<SEC-DOCUMENT>0001564590-20-016194.txt : 20200410
<SEC-HEADER>0001564590-20-016194.hdr.sgml : 20200410
<ACCEPTANCE-DATETIME>20200410060520
ACCESSION NUMBER:		0001564590-20-016194
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200410
FILED AS OF DATE:		20200410
DATE AS OF CHANGE:		20200410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAVITY Co., Ltd.
		CENTRAL INDEX KEY:			0001313310
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			M5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51138
		FILM NUMBER:		20785902

	BUSINESS ADDRESS:	
		STREET 1:		15F, 396 WORLD CUP BUK-RO
		STREET 2:		MAPO-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			121-795
		BUSINESS PHONE:		82-2-2132-7800

	MAIL ADDRESS:	
		STREET 1:		15F, 396 WORLD CUP BUK-RO
		STREET 2:		MAPO-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			121-795
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>grvy-6k_20200410.htm
<DESCRIPTION>6-K
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES<br />SECURITIES AND EXCHANGE COMMISSION<br />Washington, D.C. 20549<font style="font-weight:normal;"> </font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Form 6-K</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-align:center;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the month of April 2020</p>
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Commission File Number 000-51138</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-align:center;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY Co., Ltd.<font style="font-size:10pt;font-weight:normal;"><br />&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Translation of registrant&#8217;s name into English)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15F, 396 World Cup buk-ro, Mapo-gu, Seoul 03925, Korea</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;<br />(Address of principal executive office)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:&#160;&#160;[x]&#160;Form 20-F&#160;&#160;&#160;&#160;[&#160;]&#160;Form 40-F</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&#160;&#160;[&#160;]</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&#160;&#160;[&#160;]</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">KPMG Samjong, our independent auditor for the fiscal year ended December 31, 2019 (Samil PricewaterhouseCoop</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ers was our independent auditor for the fiscal year ended December 31, 2018) for our consolidated financial statements in conformity with International Financial Reporting Standards as adopted by the Republic of Korea, or Ko</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rean IFRS, ha</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">s</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> conducted audit</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> a</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">nd expressed opinion</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> with regards to the consolidated statements of financial position of Gravity Co., Ltd. (the &#8220;Company&#8221;) and its subsidiaries as of December 31, 2019 and the related consolidated statements of comprehensive income, changes in equity, and</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> cash flows for the year ended at December 31, 2019, expressed in Korean Won.</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">KPMG Samjong, our independent auditor for the fiscal year ended December 31, 2019 (Samil PricewaterhouseCoopers was our independent auditor for the fiscal year ended December 31, 2018) has also conducted audit and expressed opinion with regards to the separate statements of financial position of the Company as of December 31, 2019 and the related separate statements of comprehensive income, changes in equity, and cash flows for the year then ended at December 31, 2019, expressed in Korean Won.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The audited consolidated financial statements and the audited separate financial statements are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.</p>
<hr style="page-break-after:always;width:100%;">
<p style="text-align:center;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:13.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><a name="SIGNATURES"></a><font style="font-weight:bold;color:#000000;font-size:13.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="SIGNATURES"></a>SIGNA</font><font style="font-weight:bold;color:#000000;font-size:13.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">TURES</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:0%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:1pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:1pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;text-align:left;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
<td valign="top"  style=" border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/&#160;Heung Gon Kim</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Name:</p></td>
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<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Heung Gon Kim</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Title:</p></td>
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<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chief Financial Officer</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;margin-left:2.7%;text-indent:-2.71%;color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date: April 10, 2020</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU4"></a><a name="EXHIBIT_INDEX"></a><a name="EXHIBIT_INDEX"></a>Exhibit Index</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit No.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style=" border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Description</p></td>
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<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99. 1</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="grvy-ex991_6.htm"><font style="text-decoration:underline;">The Company&#8217;s Korean IFRS consolidated financial statements as of and for the years ended December 31, 2019 and December 31, 2018 and the independent auditors&#8217; report</font></a></p></td>
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<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99. 2</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="grvy-ex992_7.htm"><font style="text-decoration:underline;">The Company&#8217;s Korean IFRS separate financial statements as of and for the years ended December 31, 2019 and December 31, 2018 and the independent auditors&#8217; report</font></a></p></td>
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<p style="line-height:17pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;">&nbsp;</p></body>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>grvy-ex991_6.htm
<DESCRIPTION>EX-99.1
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Toc244493929"></a>Exhibit 99.1</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;font-size:24pt;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:14pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:14pt;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;">For the Years Ended December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.31%;text-indent:-6.31%;font-weight:normal;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(With Independent Auditors&#8217; Report Thereon)</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000080;font-size:14pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="color:#000080;font-size:14pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Contents</font></p>
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<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-size:14pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="color:#002060;font-size:14pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Independent Auditors&#8217; Report</font></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Based on a report originally issued in Korean</font></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To the Shareholders and Board of Directors of </p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Co., Ltd.:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Opinion</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have audited the accompanying consolidated financial statements of Gravity Co., Ltd. and its subsidiaries (the &#8220;Group&#8221;), which comprise the consolidated statement of financial position as of December 31, 2019, and the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes to the consolidated financial statements comprising significant accounting policies and other explanatory information.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2019, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (&#8220;K-IFRS&#8221;).</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Basis for Opinion</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We conducted our audits in accordance with Korean Standards on Auditing. Our responsibilities under those standards are further described in the Auditors&#8217; Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Other Matters</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consolidated financial statements of the Group as of and for the year ended December 31, 2018 were audited by another auditor who expressed an unmodified opinion on those statements on March 25, 2019. </p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The procedures and practices utilized in the Republic of Korea to audit such consolidated financial statements may differ from those generally accepted and applied in other countries.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In preparing the consolidated financial statements, management is responsible for assessing the Group&#8217;s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. </p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:12pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Those charged with governance are responsible for overseeing the Group&#8217;s financial reporting process.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:12pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</a></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU4"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Auditors&#8217; Responsibilities for the Audit of the Consolidated Financial Statements</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors&#8217; report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Korean Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As part of an audit in accordance with Korean Standards on Auditing we exercise professional judgment and maintain professional skepticism throughout the audit. We also:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#149;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#149;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group&#8217;s internal control.</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#149;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.</font></p></td></tr></table></div>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:0.55%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:1.56%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#149;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">Conclude on the appropriateness of management&#8217;s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group&#8217;s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors&#8217; report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors&#8217; report. However, future events or conditions may cause the Group to cease to continue as a going concern.</font></p></td></tr></table></div>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:0.55%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:1.56%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#149;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.</font></p></td></tr></table></div>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:0.55%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:1.56%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#149;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:6pt;margin-top:12pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</p>
<p style="margin-bottom:12pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Seoul, Korea</p>
<p style="margin-bottom:12pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">March 24, 2020</p>
<p style="text-align:justify;border-top:Solid 0.75pt;padding-top:1pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;border-left:Solid 0.75pt;padding-left:4pt;border-right:Solid 0.75pt;padding-right:4pt;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This report is effective as of March 24, 2020, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"></table></div></div></div>
<p style="text-align:center;margin-top:12pt; clear:both;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</a></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:6.06%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Consolidated Statements of Financial Position</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:8.5pt;">
<td colspan="3" valign="middle"  style="width:36.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU5"></a><font style="font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</font></p></td>
<td valign="bottom"  style="width:10.16%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Notes</p></td>
<td valign="bottom"  style="width:4.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:0.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="bottom"  style="width:16.74%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.56%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.16%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="width:16.74%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Assets</p></td>
<td valign="middle"  style="width:19.56%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Current assets</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,6,22</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-3.3pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79,427,979</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86,050,738</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Short-term financial instruments</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,22</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,500,000</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,500,000</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts receivable, net</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,7,13,22</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,253,496</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60,663,917</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables, net</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,7,22</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56,177</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">254,540</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prepaid expenses</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,962,421</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,515,511</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.92%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current assets</p></td>
<td valign="middle"  style="width:10.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,22</p></td>
<td valign="middle"  style="width:4.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,663,280</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,182,249</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.92%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">155,863,353</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">160,166,955 </p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Non-current assets</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Property and equipment, net</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,21</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,663,444</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,498,486</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Intangible assets, net</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,717,060</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,163,001</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current assets</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,744,551</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,437,953</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current financial assets</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,22</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,769,840</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,494,032</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax assets</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,667,097</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,413,402</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,561,992</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,006,874</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total assets</p></td>
<td valign="middle"  style="width:10.16%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:22.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">175,425,345</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">173,173,829</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Liabilities</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:-4.1pt;;text-indent:4.9pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Current liabilities</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Account payables </p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,22</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37,496,038</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,928,274</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred revenue </p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,747,710</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,476,351</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Withholdings</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,763,653</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,018,894</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expenses </p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 6,22</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,174,924</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,030,598</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Income tax payable</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,618,245</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,943,994</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:2.92%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:33.38%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current liabilities</p></td>
<td valign="middle"  style="width:10.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,21</p></td>
<td valign="middle"  style="width:4.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,986,578</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">122,928</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">55,787,148</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">93,521,039</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:-4.1pt;;text-indent:4.9pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Non-current liabilities</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:40pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> <font style="font-weight:normal;">Long-term account payables</font></p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">192,782</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:40pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Long-term deferred revenue</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">98,226</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,598,140</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:40pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Other non-current liabilities</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,21</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,576,384</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">502,865</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:40pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Deferred tax liabilities</p></td>
<td valign="middle"  style="width:10.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18</p></td>
<td valign="middle"  style="width:4.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,715</p></td>
<td valign="middle"  style="width:0.8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,872,107</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,101,005</p></td>
<td valign="top"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:36.3%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total liabilities</p></td>
<td valign="middle"  style="width:10.16%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:22.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,659,255</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.88%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.2%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">97,622,044</p></td>
<td valign="top"  style="width:0.52%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:6.06%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Consolidated Statements of Financial Position, Continued</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="width:35.34%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:10.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Notes</p></td>
<td valign="bottom"  style="width:4.42%;white-space:nowrap;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.96%; border-bottom:solid 0.75pt #000000;">
<p style="line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:1.52%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.26%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="width:35.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="width:10.88%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.42%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:20.96%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.52%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:21.26%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="width:35.34%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Equity</p></td>
<td valign="middle"  style="width:10.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.42%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:20.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.52%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:21.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="width:35.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Equity attributable to owners of the Parent Company</p></td>
<td valign="middle"  style="width:10.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.42%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:20.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.52%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:21.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="width:1.58%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:33.76%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Share capital</p></td>
<td valign="middle"  style="width:10.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12</p></td>
<td valign="middle"  style="width:4.42%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450</p></td>
<td valign="middle"  style="width:1.52%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="width:1.58%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:33.76%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Share premium</p></td>
<td valign="middle"  style="width:10.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12</p></td>
<td valign="middle"  style="width:4.42%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,127,684</p></td>
