| ● | our ability to achieve our development goals for our business and execute and evolve our growth strategies, priorities and initiatives; |
| ● | our ability to sell certain of our owned salons to investors, and receive management fees from such sold salons, on acceptable terms; |
| ● | changes in Japanese and global economic conditions and financial markets, including their effects on our expansion in Japan and certain overseas markets; |
| ● | our ability to continue to grow our Digital Preventative Healthcare Segment and achieve and sustain its profitability; |
| ● | the fluctuation of foreign exchange rates, which affects our expenses and liabilities payable in foreign currencies; |
| ● | our ability to hire and train a sufficient number of therapists and place them at salons in need of additional staffing; |
| ● | changes in demographic, unemployment, economic, regulatory or weather conditions affecting the Tokyo region of Japan, where our relaxation salon base is geographically concentrated; |
| ● | our ability to maintain and enhance the value of our brands and to enforce and maintain our trademarks and protect our other intellectual property; |
| ● | the financial performance of our franchisees and our limited control with respect to their operations; |
| ● | our level of indebtedness and potential restrictions on us under the our debt instruments; |
| ● | changes in consumer preferences and our competitive environment; |
| ● | our ability to respond to natural disasters, such as earthquakes and tsunamis, and to global pandemics, such as COVID-19; and |
| ● | the regulatory environment in which we operate. |
Given the foregoing risks and uncertainties, you are cautioned not to place undue reliance on the forward-looking statements in this annual report. The forward-looking statements contained in this annual report are not guarantees of future performance and our actual results of operations and financial condition may differ materially from such forward-looking statements. In addition, even if our results of operations and financial condition are consistent with the forward-looking statements in this annual report, they may not be predictive of results or developments in future periods.
