exchange choice was still to be determined.  The prospectus says 100 ADS represent one common share. The F-1 was filed on Nov. 16, 2022, when SYLA Technologies said it intended to list its ADS on either the NYSE – American Exchange or the NASDAQ. The ADS will be offered and sold only in the U.S. SYLA Technologies, incorporated in Japan, submitted confidential IPO documents to the SEC on Sept. 23, 2022.)

SYLA Technologies Co. Ltd., based in Tokyo, is a real estate developer that launched a real estate crowdfunding business (a FinTech venture) in June 2021. In early 2022, the company expanded into solar power – specifically the construction, sale and operation of solar power plants – and crypto – specifically the manufacture and sale of computers with crypto mining capabilities. SYLA Technologies’ four subsidiaries are SYLA Co., Ltd. (100% owned), SYLA Solar Co., Ltd. (formerly known as Nihon Taiyoko Hatsuden Co., Ltd.) (100% owned), SYLA Brain Co., Ltd. (formerly known as DEVEL Co., Ltd.) (67% owned), and SYLA Biotech Co., Ltd. (formerly known as RE100.com Co., Ltd.) (60% owned)  

Note: SYLA Technologies Co. Ltd. disclosed in an F-1/A dated Jan. 30, 2023, that it has exited the crypto mining machine business: “On December 30, 2022, in light of the deterioration of the crypto and mining machine market conditions in 2022, the Board of Directors of the Company decided to withdraw from the mining machine business by (i) discontinuing the manufacture and sale of computers (with mining machine capabilities) as of December 30, 2022, (ii) selling the computer maintenance and management services business and manufacture and sale of computers business to Getworks, a third party, which closed on January 23, 2023, pursuant to the terms of a Business Transfer Agreement, dated as of January 20, 2023, between the Company and Getworks, and (iii) discontinuing the development of the AI switch system as of December 30, 2022.”)

From the prospectus:

Our primary mission is to “Support and enrich people’s lives in the era of 100-year life expectancy by democratizing global real estate investment using technology and smart asset management.”

We are engaged in three primary businesses:

• We operate the asset management platform system “Rimawari-kun,” which targets individuals. We operate this platform to facilitate real estate crowdfunding as well as the purchase and sale of real estate, the sale of solar power plants which we construct – UPDATE: “and the sale of computers (with crypto mining capabilities) (referred to herein as “computers” or “mining machines” that we manufacture” – Note: On Dec. 30, 2022, the company’s board decided to withdraw from the mining machine business, according to an F-1/A filing dated Jan. 30, 2023 – See Note at the beginning of this IPO Profile about this disclosure in its Jan. 30, 2023, F-1/A filing; 
• We operate the asset management platform “Rimawari-kun Pro,” which targets corporate investors, institutional investors, and high-net-worth individuals. We exhibit properties on this platform developed independently by us as well as a wide range of properties from other companies in the same industry and help broker those properties to investors; and
• We are involved in asset management, including the leasing, brokerage, and management of real estate, and operation and maintenance of solar power plant, and the maintenance and management of computers that we sell. More specifically, we are involved in the management of rental properties, building management, and operation and maintenance of solar power generation equipment, computer maintenance and management, and asset management for rental income and electricity sales generated by solar power plants owned by our Company. – UPDATE: In an F-1/A filing dated Jan. 30, 2023, the company disclosed that it sold the computer maintenance and management services business to Getworks, a third party, in a transaction that closed on Jan. 23, 2023. See Note at the beginning of this IPO Profile about this disclosure in the F-1/A filing dated Jan. 30, 2023.
  

  **Note: Revenue and net income figures in the chart are in U.S. dollars  for the 12 months that ended June 30, 2022.

**Note: For the years ended Dec. 31, 2021 and 2020, the Company reported revenues of ¥16,665,382 thousand (US$122,820 thousand) and ¥13,140,176 thousand (US$96,840 thousand), respectively, net income of ¥278,688 thousand (US$2,054 thousand) and ¥435,727 thousand (US$3,212 thousand), respectively, and net cash provided by operating activities to be ¥25,098 thousand (US$185 thousand) and ¥269,042 thousand (US$1,983 thousand), respectively. As stated in the consolidated financial statements, as of December 31, 2021, the Company had retained earnings of ¥2,383,940 thousand (US$17,569 thousand).

**Note: During the years ended Dec. 31, 2021 and 2020, the Company generated revenues from sales of real estate, sales of land, rental services, and real estate management services. The Company started real estate crowdfunding business in June 2021 and generated minimal revenues from real estate crowdfunding for the year ended December 31, 2021. The Company did not generate any revenue from sales of computers, computer operation and management services, sales of solar power plants, solar power plants operation and maintenance services and sales of electricity for the years ended December 31, 2021 and 2020.

**Note: For the six months ended June 30, 2022 and 2021, the Company reported revenues of ¥8,869,667 thousand (US$65,367 thousand) and ¥6,500,616 thousand (US$47,908 thousand), respectively, net income of ¥149,561 thousand (US$1,102 thousand) and ¥6,444 thousand (US$48 thousand), respectively, and net cash used in operating activities to be ¥2,553,385 thousand (US$18,818 thousand) and net cash provided by operating activities to be ¥444,983 thousand (US$3,279 thousand), respectively. As stated in the unaudited consolidated financial statements, as of June 30, 2022, the Company had retained earnings of ¥2,473,289 thousand (US$18,227 thousand).

During the six months ended June 30, 2022 and 2021, the Company generated revenues from sales of real estate, sales of land, rental services, real estate management services, sales of computers, computer operation and management services, sales of solar power plants, solar power plants operation and maintenance services and sales of electricity. The Company started (its) real estate crowdfunding business in June 2021 and did not generate any revenue from real estate crowdfunding for the six months ended June 30, 2021. The Company did not generate any revenue from sales of computers, computer operation and management services, sales of solar power plants, solar power plants operation and maintenance services and sales of electricity for the six months ended June 30, 2021, as the Company started these businesses in early 2022.