<td valign="middle"  style="width:1.52%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,140,255</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="width:1.58%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:33.76%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other components of equity</p></td>
<td valign="middle"  style="width:10.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12</p></td>
<td valign="middle"  style="width:4.42%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">274,538</p></td>
<td valign="middle"  style="width:1.52%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">138,433</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="width:1.58%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:33.76%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Retained earnings </p></td>
<td valign="middle"  style="width:10.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12</p></td>
<td valign="middle"  style="width:4.42%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">84,668,067</p></td>
<td valign="middle"  style="width:1.52%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">45,404,608</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="width:35.34%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Non-controlling interest</p></td>
<td valign="middle"  style="width:10.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.42%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">221,351</p></td>
<td valign="middle"  style="width:1.52%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(605,961)</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="width:35.34%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total equity</p></td>
<td valign="middle"  style="width:10.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.42%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.96%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">115,766,090</p></td>
<td valign="middle"  style="width:1.52%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.26%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,551,785</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="width:35.34%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total liabilities and equity</p></td>
<td valign="middle"  style="width:10.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.42%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">175,425,345</p></td>
<td valign="middle"  style="width:1.52%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.26%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">173,173,829</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="width:35.34%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.42%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.96%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.52%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.26%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.07%;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="width:35.34%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.42%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.96%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.52%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.26%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.07%;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.85%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.85%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.85%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.85%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">See accompanying notes to the consolidated financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;text-align:center;margin-bottom:12pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:center;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:6.06%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Consolidated Statements of Comprehensive Income</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.75pt;">
<td valign="bottom"  style="width:51.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won, except per share amounts)</p></td>
<td valign="bottom"  style="width:7.02%; border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Notes</p></td>
<td colspan="2" valign="bottom"  style="width:2.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:2.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:2.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="bottom"  style="width:51.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.02%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:2.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:17.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:18.68%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Revenues </p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,24</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Online games &#8211; subscription revenue</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30,750,618</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25,897,784</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Online games &#8211; royalties and license fees</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,570,819</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,555,827</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Mobile games </p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">301,903,506</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">239,488,896</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Other revenue</p></td>
<td valign="middle"  style="width:7.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,742,155</p></td>
<td valign="middle"  style="width:2.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,827,918</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">360,967,098</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">286,770,425</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cost of revenues </p></td>
<td valign="middle"  style="width:7.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">265,788,109</p></td>
<td valign="middle"  style="width:2.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">210,043,556</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Gross profit</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">95,178,989</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">76,726,869</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Selling, general and administrative expenses</p></td>
<td valign="middle"  style="width:7.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,15</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,375,930</p></td>
<td valign="middle"  style="width:2.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">42,837,372</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Operating profit </p></td>
<td valign="middle"  style="width:7.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">48,803,059</p></td>
<td valign="middle"  style="width:2.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">33,889,497</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Non-operating income and expenses</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Finance income </p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,16</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,074,700</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">825,982</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Finance costs</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,16</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(408,513)</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(92,202)</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-operating income</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,17</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,465,615</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,369,819</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-operating expenses</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,17</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,678,358)</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,553,598)</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Profit before income tax expense</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">51,256,503</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,439,498</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Income tax expense </p></td>
<td valign="middle"  style="width:7.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,526,299</p></td>
<td valign="middle"  style="width:2.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,053,167</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Profit for the year</p></td>
<td valign="middle"  style="width:7.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style="width:15.1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,730,204</p></td>
<td valign="middle"  style="width:2.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,386,331</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Other comprehensive income</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td colspan="5" valign="middle"  style="width:63.68%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Items that may be subsequently reclassified to profit or loss</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign currency translation adjustments</p></td>
<td valign="middle"  style="width:7.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">136,105</p></td>
<td valign="middle"  style="width:2.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">178,112</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total comprehensive income for the year</p></td>
<td valign="middle"  style="width:7.02%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td colspan="2" valign="middle"  style="width:15.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,866,309</p></td>
<td valign="middle"  style="width:2.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,564,443</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Profit (loss) attributable to:</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Owners of the Parent Company</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,875,981</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,442,803</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-controlling interests</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(145,777)</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(56,472)</p></td>
</tr>
<tr style="height:13.75pt;">
<td colspan="2" valign="middle"  style="width:58.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td colspan="2" valign="middle"  style="width:58.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total comprehensive income (loss) attributable to:</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Owners of the Parent Company</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,012,086</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,620,915</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-controlling interests</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(145,777)</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(56,472)</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Earnings per share attributable to the equity holders of the Parent Company</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Basic earnings per share(in won)</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,738</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,525</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Diluted earnings per share(in won)</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,738</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,525</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:51.74%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:16.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.85%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.85%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">See accompanying notes to the consolidated financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"></table></div></div></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:center;margin-left:0pt;;text-indent:0pt;;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:8.06%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Consolidated Statements of Changes in Equity </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:8.5pt;">
<td valign="top"  style="width:28.7%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU6"></a><font style="font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</font></p></td>
<td valign="bottom"  style="width:4.5%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="9" valign="bottom"  style="width:45.58%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Equity attributable to owners of the Parent Company</p></td>
<td valign="bottom"  style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.92%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:25.65pt;">
<td valign="top"  style="width:28.7%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.5%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Notes</p></td>
<td valign="bottom"  style="width:0.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.94%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Share</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">capital</p></td>
<td valign="bottom"  style="width:0.98%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Share</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">premium</p></td>
<td valign="bottom"  style="width:0.3%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Other components of equity</p></td>
<td valign="bottom"  style="width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Retained earnings</p></td>
<td valign="bottom"  style="width:0.98%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Sub total</p></td>
<td valign="bottom"  style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.92%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Non-controlling interests</p></td>
<td valign="bottom"  style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total equity</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.5%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:1.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:7.92%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:8.9%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:1.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:7.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:8.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Balance at January 1, 2018</p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,163,600</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(39,679)</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,961,805</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">44,560,176</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(561,725)</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43,998,451</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total comprehensive income for the period:</p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Profit for the year</p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,442,803</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,442,803</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(56,472)</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,386,331</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign currency translation adjustments</p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">178,112</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">178,112</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">178,112</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Transactions with owners:</p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:3.9pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Equity transaction </p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(23,345)</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(23,345)</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,236</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(11,109)</p></td>
</tr>
<tr style="height:5.65pt;">
<td valign="middle"  style="width:28.7%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Balance at December 31, 2018</p></td>
<td valign="middle"  style="width:4.5%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:6.94%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,140,255</p></td>
<td valign="middle"  style="width:0.3%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">138,433</p></td>
<td valign="middle"  style="width:1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">45,404,608</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">76,157,746</p></td>
<td valign="middle"  style="width:1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(605,961)</p></td>
<td valign="middle"  style="width:1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,551,785</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Balance at January 1, 2019</p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,140,255</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">138,433</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">45,404,608</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.72%;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">76,157,746</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(605,961)</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,551,785</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total comprehensive income for the period:</p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:2.87%;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Profit for the year</p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,875,981</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:2.87%;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,875,981</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(145,777)</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,730,204</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign currency translation adjustments</p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">136,105</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:2.87%;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">136,105</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">136,105</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Transactions with owners:</p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:-5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Equity transaction </p></td>
<td valign="middle"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(12,571)</p></td>
<td valign="middle"  style="width:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(12,571)</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,401</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(11,170)</p></td>
</tr>
<tr style="height:13pt;">
<td valign="middle"  style="width:28.7%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:-5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-controlling interests</p></td>
<td valign="middle"  style="width:4.5%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.94%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.3%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(612,522)</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(612,522)</p></td>
<td valign="middle"  style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">971,688</p></td>
<td valign="middle"  style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">359,166</p></td>
</tr>
<tr style="height:15.65pt;">
<td valign="middle"  style="width:28.7%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Balance at December 31, 2019</p></td>
<td valign="middle"  style="width:4.5%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.44%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:6.94%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,127,684</p></td>
<td valign="middle"  style="width:0.3%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">274,538</p></td>
<td valign="middle"  style="width:1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">84,668,067</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">115,544,739</p></td>
<td valign="middle"  style="width:1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.92%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">221,351</p></td>
<td valign="middle"  style="width:1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:8.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">115,766,090</p></td>
</tr>
<tr style="height:2pt;">
<td valign="middle"  style="width:28.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.5%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.44%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:1.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.94%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="top"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.62%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.9%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="top"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.9%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="top"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:8%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="top"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="top"  style="width:7.92%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="top"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="top"  style="width:8.9%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.57%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">See accompanying notes to the consolidated financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"></table></div></div></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;margin-left:0pt;;margin-right:0.57%;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6</p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:6.06%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Consolidated Statements of Cash Flow </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU7"></a><font style="font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</font></p></td>
<td valign="middle"  style="width:7.14%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Notes</p></td>
<td valign="top"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:2.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:13.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.14%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:2.3%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:13.46%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from operating activities</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Profit for the year</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,730,204</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,386,331</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:17.4pt;;text-indent:-7.4pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments </p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,703,135</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,480,905</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Changes in operating assets and liabilities</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(17,212,867)</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,703,895</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest received</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,605,200</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">680,501</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest paid</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(277,454)</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Income taxes paid</p></td>
<td valign="middle"  style="width:7.14%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(12,176,936)</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7,279,170)</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Net cash provided by operating activities</p></td>
