The filing content is truncated and only shows the cover page, table of contents, introduction, and the very beginning of Item 3 (which contains no substantive disclosure beyond "Not Applicable" and "Reserved"). However, the cover page and introduction do contain substantive information: the company's structure, subsidiaries, share count, filing type, fiscal year, currency conventions, and financial statement coverage. Let me assess whether this meets the 150-word threshold for substantive disclosure content. Substantive content includes: the subsidiary descriptions (LRE Dallas, LRE HK, LRE Management, Real Vision), the share count (13,641,900 ordinary shares as of June 30, 2026), the currency and exchange rate information (JPY162.61 = $1.00 as of June 30, 2026), the three fiscal years covered (2026, 2025, 2024), the filer status (non-accelerated, emerging growth company), the error correction checkbox (checked), and other factual disclosures. This exceeds 150 words of substantive content.

Lead Real Estate Co., Ltd (NASDAQ:LRE) filed its annual report on Form 20-F with the U.S. Securities and Exchange Commission on November 2, 2026, covering the fiscal year ended June 30, 2026.

Key Highlights

  • Share count: 13,641,900 ordinary shares were outstanding as of June 30, 2026, according to the filing.
  • Filer status: The company reported it is classified as a non-accelerated filer and an emerging growth company under Rule 12b-2 of the Exchange Act.
  • Error correction: The filing indicates that the financial statements reflect the correction of an error to previously issued financial statements.
  • Currency translation: Convenience translations from Japanese yen to U.S. dollars were made at JPY162.61 = $1.00, the Federal Reserve rate on June 30, 2026.
  • Audited periods: The filing includes audited consolidated financial statements for the fiscal years ended June 30, 2026, June 30, 2025, and June 30, 2024.
  • Subsidiaries disclosed: The company identified four wholly owned subsidiaries: LRE Dallas (Texas), LRE HK (Hong Kong), LRE Management (Japan), and Real Vision (Japan).

Lead Real Estate's Fiscal 2026 Annual Disclosure: Key Details from the Form 20-F

Lead Real Estate Co., Ltd, a joint-stock corporation organized under Japanese law and headquartered in Shibuya-ku, Tokyo, filed its annual report on Form 20-F for the fiscal year ended June 30, 2026. The filing was made under the Annual Report provision of Section 13 or 15(d) of the Securities Exchange Act of 1934. The company's American depositary shares, each representing one ordinary share, are registered on The Nasdaq Stock Market LLC under the trading symbol LRE. The filing lists Eiji Nagahara, President, Chief Executive Officer, and Representative Director, as the company contact person.

According to the filing, 13,641,900 ordinary shares were outstanding as of the close of the fiscal year. The company disclosed that it is a non-accelerated filer and an emerging growth company, and confirmed it is not a shell company. Notably, the registrant checked the box indicating that the financial statements included in the filing reflect the correction of an error to previously issued financial statements, though the filing does not indicate that a recovery analysis of incentive-based compensation was required in connection with that correction.

The filing states that the company's functional and reporting currency is the Japanese yen, with convenience translations into U.S. dollars calculated at an exchange rate of JPY162.61 = $1.00, as reported by the Board of Governors of the Federal Reserve System based on its weekly release dated July 6, 2026. The company operates through four wholly owned subsidiaries: LRE Dallas (Lead Real Estate Global Co., Ltd., a Texas corporation), LRE HK (Lead Real Estate HK Co. Limited, organized under Hong Kong law), LRE Management (formerly Sojiya Japan Co., Ltd., organized under Japanese law), and Real Vision Co., Ltd. (organized under Japanese law). Financial statements were prepared in accordance with U.S. GAAP.

What Was Disclosed

Lead Real Estate Co., Ltd submitted its Form 20-F annual report for the fiscal year ended June 30, 2026, disclosing 13,641,900 ordinary shares outstanding, a correction of an error in previously issued financial statements, and consolidated financials covering fiscal years 2024 through 2026.