Other Current Assets, net


	As of
	September 30, 2024		December 31, 2023
	(in thousands of USD)
Advance payments, net	$	56,229	$	37,148
Term deposits		24,843		19,875
Prepaid expenses		13,894		17,045
Other current assets, net		10,993		8,411
Total other current assets, net	$	105,959	$	82,479

Advance payments are primarily comprised of the advance payments for production of film contents and the payment of minimum guarantees to creators or publishers for their provision of content, such as web-comics, on the Company’s platform.

The advance payments for production of film contents are directly related to the contract that will be used to satisfy a future performance obligation and are expected to be recovered. These costs are amortized on a systematic basis consistent with the transfer of services to the customer to which the asset relates. The Company's balance of advance payments due to film production contracts are $39.8 million and $24.7 million as of September 30, 2024 and December 31, 2023, respectively.

The advance payments for minimum guarantee are amortized as associated commission expenses payable to creators or publishers are incurred. When the Company determines the estimated future commission expenses payable are less than the carrying amount of such advance payments, the remaining portion of that advance payment is charged to expense in the period in which such determination is made. The Company charged advance payments to expense due to such determination in the amounts of $0.2 million and $1.2 million as of September 30, 2024 and December 31, 2023, respectively.

Term deposits are bank deposits held by Korean and Japanese subsidiaries of the Company maturing between three months and one year as of September 30, 2024 and December 31, 2023. As of September 30, 2024 and December 31, 2023, $8.2 million and $7.1 million of the term deposit balance was pledged to Sumitomo Mitsui Banking Corporation as a compensating balance deposit on contract liabilities of the Company’s subsidiary in accordance with the Payment Services Act in Japan, respectively.

Other Non-Current Assets, net


	As of
	September 30, 2024		December 31, 2023
	(in thousands of USD)
Advance payments, net	$	45,065	$	29,181
Long-term loans, net		35,694		29,017
Other non-current assets, net		3,273		6,238
Total other non-current assets, net	$	84,032	$	64,436

Long-term advance payments represent the portion of advance payments expected to remain on the balance sheet beyond one year. When the Company determines the estimated future commission expenses payable are less than the carrying amount of the long-term advance payments, the remaining portion of that long-term advance payment is charged to expense in the period in which such determination is made. The Company's balance of advance payments due to film production contracts are $20.5 million and $8.7 million, and charged long-term advance payments to expense due to such determination in the amounts of $4.4 million and $4.4 million as of September 30, 2024 and December 31, 2023, respectively.