<td valign="middle"  style="width:7.14%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26,371,282</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35,972,462</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:24.8pt;;text-indent:-6.8pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from investing activities</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Decrease in short&#8209;term financial instruments</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,000,000</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Decrease in other current assets</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,333</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Proceeds from disposal of property and equipment</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,228</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">69,318</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Proceeds from disposal of other intangible assets</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,215</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Decrease in other non-current financial assets</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">42,768</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Increase in short-term financial instruments</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(30,000,000)</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Purchase of property and equipment</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(982,899)</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,141,440)</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Purchase of other intangible assets</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,359,971)</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,108,876)</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Increase in other non-current financial assets</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(317,125)</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Net cash provided by(used in) from investing activities</p></td>
<td valign="middle"  style="width:7.14%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(32,525,784)</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,822,335</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from financing activities</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td colspan="2" valign="middle"  style="width:67.52%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Proceeds from capital contribution from non-controlling interests</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">359,166</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Payment of share issuance</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(11,170)</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Repayment of lease liabilities</p></td>
<td valign="middle"  style="width:7.14%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,034,071)</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(197,159)</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Net cash used in financing activities</p></td>
<td valign="middle"  style="width:7.14%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,686,075)</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(197,159)</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td colspan="2" valign="middle"  style="width:67.52%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Effects of exchange rate changes on cash and cash equivalents</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,217,818</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">357,884</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Net increase(decrease) in cash and cash equivalents</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6,622,759)</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,955,522</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents at beginning of the year</p></td>
<td valign="middle"  style="width:7.14%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86,050,738</p></td>
<td valign="middle"  style="width:0.48%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,095,216</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:60.36%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents at end of the year</p></td>
<td valign="middle"  style="width:7.14%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.4%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.07%;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:13.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79,427,979</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.07%;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86,050,738</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">See accompanying notes to the consolidated financial statements</p></div></div>
<p style="margin-top:12pt; clear:both;text-align:center;margin-bottom:12pt;text-indent:0%;font-style:italic;font-family:Univers 45 Light;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:center;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7</p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU8"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.&nbsp;&nbsp;General Information</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) The Parent Company</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. (&#8220;the Parent Company&#8221;) was incorporated on April 4, 2000, to engage in developing and distributing online games and other related business. The Parent Company&#8217;s headquarter is located at 15F, 396 World Cup buk&#8209;ro, Mapo&#8209;gu, Seoul, Korea. The Parent Company&#8217;s principal game product, &#8220;Ragnarok&#8221;, a massive multi-player online role-playing game, was commercially launched in August 2002, and currently operated internationally in 93 markets. The Parent Company also operates many other games. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On February 8, 2005, the Parent <font style="color:#000000;">Company</font> listed its shares on Nasdaq Stock Market in the United States, and issued 1,400,000 shares of common stocks in the form of American Depositary shares (&#8220;ADSs&#8221;) under the symbol &#8220;GRVY&#8221;.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019, the Parent Company&#8217;s total paid-in capital amounts to <strike>W</strike>3,474,450 thousand. <font style="color:#000000;">The Parent Company&#8217;s major shareholders and their respective percentage of ownership as of December 31, 2019 are as follows:</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:10.9pt;">
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;width:39.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.74%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:8.85pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Number of shares</p></td>
<td valign="middle"  style="width:5.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.62%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Ownership (%)</p></td>
</tr>
<tr style="height:10.9pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:39.12%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GungHo Online Entertainment, Inc.</p></td>
<td valign="bottom"  style="width:5.76%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.74%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:28.35pt;;margin-right:0.8%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,121,737</p></td>
<td valign="middle"  style="width:5.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.62%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:28.35pt;;margin-right:1.39%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59.31</p></td>
</tr>
<tr style="height:10.9pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;width:39.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="bottom"  style="width:5.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.74%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:28.35pt;;margin-right:0.8%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,827,163</p></td>
<td valign="middle"  style="width:5.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.62%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:28.35pt;;margin-right:1.39%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40.69</p></td>
</tr>
<tr style="height:10.9pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;width:39.12%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.74%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:28.35pt;;margin-right:0.8%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,948,900</p></td>
<td valign="middle"  style="width:5.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:28.35pt;;margin-right:1.39%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.00</p></td>
</tr>
</table></div>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Consolidated subsidiaries</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Details of the consolidated subsidiaries as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:26.1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.3%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.2%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:1.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:9.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:26.06%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Percentage of ownership (%)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:26.1%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Subsidiaries</p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Location</p></td>
<td valign="top"  style="width:1.3%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:25.5%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Main business</p></td>
<td colspan="2" valign="bottom"  style="width:1.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:9.5%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fiscal </p>
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">year end</p></td>
<td colspan="2" valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.58%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:12.5%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:26.1%;">
<p style="text-align:justify;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Interactive, Inc.</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:8.28%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">USA</p></td>
<td valign="middle"  style="width:1.3%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:25.5%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:6.1pt;;margin-right:1%;text-indent:-4pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Online and mobile game services</p></td>
<td colspan="2" valign="middle"  style="width:1.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:9.5%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td colspan="2" valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.58%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:12.5%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:26.1%;">
<p style="text-align:justify;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0.3pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Entertainment Corp. (*1)</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:8.28%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Japan</p></td>
<td valign="middle"  style="width:1.3%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:25.5%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:6.1pt;;text-indent:-4pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Animation production, distribution and game services</p></td>
<td colspan="2" valign="middle"  style="width:1.48%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:9.5%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td colspan="2" valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.58%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:12.5%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:26.1%;">
<p style="text-align:justify;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NeoCyon, Inc.(*2)</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:8.28%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Korea</p></td>
<td valign="middle"  style="width:1.3%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:25.5%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:6.1pt;;margin-right:1%;text-indent:-4pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mobile Game Development and Service</p></td>
<td colspan="2" valign="middle"  style="width:1.48%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:9.5%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td colspan="2" valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.58%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99.24</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:12.5%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">98.73</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:26.1%;">
<p style="text-align:justify;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Communications Co., Ltd.</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:8.28%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Taiwan</p></td>
<td valign="middle"  style="width:1.3%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:25.5%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:6.1pt;;margin-right:1%;text-indent:-4pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Online and mobile game services</p></td>
<td colspan="2" valign="middle"  style="width:1.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:9.5%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td colspan="2" valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.58%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:12.5%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:26.1%;">
<p style="text-align:justify;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PT Gravity Game Link(*3)</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:8.28%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indonesia</p></td>
<td valign="middle"  style="width:1.3%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:25.5%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:6.1pt;;margin-right:1%;text-indent:-4pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Online and mobile game services</p></td>
<td colspan="2" valign="middle"  style="width:1.48%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:9.5%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td colspan="2" valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.58%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:12.5%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:26.1%;">
<p style="text-align:justify;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Tech Co., Ltd. (*4)</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:8.28%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thailand</p></td>
<td valign="middle"  style="width:1.3%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:25.5%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:6.1pt;;margin-right:1%;text-indent:-4pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Online and mobile game services</p></td>
<td colspan="2" valign="middle"  style="width:1.48%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:9.5%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td colspan="2" valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.58%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:12.5%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:26.1%;">
<p style="text-align:justify;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Arise Co., Ltd. (*5)</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:8.28%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Japan</p></td>
<td valign="middle"  style="width:1.3%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:25.5%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:6.1pt;;margin-right:1%;text-indent:-4pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Online and mobile game services</p></td>
<td colspan="2" valign="middle"  style="width:1.48%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:9.5%;">
<p style="text-align:center;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td colspan="2" valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.58%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:12.5%;">
<p style="text-align:right;margin-bottom:0pt;line-height:12pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.06%;text-indent:-3.86%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) As of December 31, 2019, Gravity Entertainment Corp. is in process of liquidation pursuant to management&#8217;s resolution in December 2019.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.17%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.03%;text-indent:-3.86%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.17%;text-indent:-3.98%;font-size:10pt;">&nbsp;</p></div></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU9"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.&nbsp;&nbsp;General Information, Continued</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Consolidated subsidiaries, Continued</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.17%;text-indent:-3.98%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) During the year ended December 31, 2019, the Parent Company participated in paid-in capital increase of NeoCyon, Inc. which resulted in increase of ownership interest of the Parent Company.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*3) PT. Gravity Game Link was established during the year ended December 31, 2019 with 70% ownership interest held by the Parent Company. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*4) Gravity Game Tech Co., Ltd. was established during the year ended December 31, 2019 with 100% ownership interest held by the Parent Company.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*5) Gravity Game Arise Co., Ltd. was established during the year ended December 31, 2019 with 100% ownership interest held by the Parent Company.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:12pt;margin-left:6.63%;text-indent:-3.98%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Condensed financial information of subsidiaries as of and for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="bottom"  BGCOLOR="#FFFFFF" style="width:31.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  BGCOLOR="#FFFFFF" style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="width:2.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  BGCOLOR="#FFFFFF" style="width:64.56%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:31.96%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Subsidiaries</p></td>
<td valign="bottom"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:13.2%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">assets<font style="font-size:9pt;">(*)</font></p></td>
<td valign="bottom"  style="width:0.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.86%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.2%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">liabilities<font style="font-size:9pt;">(*)</font></p></td>
<td valign="bottom"  style="width:0.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.84%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.24%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Revenues<font style="font-size:9pt;">(*)</font></p></td>
<td valign="bottom"  style="width:0.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.84%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.08%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Profit (loss) </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">for the period(*)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:31.96%; border-top:solid 0.75pt #000000;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Interactive, Inc.</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,296,390</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,112,064</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:14.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">230,028,732</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:19.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,803,917</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:31.96%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Entertainment Corp.</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">44,413</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">51,753</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">263,173</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:19.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(443,447)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:31.96%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NeoCyon, Inc.</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,145,058</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,728,294</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25,346,555</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:19.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(982,316)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:31.96%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Communications Co., Ltd.</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,963,791</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,226,688</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,811,450</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:19.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,636,742</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:31.96%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PT. Gravity Game Link</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">960,338</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">201,963</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">744,554</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:19.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(436,734)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:31.96%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Tech Co., Ltd.</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,008,149</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,624,291</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,294,773</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:19.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,973,125)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:31.96%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Arise Co., Ltd. </p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,840,615</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,343,024</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">771,398</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:19.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(35,290)</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:-3.86%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*) Amount before offsetting the related party transactions.</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="bottom"  BGCOLOR="#FFFFFF" style="width:31.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  BGCOLOR="#FFFFFF" style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="width:2.58%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  BGCOLOR="#FFFFFF" style="width:65.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:31.48%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Subsidiaries</p></td>
