What this is
Liabilities first exceed ¥20bn at end-year to February 2020 → year to February 2021 is the first notice with 売上高 — exactly what records. The pre-year to February 2021 revenue blackout is mechanical; capital held at ¥365.4m (<¥500m) since 2001 kept TPC out of the regime until liabilities crossed.
The values
- Year to February 2015: 2,210
- Year to February 2016: 5,335
- Year to February 2017: 17,170
- Year to February 2020: 21,932
- Year to February 2021: 25,407
Where it comes from
Our calculation from other figures in the trainer’s notes:
Show the working
- total assets − net assets (FY2/15 and FY2/20 use 株主資本 as net-asset proxy): 12,350−10,140
- 16,102−10,767
- 43,795−26,625
- 83,143−61,211
- 105,257−79,850
- ASSUMPTION …