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LONG-TERM DEBTS (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
SCHEDULE OF LONG-TERM DEBTS

The Company’s long-term debts included bond payable and loans borrowed from banks and other financial institutions, which consist of the following:

 

Name of Financial Institutions  Original Amount Borrowed (JPY)     Loan Duration  Annual
Interest Rate		   Balance
as of
September 30,
2022		   Balance
as of
December 31, 2021		 
Bond payable                         
Corporate bond issued through Resona Bank   100,000,000(a)(b)   

1/10/2019—

1/10/2024

   0.430%  $207,469   $434,431 
Loans with banks and other financial institutions                         
Resona Bank, Limited.   30,000,000(a)   

12/29/2017—

12/30/2022

   1.475%   10,373    56,476 
Resona Bank, Limited.   50,000,000(a)(b)   

12/29/2017—

12/29/2024

   0.675%   111,238    191,454 
Resona Bank, Limited.   10,000,000(a)(b)   

9/30/2020—

9/30/2027

   0.000%   49,405    72,411 
Resona Bank, Limited.   40,000,000(a)(b)   

9/30//2020—

9/30/2027

   0.000%   197,621    289,644 
Resona Bank, Limited.   20,000,000(a)(b)   

11/13/2020—

10/31/2027

   1.600%   100,456    146,890 
Sumitomo Mitsui Banking Corporation   100,000,000    

12/28/2018—

12/28/2023

   1.475%   172,787    361,925 
Sumitomo Mitsui Banking Corporation   10,000,000(b)   

12/30/2019—

12/30/2026

   1.975%   41,999    63,105 
The Shoko Chukin Bank, Ltd.   30,000,000    

9/28/2018—

8/31/2023

   1.200%   38,174    92,273 
The Shoko Chukin Bank, Ltd.   50,000,000    

7/27/2020—

6/30/2027

   1.290%   237,898    351,020 
Japan Finance Corporation   40,000,000    

12/15/2017—

11/30/2022

   0.300%   12,517    73,940 
Japan Finance Corporation   80,000,000    

11/17/2020—

11/30/2027

   0.210%   413,831    603,339 
Higashi-Nippon Bank   30,000,000(a)   

3/31/2022—

3/31/2025

   1.400%   172,614    - 
Aggregate outstanding principal balances                  1,766,382    2,736,908 
Less: unamortized debt issuance costs                  (9,500)   (15,333)
Less: current portion                  (622,937)   (849,995)
Non-current portion                 $1,133,945   $1,871,580 

 

  (a) These debts are guaranteed by Sumitaka Yamamoto, the Company’s CEO and major shareholder.
  (b) These debts are guaranteed by Tokyo Credit Guarantee Association, and the Company has paid guarantee expenses for these debts.
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS

As of September 30, 2022, future minimum loan payments are as follows:

 

Year ending December 31,  Loan 
   Payment 
Remaining of 2022  $107,593 
2023   646,715 
2024   400,961 
2025   230,041 
2026   209,315 
Thereafter   171,757 
Total  $1,766,382