<td valign="bottom"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.58%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:13%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">assets<font style="font-size:9pt;">(*1)</font></p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.84%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">liabilities<font style="font-size:9pt;">(*1)</font></p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.84%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.4%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Revenues<font style="font-size:9pt;">(*1)</font></p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Profit (loss) </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">for the period(*1)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:31.48%; border-top:solid 0.75pt #000000;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NeoCyon, Inc.</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.58%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,619,844</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:14.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,209,590</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22,782,618</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:18.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,056,820)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:31.48%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Interactive, Inc.</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79,806,232</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">80,016,529</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">84,329,085</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:18.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,511,020)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:31.48%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Entertainment Corp.</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">509,183</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">96,184</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">157,425</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:18.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,797</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:31.48%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Communications Co., Ltd.</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,231,267</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,352,489</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,200,724</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:18.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">204,883</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:31.48%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Games Corp.<font style="font-size:9pt;"> (*2)</font></p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,641</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:18.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,164,622</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:8.17%;text-indent:-4.98%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) Amount before offsetting the related party transactions.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) Gravity Games Corp. was liquidated during 2018 and has been excluded from subsidiary since then.</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</a></p>
<hr style="page-break-after:always;width:100%;">
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<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU10"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2.&nbsp;&nbsp;Basis of Presentation</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These consolidated financial statements have been prepared in accordance with Korean International Financial Reporting Standards (&#8220;K-IFRS&#8221;), as prescribed in the <font style="font-style:italic;">Act on External Audits of Stock Companies, Etc. in the Republic of Korea.</font><font style="font-weight:bold;color:#000000;"> </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">These consolidated financial statements were authorized for issuance by the Board of Directors on March 6, 2020, which will be submitted for approval at the shareholders&#8217; meeting to be held on March 31, 2020.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">This is the first set of the Group&#8217;s annual consolidated financial statements in which K-IFRS No. 1116 <font style="font-style:italic;">Leases</font> has been applied. The related changes to significant accounting policies are described in Note 3.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(1) Basis of measurement</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">The consolidated financial statements have been prepared on the historical cost basis.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(2) Use of judgments and estimates</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the consolidated financial statements in conformity with K-IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates<font style="color:#000000;">.</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(a) Deferred revenue</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue in connection with the game users&#8217; payments for unused virtual currency for mobile games and durable in-game items for online games are deferred based on the estimated life cycle of game users by the Group. To estimate life cycle of games users, the Group analyzes player activities including item purchase, log-on, and others and periodically monitors for changes in estimates.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(b) Deferred tax assets </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">When the Group assessed the realizability of the deferred tax assets, the Group considered its performance, general economic environment, projected future taxable income, and periods available to utilize tax loss carryforwards and tax credit carryforwards. The Group periodically monitors the estimates used in assessing the realizability of the deferred tax assets. The amount of deferred tax assets may be changed if estimated future taxable income during the carryforward periods changes.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU11"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">3.&nbsp;&nbsp;Changes in accounting policies</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">The Group has applied the following standards and amendments for the first time for the annual reporting period commencing January 1, 2019.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(1) Enactment of K-IFRS No. 1116 <font style="font-style:italic;">Leases</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">The Group applied K-IFRS No. 1116 using the modified retrospective approach, under which the cumulative effect of initial application is recognized in retained earnings at January 1, 2019(date of initial application). <font style="color:#000000;">Accordingly, the comparative information presented for 2018 is not restated &#8211; i.e. it is presented, as previously reported, under K-IFRS</font> No.<font style="color:#000000;"> 1017 and related interpretations. The details of the changes in accounting policies are disclosed below. Additionally, the disclosure requirements in K-IFRS </font>No.<font style="color:#000000;">1116 have not generally been applied to comparative information.</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(a) Definition of lease</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Previously, the Group determined at contract inception whether an arrangement was or contained a lease under K-IFRS No. 2104 <font style="font-style:italic;color:#000000;">Determining whether an arrangement contains a lease</font>. The Group now assesses whether a contract is or contains a lease based on the definition of a lease under K-IFRS No.1116.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">On transition to K-IFRS No. 1116, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. The Group applied K-IFRS No. 1116 only to contracts that were previously identified as leases. Contracts that were not identified as leases under K-IFRS No. 1017 and K-IFRS No. 2104 were not reassessed for whether there is a lease under K-IFRS No.1116. Therefore, the definition of a lease under K-IFRS No. 1116 was applied only to contracts entered into or changed on or after January 1, 2019.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(b) As a lessee</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">As a lessee, the Group leases many assets including offices and equipment. The Group previously classified leases as operating or finance leases based on its assessment of whether the lease transferred significantly all of the risks and rewards incidental to ownership of the underlying asset to the Group. <font style="color:#000000;">Under K-IFRS </font>No. <font style="color:#000000;">1116, the Group recognizes right-of-use assets and lease liabilities for most of these leases &#8211; i.e. these leases are on-balance sheet.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">However, for leases of property, the Group has elected not to separate non-lease components and account for the lease and associated non-lease components as a single lease component.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU12"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">3.&nbsp;&nbsp;Changes in accounting policies, Continued</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(1) Enactment of K-IFRS No.1116 <font style="font-style:italic;">Leases, Continued</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(b) As a lessee, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Previously, the Group classified property leases as operating leases under K-IFRS No.1017. On transition, for these leases, lease liabilities were measured at the present value of the remaining lease payments, discounted at the Group&#8217;s incremental borrowing rate as at January 1, 2019.<font style="color:#000000;"> </font>Right-of-use assets are measured at either:</p>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">their carrying amount as if of K-IFRS No.1116 had been applied since the commencement date, discounted using the Group&#8217;s incremental borrowing rate at the date of initial application; or </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments.</font></p></td></tr></table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:6pt;margin-left:3.19%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group used a number of practical expedients when applying K-IFRS<font style="color:#000000;"> No.</font> 1116 to leases previously classified as operating leases under K-IFRS No. 1017. In particular, the Group:</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">did not recognize right-of-use assets and liabilities for leases for which the lease term ends within 12 months of the date of initial application;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">did not recognize right-of-use assets and liabilities for leases of low value assets;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">excluded initial direct costs from the measurement of the right-of-use asset at the initial application; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">used hindsight when determining the lease term.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.97%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:2.83%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(c) Impact on financial statements</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">On transition to K-IFRS <font style="color:#000000;">No. </font>1116, the Group recognized additional right-of-use assets and additional lease liabilities. Additionally, the impact on transition is summarized below.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">January 1, 2019</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:54.86%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Right-of-use assets<font style="font-size:9pt;color:#000000;">(*1)</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Offices<font style="color:#000000;"> </font></p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.16%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,751,885</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vehicles<font style="color:#000000;"> </font></p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.16%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52,628</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.64%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr style="height:12.35pt;">
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:54.86%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Computer and other equipment<font style="color:#000000;"> </font></p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:8.92%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.42%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,648,240</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.64%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr style="height:11.45pt;">
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:54.86%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:8.92%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.42%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,452,753</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.64%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr style="height:11.9pt;">
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:54.86%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease liabilities<font style="font-size:9pt;color:#000000;">(*2)</font></p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.16%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.64%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:1pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.9pt;">
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:54.86%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Current</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.16%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,672,290</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.64%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:1pt;">&nbsp;</p></td>
</tr>
<tr style="height:12.35pt;">
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:54.86%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-current</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:8.92%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.42%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,728,878</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.64%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:1pt;">&nbsp;</p></td>
</tr>
<tr style="height:12.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:27.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:27.44%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:8.92%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.42%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,401,168 </p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.64%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:1pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) Right-of-use assets are included in &#8216;Property and equipment' in the consolidated statement of financial position.<font style="margin-left:28pt;"></font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) Lease liabilities are included in 'Other current liabilities' and 'Other non-current liabilities' in the consolidated statement of financial position.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU13"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">3.&nbsp;&nbsp;Changes in accounting policies, Continued</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(1) Enactment of K-IFRS No. 1116 <font style="font-style:italic;">Leases,</font> Continued</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(c) Impact on financial statements, Continued</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On the adoption of K-IFRS No. 1116, the Group recognized lease liabilities in relation to leases which had previously been classified as &#8216;operating leases&#8217; under the principles of K-IFRS No. 1017. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee&#8217;s incremental borrowing rate as of January 1, 2019. The lessee&#8217;s weighted average incremental borrowing rate applied to lease liabilities on January 1, 2019 is 6.59%.</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:11.35pt;">
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.34%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> <font style="font-style:italic;font-size:8pt;font-weight:normal;">(In thousands of won)</font></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="width:15.56%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">January 1, 2019</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.94%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:15.56%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating lease commitments disclosed as of December 31, 2018</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,137,396</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:9.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discounted using the lessee&#8217;s incremental borrowing rate of at the date of initial application</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(472,052)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exemptions on low-value leases </p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,889)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exemptions on short-term leases </p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(736,984)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.34%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments on evaluation of extension and termination options under K-IFRS No. 1116</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.08%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">477,697</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.34%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease liability recognized as at January 1, 2019</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.08%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,401,168</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.08%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Current lease liabilities</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,672,290</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.34%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-current lease liabilities</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.08%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,728,878</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.34%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,401,168</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(2) Amendments to K-IFRS<font style="font-weight:bold;color:#000000;"> </font><font style="color:#000000;">No.</font> 1109 <font style="font-style:italic;">Financial Instruments</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Amendments made to K-IFRS No. 1109 <font style="font-style:italic;">Financial Instruments</font> enable entities to measure certain financial assets containing prepayment features with negative compensation at amortized cost. The amendments also clarified that when a modification of a financial liability measured at amortized cost does not result in the derecognition, a modification gain or loss is recognized in profit or loss. The amendments did not have a significant impact on the consolidated financial statements.</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(3) Amendment to K-IFRS No. 1028 <font style="font-style:italic;">Investments in Associates and Joint Ventures</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">The amendments clarifies that an entity applies K-IFRS<font style="color:#000000;"> No. </font>1109 <font style="font-style:italic;">Financial Instruments</font> to financial instruments in an associate or joint venture to which the equity method is not applied. These include impairment of long-term interests that, in substance, form part of the entity&#8217;s net investment in an associate or joint venture for which K-IFRS <font style="color:#000000;">No. </font>1109 should take precedence. The amendment does not have a significant impact on the consolidated financial statements.<font style="color:#000000;font-weight:bold;"> </font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(4) Enactment of K-IFRS No. 2123 <font style="font-style:italic;">Uncertainty over Income Tax Treatments</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">K-IFRS No. 2123 clarifies how to recognize and measure deferred and current income tax assets and liabilities where there is uncertainty over a tax treatment, and includes guidance on how to determine whether each uncertain tax treatment is considered separately or together. It also presents examples of circumstances where a judgment or estimate is required to be reassessed. The adoption of K-IFRS NO. 2123 did not have a significant impact on the consolidated financial statements.</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU14"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">3.&nbsp;&nbsp;Changes in accounting policies, Continued</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(5) Annual Improvements</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(a) Amendments to K-IFRS No. 1111 <font style="font-style:italic;">Joint Agreements</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:2.83%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The amendments clarify that when a party that participates in, but does not have joint control of, a joint operation might obtain joint control of the joint operation in which the activity of the joint operation constitutes a business. In such cases, previously held interests in the joint operation are not remeasured. The amendments did not have a significant impact on the consolidated financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.83%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Amendment to <font style="font-style:italic;color:#000000;">Paragraph 57A of K-IFRS No. 1012 Income Tax</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:2.83%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The amendment is applied to all the income tax consequences of dividends and requires an entity to recognize the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognized those past transactions or events. The amendment did not have a significant impact on the consolidated financial statements.</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(c) Amendments to K-IFRS No. 1023 <font style="font-style:italic;">Borrowing Costs</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-weight:normal;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">The amendments clarify that if a specific borrowing remains outstanding after the related qualifying asset is ready for its intended use (or sale), it becomes part of general borrowings. The amendments did not have a significant impact on the consolidated financial statements.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The principal accounting policies applied in the preparation of these consolidated financial statements in accordance with the K-IFRS are set out below. These policies have been consistently applied to all years presented, except if mentioned otherwise in Note 3.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Consolidation</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group has prepared the consolidated financial statements in accordance with K-IFRS No. 1110 <font style="font-style:italic;">Consolidated Financial Statements</font>.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are consolidated from the date on which control is obtained by the Group. They are deconsolidated from the date on which control ceases.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU15"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies, Continued</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Consolidation, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred is measured at the fair values of the assets transferred, and identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest&#8217;s proportionate share of the acquired entity&#8217;s net identifiable assets. <font style="color:#auto;">Acquisition-related costs are expensed as incurred.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The excess of consideration transferred, amount of any non-controlling interest in the acquired entity and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in the profit or loss as a bargain purchase.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Intercompany transactions, balances and unrealized gains on transactions between consolidated companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Segment reporting</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Information of each operating segment is reported in a manner consistent with the internal business segment reporting provided to the chief operating decision-maker (Note 23). The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Cash and Cash equivalents</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, and other short-term investments with original maturities of three months or less that are readily convertible to known amounts of cash.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU16"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies, Continued</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Financial Assets</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Classification</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At initial recognition, the Group classifies its financial assets in the following measurement categories: </p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#000000;font-family:Times New Roman;">measured at fair value through profit or loss;</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.14%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#000000;font-family:Times New Roman;">measured at fair value through other comprehensive income; and</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.14%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#000000;font-family:Times New Roman;">measured at amortized cost.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.14%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The classification depends on the Group&#8217;s business model for managing the financial assets and the contractual terms of the cash flows. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For financial assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. The Group reclassifies debt investments when, and only when its business model for managing those assets changes.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Changes in fair value of equity instruments not elected as equity investment at fair value through other comprehensive income will be recognized in profit or loss.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Measurement</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At initial recognition, the Group measures a financial asset at its fair value plus, <font style="color:#000000;">for financial asset not at fair value through profit or loss, </font>transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU17"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies, Continued</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Financial Assets, Continued</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Measurement, Continued</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i) Debt instruments</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subsequent measurement of debt instruments depends on the Group&#8217;s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its debt instruments into one of the following three measurement categories:</p>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#000000;font-family:Times New Roman;">Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in &#8216;finance income&#8217; using the effective interest rate method.</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#000000;font-family:Times New Roman;">Fair value through other comprehensive income: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&#8217; cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income. Movements in the carrying amount are taken through other comprehensive income, except for the recognition of impairment loss (reversal of impairment loss), interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss. Interest income from these financial assets is included in &#8216;finance income&#8217; using the effective interest rate method. Foreign exchange gains and losses are presented in &#8216;finance income or costs&#8217; and impairment losses are presented in &#8216;other non-operating expenses&#8217;. </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;"><font style="font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#000000;font-family:Times New Roman;">Fair value through profit or loss: Assets that do not meet the criteria for amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss and presented net in the statement of profit or loss within &#8216;other non-operating income or expenses&#8217; in the year in which it arises. </font></p></td></tr></table></div>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii) Equity instruments</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group subsequently measures all equity investments at fair value. Where the Group&#8217;s management has elected to present <font style="color:#000000;">fair value gains and losses</font><font style="color:#FF0000;"> </font>on equity investments, which are held for long-term investment or strategic purpose, in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividend income from such investments continue to be recognized in profit or loss as <font style="color:#000000;">&#8216;finance income&#8217; when the right to receive payments is established.</font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU18"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies, Continued</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Financial Assets, Continued</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Measurement, Continued</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii) Equity instruments, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Changes in the fair value of financial assets at fair value through profit or loss are recognized in &#8216;<font style="color:#000000;">other non-operating income or expenses&#8217; </font>in the statement of profit or loss as applicable. Impairment loss (reversal of impairment loss<font style="color:#000000;">) on equity investments measured at fair value through other comprehensive income are not reported separately from other changes in fair value.</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:2.99%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c) Impairment</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group recognizes loss allowances for expected credit losses(&#8220;ECLs&#8221;) on:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.64%;text-indent:0%;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;<font style="margin-left:28pt;font-family:'Times New Roman';"></font><font style="color:#000000;">financial assets measured at amortized cost;</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.64%;text-indent:0%;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;<font style="margin-left:28pt;font-family:'Times New Roman';"></font><font style="color:#000000;">debt investments measured at fair value through other comprehensive income; and</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.64%;text-indent:0%;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;<font style="margin-left:28pt;font-family:'Times New Roman';"></font><font style="color:#000000;">contract assets under K-IFRS No. 1115.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.64%;text-indent:0%;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;<font style="margin-left:28pt;font-family:'Times New Roman';"></font><font style="color:#000000;">debt securities that are determined to have low credit risk at the reporting date; and</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.64%;text-indent:0%;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;<font style="margin-left:28pt;font-family:'Times New Roman';"></font><font style="color:#000000;">other debt securities and bank balances for which credit risk (i.e. the risk of default occurring&nbsp;&nbsp;&nbsp;&nbsp;over the expected life of the financial instrument) has not increased significantly since initial recognition.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss allowances for accounts and other receivables (including lease receivables) and contract assets are always measured at an amount equal to lifetime ECLs.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group&#8217;s historical experience and informed credit assessment, that includes forward-looking information.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group considers a financial asset to be in default when:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.64%;text-indent:0%;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;<font style="margin-left:28pt;font-family:'Times New Roman';"></font><font style="color:#000000;">the debtor is unlikely to pay its obligations to the Group in full, without recourse by the Group&nbsp;&nbsp; to actions such as realizing security (if any is held); or</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.64%;text-indent:0%;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;">&#9679;<font style="margin-left:28pt;font-family:'Times New Roman';"></font><font style="color:#000000;">the financial asset is more than 90 days past due.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU19"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies, Continued</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Financial Assets, Continued</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:2.99%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c) Impairment, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at fair value through other comprehensive income are credit-impaired. A financial asset is &#8216;credit-impaired&#8217; when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. For debt securities at fair value through other comprehensive income, the loss allowance is charged to profit or loss and is recognized in OCI.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d) Recognition and Derecognition</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Regular way purchases and sales of financial assets are recognized or derecognized on trade-date, the date on which the Group commits to purchase or sell the asset. <font style="color:#000000;">Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If a transfer does not result in derecognition because the Group has retained substantially all the risks and rewards of ownership of the transferred asset, the Group continues to recognize the transferred asset in its entirety and recognizes a financial liability for the consideration received.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(e) Offsetting of financial instruments</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial assets and liabilities are offset and the net amount reported in the statements of financial position where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the assets and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU20"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:4pt;margin-left:2.83%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5) Property and Equipment</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.83%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Property and equipment are initially measured at cost. The cost of property and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.83%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.83%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Property and equipment, subsequently, are carried at cost less accumulated depreciation and accumulated impairment losses.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subsequent costs are recognized in the carrying amount of property and equipment at cost or, if appropriate, as a separate item if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation of all property and equipment, except for land, is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows:</p>
<div align="left">
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<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:34.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Estimated Useful Lives</p></td>
</tr>
<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Computer and other equipment</p></td>
<td valign="bottom"  style="width:0.12%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:34.88%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4 years</p></td>
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<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furniture and fixture</p></td>
<td valign="bottom"  style="width:0.12%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:34.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4 years</p></td>
</tr>
<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Leasehold improvements</p></td>
<td valign="bottom"  style="width:0.12%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:34.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4 years</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation methods, useful lives, and residual values are reviewed at the end of each reporting date and adjusted, if appropriate. The change is accounted for as a change in an accounting estimate.</p>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6) Intangible Assets</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Intangible assets, except for goodwill, are initially recognized at its historical cost, and carried at cost less accumulated amortization and accumulated impairment losses. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group amortizes intangible assets with a limited useful life using the straight-line method over the following periods:</p>
<div align="left">
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<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;width:62.86%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:37.02%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Estimated Useful Lives</p></td>
</tr>
<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.86%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Software</p></td>
<td valign="bottom"  style="width:0.12%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:37.02%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1~3 years</p></td>
</tr>
<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.86%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Patents</p></td>
<td valign="bottom"  style="width:0.12%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:37.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10 years</p></td>
</tr>
<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.86%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other intangible assets</p></td>
<td valign="bottom"  style="width:0.12%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:37.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3 years</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk36133363"></a><a name="_Hlk36133363"></a>Expenditure on research activities is recognized in profit or loss as incurred. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Other development expenditure is recognized in profit or loss as incurred.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group entered into a game licensing agreement with a number of third parties to gain exclusive rights to the games developed by other companies. The license fee payments are recognized as other intangible assets and amortized over the term of the contract.</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies, Continued</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7) Impairment of Non-financial Assets<font style="margin-left:28pt;"></font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than contract assets, incremental costs of obtaining a contract, costs to fulfil a contract, employee benefit related assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset&#8217;s recoverable amount is estimated. Goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, irrespective of whether there is any indication of impairment, are tested for impairment annually by comparing their recoverable amounts to their carrying amounts.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The recoverable amount of an asset or cash generating unit (&#8220;CGU&#8221;) is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using an adjusted discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br />An impairment loss is recognized<font style="color:#000000;"> in profit or loss if the carrying amount of an asset or CGU exceeds its recoverable amount.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(8) Leases</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group has applied K-IFRS <font style="color:#000000;">No.</font>1116 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under K-IFRS <font style="color:#000000;">No.</font>1017 and K-IFRS<font style="color:#000000;"> No.</font> 2104. The details of accounting policies under K-IFRS<font style="color:#000000;"> No.</font> 1017 and K-IFRS<font style="color:#000000;"> No.</font> 2104 are disclosed separately.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Policies applicable from January 1, 2019</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in K-IFRS<font style="color:#000000;"> No.</font>1116.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i) As a lessee</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(8) Leases, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Policy applicable from January 1, 2019, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i) As a lessee, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group&#8217;s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rates.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease payments included in the measurement of the lease liability comprise the following:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;font-size:10pt;">fixed </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments, including in-substance fixed payments;</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">amounts expected to be payable under a residual value guarantee; and</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><a name="_Hlk36133461"></a><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group&#8217;s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.<font style="color:#002060;"><br /></font></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU21"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(8) Leases, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Policy applicable from January 1, 2019, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i) As a lessee, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group presents right-of-use assets that do not meet the definition of investment property in &#8216;property and equipment&#8217; and lease liabilities in &#8216;Other current liabilities&#8217; and &#8216;Other non-current liabilities&#8217; in the statement of financial position.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii) As a lessor</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an arrangement contains lease and non-lease components, then the Group applies K-IFRS No. 1115 to allocate the consideration in the contract.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group applies the derecognition and impairment requirements in K-IFRS No. 1109 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of &#8216;other revenue&#8217;.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:2.83%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Generally, the accounting policies applicable to the Group as a lessor in the comparative period were not different from K-IFRS 1116.</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU22"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(8) Leases, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Policy applicable before January 1, 2019</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To classify each lease, the Group made an overall assessment of whether the lease transferred substantially all of the risks and rewards incidental to ownership of the underlying asset. If this was the case, then the lease was a finance lease; if not, then it was an operating lease.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i) As a lessor</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease income from operating leases is recognized in income on a straight-line basis over the lease term. Initial direct costs incurred by the lessor in negotiating and arranging an operating lease is added to the carrying amount of the leased asset and recognized as an expense over the lease term.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii) As a lessee</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease payments under an operating lease were recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative of the time pattern of the user&#8217;s benefit. Contingent rents were charged as expenses in the periods in which they are incurred.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease incentives received were recognized as liabilities and then as deduction of expense over the term of the lease unless another systematic basis is more representative of the time pattern of the user&#8217;s benefit.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(9) Financial Liabilities</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Classification and measurement</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group&#8217;s financial liabilities at fair value through profit or loss are financial instruments held for trading. A financial liability is held for trading if it is incurred principally for the purpose of repurchasing in the near term. A derivative that is not a designated as hedging instruments and an embedded derivative that is separated are also classified as held for trading.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group classifies non-derivative financial liabilities, except for financial liabilities at fair value through profit or loss, financial guarantee contracts and financial liabilities that arise when a transfer of financial assets does not qualify for derecognition, as financial liabilities carried at amortized cost and present as &#8216;accounts payable&#8217;, &#8216;other current liabilities&#8217; and &#8216;other non-current liabilities&#8217; in the consolidated statement of financial position. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU23"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(9) Financial Liabilities, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="font-style:italic;"> </font>Derecognition</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial liabilities are removed from the statement of financial position when it is extinguished; for example, when the obligation specified in the contract is discharged or cancelled or expired or when the terms of an existing financial liability are substantially modified. The difference between the carrying amount of a financial liability extinguished or transferred to another party and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10) Provisions and Contingent Liabilities</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Provisions for legal claims, service warranties and make good obligations are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, when there is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability, a disclosure regarding the contingent liabilities is made in the notes to the financial statements.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(11) Foreign Currency Translation</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Functional and presentation currency</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Items included in the financial statements of each of the Group&#8217;s entities are measured using the currency of the primary economic environment in which each entity operates (the &#8220;functional currency&#8221;). The consolidated financial statements are presented in Korean won, which is the Parent Company&#8217;s functional and presentation currency. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Transactions and balances</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies <font style="color:#000000;font-size:9.5pt;">at the exchange rate at the reporting date</font> are generally recognized in profit or loss. They are recognized in other comprehensive income if they relate to qualifying cash flow hedges and qualifying effective portion of net investment hedges, or are attributable to monetary part of the net investment in a foreign operation. </p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU24"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.&nbsp;&nbsp;Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(11) Foreign Currency Translation, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Transactions and balances, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exchange differences arising on non-monetary financial assets and liabilities such as equity instruments at fair value through profit or loss and equity instruments at fair value through other comprehensive income are recognized in profit or loss and other comprehensive income, respectively, as part of the fair value gain or loss.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(12) Statement of cash flows</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group has elected to present cash flows from operating activities using the indirect method. Cash flows denominated in a foreign currency are reported using average exchange rate during the fiscal year.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk36133876"></a><a name="_Hlk36133876"></a>(13) Revenues from contracts with customers</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group engages in game licensing, IP licensing and game publishing businesses.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue is measured at the fair value of the consideration received or receivable for the sale of goods or rendering of services arising from the normal course of the business. Amounts recognized as revenue are net of value added taxes, returns, rebates and discounts and after elimination of inter-company transactions.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Subscription revenue (Online and Mobile)</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group recognizes online and mobile game subscription revenue on accrual basis when players make use of in-game premium features.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mobile game users can access certain games free of charge, but may purchase virtual cash to acquire in-game premium features. The Group defers revenue recognition for the unused virtual cash at the end of reporting period. Consumable in-game items are deferred when such in-game items are purchased by users with game points and recognized as revenue when the purchased in-game items are used in the games. In-game items with limited effective period are deferred and recognized as revenue in proportion to the number of days lapsed while durable in-game items are recognized ratably as revenues over the estimated life cycle of game users.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Royalties and license fees</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue is recognized over time when there is reasonable expectation of ongoing activities that may have a significant effect on the customers during the duration of the contracts and the customers are exposed to the effect by the activities and there is no additional goods or services offered to the customers from the activities.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU25"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13) Revenues from contracts with customers</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Royalties and license fees, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The nature of licensing promise is to provide a right to access the Group&#8217;s intellectual property as it exists throughout the license period. The Group recognizes revenue as the performance obligation satisfied over time.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The prepaid license fee revenues are recorded as deferred revenue and recognized on a straight-line method over the license period. The running royalties are recognized monthly on accrual basis as royalty payments are determined based on the conditions of contracts. The minimum guarantee (&#8220;MG&#8221;) royalties are recorded as deferred revenue and recognized on a straight-line method over the license period. If actual cumulative royalties exceed the cumulative revenue amount recognized under the straight-line method, the Group recognizes the excess amount as revenue.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(14) Current and Deferred Tax</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The tax expense for the period consists of current and deferred tax. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. The tax expense is measured at the amount expected to be paid to the taxation authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group recognizes a deferred tax liability all taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint arrangements, except to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. In addition, the Group recognizes a deferred tax asset for all deductible temporary differences arising from such investments to the extent that it is probable the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU26"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(15) Employee Benefits</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Short-term employee benefits</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Short-term employee benefits are employee benefits that are due to be settled within 12 months after the end of the period in which the employees render related services. When an employee has rendered a service to the Group during an accounting period, the Group recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for that service.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Defined contribution pension plan</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group has a defined contribution pension plan with the related contribution to the pension plan recorded as severance benefit expenses for the employees with service period over a year. The Group recognizes provision for severance benefits for the employees with service period less than a year.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(16) Standards issued but not yet effective</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A number of new standards are effective for annual periods beginning after January 1, 2019 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these consolidated financial statements.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following amended standards and interpretations are not expected to have a significant impact on the Group&#8217;s consolidated financial statements.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Amendments to References to Conceptual Framework in K-IFRS Standards.</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Definition of Materiality (Amendments to K-IFRS No. 1001 and K-IFRS No. 1108).</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">5. Cash and cash equivalents</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Cash and cash equivalents as of December 31, 2019 and 2018 are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.35pt;">
<td valign="bottom"  style="width:32.06%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won) </p></td>
<td valign="top"  style="width:1.2%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.4%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:29.36%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:1.2%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.2%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:29.36%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="bottom"  style="width:1.2%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.35pt;">
<td valign="middle"  style="width:32.06%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Demand deposits, etc.</p></td>
<td valign="middle"  style="width:1.2%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:29.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79,427,979</p></td>
<td valign="middle"  style="width:1.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:29.36%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86,050,738</p></td>
<td valign="middle"  style="width:1.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) The Group does not have any restricted cash and cash equivalents as of December 31, 2019 and 2018.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU27"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">6.&nbsp;&nbsp;Financial Instruments by Category</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Carrying amounts of financial instruments by category as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:3.05pt;">
<td valign="bottom"  style="width:35.3%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:1.36%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:29.66%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:1.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.59%;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td colspan="6" valign="middle"  style="width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Financial assets at amortized cost</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:35.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents</p></td>
<td valign="middle"  style="width:1.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:29.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79,427,979</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:26.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86,050,738</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:35.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Short-term financial assets</p></td>
<td valign="middle"  style="width:1.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:29.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,500,000</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:26.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,500,000</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:35.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts receivable, net</p></td>
<td valign="middle"  style="width:1.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:29.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,253,496</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:26.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60,663,917</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:35.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables, net</p></td>
<td valign="middle"  style="width:1.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:29.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56,177</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:26.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">254,540</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="width:35.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current assets</p></td>
<td valign="middle"  style="width:1.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:29.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">232,676</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:26.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">191,342</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:35.3%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current financial assets</p></td>
<td valign="middle"  style="width:1.36%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:29.66%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,769,840</p></td>
<td valign="middle"  style="width:1.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:26.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,494,032</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:35.3%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.36%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.32%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:29.66%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">153,240,168</p></td>
<td valign="middle"  style="width:1.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:26.6%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">158,154,569</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:3.05pt;">
<td valign="top"  style="width:36%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:27.72%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:1.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.8%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td colspan="6" valign="middle"  style="width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Financial liabilities at amortized cost</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts payable</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="top"  style="width:27.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37,688,820</p></td>
<td valign="middle"  style="width:1.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:26.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,928,274</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expenses</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:27.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,174,924</p></td>
<td valign="middle"  style="width:1.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:26.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,030,598</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current liabilities</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:27.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,985,620</p></td>
<td valign="middle"  style="width:1.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:26.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">112,673</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:36%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current liabilities</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:27.72%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,008,539</p></td>
<td valign="middle"  style="width:1.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:26.8%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,413</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:36%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="top"  style="width:27.72%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43,857,903</p></td>
<td valign="middle"  style="width:1.52%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:26.8%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">73,105,958</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Net income (expenses) from financial instruments for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:3.05pt;">
<td valign="bottom"  style="width:39.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:1.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:0.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.94%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:39.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Financial assets at amortized cost</p></td>
<td valign="middle"  style="width:1.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:25.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:39.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest income</p></td>
<td valign="middle"  style="width:1.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:26.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,625,829</p></td>
<td valign="middle"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:25.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">819,397</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:39.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Differences in foreign currency</p></td>
<td valign="middle"  style="width:1.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:26.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,266,860</p></td>
<td valign="middle"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:25.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">158,644</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:39.32%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.82%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.72%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="top"  style="width:26.28%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,892,689</p></td>
<td valign="middle"  style="width:0.94%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:25.94%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">978,041</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.42%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:3.05pt;">
<td valign="bottom"  style="width:41.38%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:1.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.36%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:0.92%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:41.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Financial liabilities at amortized cost</p></td>
<td valign="middle"  style="width:1.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:41.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Interest expense</p></td>
<td valign="middle"  style="width:1.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:25.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(277,454)</p></td>
<td valign="middle"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:25.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:41.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">Differences in foreign currency</font></p></td>
<td valign="middle"  style="width:1.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:25.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(22,042)</p></td>
<td valign="middle"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:25.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">105,009</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:41.38%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="top"  style="width:25.36%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(299,496)</p></td>
<td valign="middle"  style="width:0.92%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:25.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">105,009</p></td>
</tr>
</table></div>
<p style="margin-bottom:12pt;margin-top:12pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:12pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU28"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">6.&nbsp;&nbsp;Financial Instruments by Category, Continued</font></p>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Fair value hierarchy</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:5.65%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
<td valign="top" style="width:4.24%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;</font></p></td></tr></table></div>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:5.65%;white-space:nowrap">
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
<td valign="top" style="width:4.24%;white-space:nowrap">
<p style="margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
<td valign="top">
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Level 2: all inputs other than quoted prices included in level 1 that are observable (either directly that is, prices, or indirectly that is, derived from prices) for the asset or liability;</font></p></td></tr></table></div>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:5.65%;white-space:nowrap">
<p style="margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
<td valign="top" style="width:4.24%;white-space:nowrap">
<p style="margin-bottom:12pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
<td valign="top">
<p style="margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Level 3: unobservable inputs for the asset or liability.</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The fair value of financial instruments traded in an active market is determined based on the quoted market price as of the end of the reporting period. If the quoted prices are readily and regularly available through exchanges, sellers, brokers, industry groups, rating agencies or regulators and such prices represent actual market transactions that occur regularly between independent parties, they are considered active markets These products are included in Level 1.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques use as much market observable information as possible and use the least amount of company-specific information. At this time, if all the significant input variables required to measure the fair value of a good are observable, the good is included in Level 2.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If more than one significant input variable is not based on observable market information, the item is included in Level 3.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The valuation techniques used to measure the fair value of a financial instrument include:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:4.24%;text-indent:-1.06%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-&nbsp;&nbsp;Market price or dealer price of a similar financial instrument </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:5.64%;text-indent:-2.45%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-&nbsp;&nbsp;The fair value of derivative instruments is determined by discounting the amount to present value using the leading exchange rate as of the end of the reporting period </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the other financial instruments, the Group applied other valuation techniques such as discounted cash flow, etc. For the financial assets and liabilities which carrying amount are reasonable approximation of fair value, those were excluded from fair value disclosure.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU29"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">7.&nbsp;&nbsp;Accounts and Other Receivables</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Accounts and other receivables as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.9pt;">
<td valign="bottom"  style="width:34.92%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won) </p></td>
<td valign="top"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="3" valign="top"  style="width:29.18%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:1.58%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="top"  style="width:29.86%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="bottom"  style="width:34.92%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.58%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">receivables</p></td>
<td valign="top"  style="width:0.84%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables</p></td>
<td valign="bottom"  style="width:1.58%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.72%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">receivables</p></td>
<td valign="top"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.3%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="width:34.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-related party</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.62%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:5.98%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:14.58%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,696,947</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60,449</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.72%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,633,006</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">338,444</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="width:34.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Related party </p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.62%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,721,614</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,052,723</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="width:34.92%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less: Loss allowance</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.58%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(165,065)</p></td>
<td valign="top"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,272)</p></td>
<td valign="middle"  style="width:1.58%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:15.72%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,812)</p></td>
<td valign="top"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(83,904)</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="width:34.92%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts and other receivables, net</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.62%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:18.92%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:14.58%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,253,496</p></td>
<td valign="top"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56,177</p></td>
<td valign="middle"  style="width:1.58%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:15.72%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60,663,917</p></td>
<td valign="top"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">254,540</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.18%;text-indent:-2.99%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Changes in the loss allowance of accounts and other receivables during the years ended December 31, 2019 and 2018 are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.9pt;">
<td valign="bottom"  style="width:34.88%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:3.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="3" valign="top"  style="width:29.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:1.58%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="top"  style="width:29.86%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="bottom"  style="width:34.88%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:14.7%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">receivables</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.8%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables</p></td>
<td valign="bottom"  style="width:1.58%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.98%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">receivables</p></td>
<td valign="top"  style="width:0.84%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style="width:34.88%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:3.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:17.93%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="top"  style="width:14.56%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,812</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">83,904</p></td>
<td valign="bottom"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:14.98%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">123,322</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:14.04%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,397</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style="width:34.88%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Reversal of) Bad debt expenses</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:3.62%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">280,781</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(34,261)</p></td>
<td valign="bottom"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:14.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">54,982</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:14.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,707</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style="width:34.88%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Write-off</p></td>
<td valign="top"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:3.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:14.56%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(137,528)</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.8%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(45,371)</p></td>
<td valign="bottom"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:14.98%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(156,492)</p></td>
<td valign="top"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:14.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,200)</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style="width:34.88%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</p></td>
<td valign="top"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:3.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="top"  style="width:14.56%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">165,065</p></td>
<td valign="top"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.8%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,272</p></td>
<td valign="bottom"  style="width:1.58%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:14.98%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,812</p></td>
<td valign="top"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:14.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">83,904</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) ECLs and credit risk exposures for accounts and other receivables as of December 31, 2019 and 2018 are as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Accounts receivable</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:37.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:1.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style="width:61.42%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:37.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.44%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> Expected loss rate(%)</p></td>
<td valign="bottom"  style="width:0.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.08%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
<td valign="bottom"  style="width:0.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.82%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.66%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Loss<br />allowance</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:37.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less than 90 days</p></td>
<td valign="middle"  style="width:1.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:22.44%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.3</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike><font style="font-size:10pt;"> </font></p></td>
<td valign="top"  style="width:15.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,145,595</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.66%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">96,900</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:37.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.1pt;;text-indent:-9pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 90 days ~ Less than 180 days</p></td>
<td valign="middle"  style="width:1.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:22.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.6</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,213,407</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43,658</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:37.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 180 days ~ Less than 270 days</p></td>
<td valign="middle"  style="width:1.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:22.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21.1</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,723</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,263</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:37.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 270 days ~ Less than 1 year</p></td>
<td valign="middle"  style="width:1.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:22.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">51.9</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,102</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,510</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:37.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 1 year</p></td>
<td valign="middle"  style="width:1.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:22.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.8%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,734</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.66%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,734</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:37.54%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.02%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.44%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.08%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:15.8%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,418,561</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.66%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">165,065</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:32.9%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:1.1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style="width:66.02%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:32.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.1%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.44%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> Expected loss rate(%)</p></td>
<td valign="bottom"  style="width:0.86%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.62%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
<td valign="bottom"  style="width:0.86%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.86%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.62%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Loss <br />allowance</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:32.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less than 90 days</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:24.44%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:16.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60,587,851</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.62%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:32.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.1pt;;text-indent:-9pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 1 year</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:24.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22.3</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">97,878</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,812</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:32.9%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.44%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="top"  style="width:16.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60,685,729</p></td>
<td valign="middle"  style="width:0.86%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,812</p></td>
</tr>
</table></div></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU30"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">7.&nbsp;&nbsp;Accounts and Other Receivables</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.18%;text-indent:-2.99%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) ECLs and credit risk exposures for accounts receivable as of December 31, 2019 and 2018 are as follows, Continued:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Other receivables</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:1.06%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="width:59.92%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.06%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.12%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> Expected loss rate(%)</p></td>
<td valign="bottom"  style="width:0.84%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.94%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
<td valign="bottom"  style="width:0.84%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Bad debt<br />allowance</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less than 90 days</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:22.12%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.3</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:16.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">57,379</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,487</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.1pt;;text-indent:-9pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 90 days ~ Less than 180 days</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:22.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32.8</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,909</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">626</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 180 days ~ Less than 270 days</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:22.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99.6</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">570</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">568</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 270 days ~ Less than 1 year</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:22.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">591</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">591</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.06%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.12%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:16.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60,449</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,272</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:1.06%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="width:59.92%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.06%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.12%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> Expected loss rate(%)</p></td>
<td valign="bottom"  style="width:0.84%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.94%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
<td valign="bottom"  style="width:0.84%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Bad debt<br />allowance</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less than 90 days</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:22.12%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:16.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">254,502</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.1pt;;text-indent:-9pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 270 days ~ Less than 1 year</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:22.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">49.0</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 1 year</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:22.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">83,867</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">83,867</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.02%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.06%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.12%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="top"  style="width:16.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">338,444</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">83,904</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In assessing the recoverability of accounts and other receivables, the Group considers changes in the credit rating of accounts and other receivables from the commencement of the credit to the end of the reporting period.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group applies simplified approach for accounts and other receivables to measure the loss allowance at an amount equal to lifetime expected credit losses. To measure the expected credit losses, accounts and other receivables are grouped based on credit risk characteristics and the duration of past due balances. <font style="color:#000000;">ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. The Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes the Group&#8217;s historical experience and informed credit assessment that includes forward-looking information. </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;<br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:12pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU31"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">8.&nbsp;&nbsp;Property and Equipment</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of property and equipment as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.55pt;">
<td valign="top"  style="width:25.58%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:7pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style="width:34.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:1.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="width:35.62%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:3.8pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style="width:25.58%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Acquisition</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">cost</p></td>
<td valign="bottom"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.02%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Accumulated depreciation</p></td>
<td valign="bottom"  style="width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
<td valign="bottom"  style="width:1.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.68%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Acquisition cost</p></td>
<td valign="bottom"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Accumulated depreciation</p></td>
<td valign="bottom"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:25.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Computer and other equipment</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.26%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:10.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,671,399</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,614,415)</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,056,984</p></td>
<td valign="middle"  style="width:1.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.68%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,125,083</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6,237,454)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.9%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">887,629</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:25.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furniture and fixture</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.26%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,984,190</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,541,412)</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">442,778</p></td>
<td valign="middle"  style="width:1.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,924,324</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,440,008)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">484,316</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:25.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Leasehold improvements</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.26%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,291,445</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,074,043)</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">217,402</p></td>
<td valign="middle"  style="width:1.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,124,298</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(997,757)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">126,541</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:25.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Right-of-use assets</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.26%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,627,211</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,680,931)</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,946,280</p></td>
<td valign="middle"  style="width:1.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:25.58%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.26%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:10.46%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,574,245</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.02%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,910,801)</p></td>
<td valign="middle"  style="width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.52%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,663,444</p></td>
<td valign="middle"  style="width:1.54%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.68%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,173,705</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(8,675,219)</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.56%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,498,486</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Changes in property and equipment for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:11.35pt;">
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:23.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:7pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="12" valign="bottom"  BGCOLOR="#FFFFFF" style="width:72.8%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.35pt;">
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:23.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Computer and other equipment</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.56%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.24%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Furniture</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">and fixture</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.36%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Leasehold</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">improvements</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.3%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.64%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Right-of-use assets </p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.22%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:23.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.32%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">887,629</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.24%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">484,316</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.28%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">126,541</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">-</font></p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.16%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,498,486</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.35pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:23.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.3pt;;text-indent:-9.2pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Recognition of right-of-use assets on initial application of K-IFRS No. 1116</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.32%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(198,671)</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.24%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.28%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">4,452,753</font></p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.16%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,254,082</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.35pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:23.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.32%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">711,286</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.24%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">210,835</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.28%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">163,431</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,636,485</p></td>
<td valign="middle"  style="width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="3" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,722,037</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:23.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.32%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(343,973)</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.24%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(197,578)</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.28%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(71,280)</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">(2,135,341)</font></p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.16%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,748,172)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.35pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:23.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Disposals</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.32%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.24%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(58,894)</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.28%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,951)</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">(13,709)</font></p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.16%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(74,554)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.35pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:23.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.3pt;;text-indent:-9.2pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign exchange differences</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.46%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.32%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">713</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.24%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,099</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.28%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">661</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.64%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">6,092</font></p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,565</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.35pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:23.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.6%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.46%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.32%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,056,984</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.56%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">442,778</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.28%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">217,402</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.64%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">4,946,280</font></p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,663,444</p></td>
<td style="border:none;padding:0;"></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="top"  style="width:23.4%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-style:italic;font-size:7pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.66%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="11" valign="bottom"  style="width:73.42%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:23.4%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Computer and other equipment</p></td>
<td valign="middle"  style="width:0.5%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.06%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Furniture </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">and fixture</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.24%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Leasehold</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">improvements</p></td>
<td valign="middle"  style="width:0.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:23.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:16.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">654,303</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.06%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">164,871</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">126,769</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.66%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">945,943</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:23.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">550,134</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">472,280</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">119,026</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,141,440</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:23.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(297,448)</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(133,196)</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(115,351)</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(545,995)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:23.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Disposals</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(32,634)</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,188)</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,275)</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(59,097)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:23.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign exchange differences</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,274</p></td>
<td valign="bottom"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,549</p></td>
<td valign="bottom"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,372</p></td>
<td valign="bottom"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,195</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:2.75pt;">
<td valign="middle"  style="width:23.4%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:16.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">887,629</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.06%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">484,316</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">126,541</p></td>
<td valign="middle"  style="width:0.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.66%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,498,486</p></td>
<td style="border:none;padding:0;"></td>
</tr>
</table></div>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:6.18%;text-indent:-2.99%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Classification of deprecation expenses in the statements of comprehensive income for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="top"  style="width:46.72%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.4pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.24%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:13.6pt;">
<td valign="middle"  style="width:46.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cost of revenues</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:22.04%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,795,167</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.04%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">260,164</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:46.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Selling, general and administrative expenses</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.24%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">953,005</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">285,831</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:46.72%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.24%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:22.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,748,172</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">545,995</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) As of December 31, 2019 and 2018, there are no property and equipment of the Group that are pledged as collateral for the Group&#8217;s debts.</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">33</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU32"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">9.&nbsp;&nbsp;Intangible Assets</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of intangible assets as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.55pt;">
<td valign="top"  style="width:19.68%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style="width:36.38%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td colspan="2" valign="bottom"  style="width:1.4%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="width:39.36%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:19.68%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.92%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Acquisition cost</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.5%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Accumulated depreciation<font style="font-weight:normal;">(*)</font></p></td>
<td valign="middle"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:10.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
<td colspan="2" valign="middle"  style="width:1.4%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.7%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Acquisition </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">cost</p></td>
<td valign="middle"  style="width:0.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.16%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Accumulated depreciation<font style="font-weight:normal;">(*)</font></p></td>
<td valign="middle"  style="width:0.86%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:12.1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:19.68%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Software</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:10.92%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,315,779</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(11,171,985)</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:10.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,143,794</p></td>
<td colspan="2" valign="middle"  style="width:1.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.7%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,341,174</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.16%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,349,891)</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:4.78%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:12.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">991,283</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:19.68%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Patents</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">673,905</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(488,478)</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:10.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">185,427</p></td>
<td colspan="2" valign="middle"  style="width:1.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">532,832</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(461,451)</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:12.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,381</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:19.68%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.6pt;;text-indent:-9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other intangible assets</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,820,006</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,432,167)</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:10.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">387,839</p></td>
<td colspan="2" valign="middle"  style="width:1.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,409,886</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,309,549)</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:12.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100,337</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:19.68%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:10.92%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,809,690</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.5%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(15,092,630)</p></td>
<td valign="middle"  style="width:0.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:10.78%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,717,060</p></td>
<td colspan="2" valign="middle"  style="width:1.4%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.7%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,283,892</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(14,120,891)</p></td>
<td valign="middle"  style="width:0.86%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:12.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,163,001</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:8pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*) Accumulated depreciation includes the amount of accumulated impairment loss.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Changes in intangible assets for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td rowspan="2" valign="top"  style="width:25.88%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:0.96%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style="width:69.22%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:0.96%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.72%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Software</p></td>
<td valign="bottom"  style="width:0.96%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.48%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Patents</p></td>
<td valign="bottom"  style="width:0.96%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.3%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Other intangible assets</p></td>
<td valign="bottom"  style="width:0.96%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.86%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:25.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="bottom"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:13.72%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">991,283</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.48%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,381</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100,337</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.86%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,163,001</p></td>
</tr>
<tr style="height:2.8pt;">
<td valign="bottom"  style="width:25.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions</p></td>
<td valign="bottom"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">950,534</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">152,727</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">410,120</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,513,381</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:25.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization</p></td>
<td valign="bottom"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(807,087)</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(27,027)</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(71,109)</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(905,223)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:25.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Disposals</p></td>
<td valign="bottom"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(8,071)</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(11,654)</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(19,725)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:25.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Impairment loss(*)</p></td>
<td valign="bottom"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(51,509)</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(51,509)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:25.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:5.65pt;;text-indent:-5.65pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign exchange differences</p></td>
<td valign="bottom"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,135</p></td>
<td valign="bottom"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,135</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:25.88%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</p></td>
<td valign="bottom"  style="width:0.96%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:13.72%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,143,794</p></td>
<td valign="middle"  style="width:0.96%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.48%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">185,427</p></td>
<td valign="middle"  style="width:0.96%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">387,839</p></td>
<td valign="middle"  style="width:0.96%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.86%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,717,060</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*) The Group recognized <strike>W</strike>51,509 thousand of impairment loss as carrying amount of other intangible assets exceeded recoverable amount as of December 31, 2019.<font style="font-weight:bold;"> </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td rowspan="2" valign="top"  style="width:25.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style="width:69.94%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.92%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Software</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.62%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Patents</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Other intangible assets</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:25.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:13.92%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">64,268</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.62%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">76,535</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:23.46%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">895,246</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.04%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,036,049</p></td>
</tr>
<tr style="height:2.8pt;">
<td valign="bottom"  style="width:25.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,523,161</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,971</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:23.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">78,447</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,617,579</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:25.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(596,974)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,125)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:23.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(250,216)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(868,315)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:25.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Disposals</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:23.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:25.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Impairment loss(*)</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:23.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(623,140)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(623,140)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:25.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:9.9pt;;text-indent:-9.9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign exchange differences</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">828</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">828</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:25.08%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:13.92%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">991,283</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,381</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.46%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100,337</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,163,001</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*) The Group recognized <strike>W</strike>623,140 thousand of impairment loss as carrying amount of other intangible assets exceeded recoverable amount as of December 31, 2018.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU33"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">9.&nbsp;&nbsp;Intangible Assets, Continued</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Classification of amortization in the statements of comprehensive income for the years ended December 31, 2019 and <font style="color:#000000;">2018 are as follows:</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.9pt;">
<td valign="top"  style="width:48.24%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:6.1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.98%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:2.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="width:48.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cost of revenues</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.8%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:21.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">101,159</p></td>
<td valign="bottom"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:4.4pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">251,180</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="width:48.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Selling, general and administrative expenses</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">804,064</p></td>
<td valign="bottom"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">617,135</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="width:48.24%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td valign="middle"  style="width:6.1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.8%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:21.98%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">905,223</p></td>
<td valign="bottom"  style="width:2.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">868,315</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">10. Employee Benefit </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The expenses recognized in relation to defined contribution plan for the years ended December 31, 2019 and 2018 are <strike>W</strike>1,811,652 thousand and <strike>W</strike>1,459,083 thousand, respectively. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">11. Commitments</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Parent Company has entered into exclusive license agreements with foreign licensees, such as GungHo Online Entertainment, Inc. and Electronics Extreme Ltd., etc. to provide exclusive license to distribute and sell online games and receives a certain portion of each licensee&#8217;s revenues (20-40%) as royalties.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2016, the Parent Company and Shanghai The Dream Network Technology Co., Ltd. entered existing development agreements to grant them an exclusive right to develop mobile games and web games in China based on the contents of Ragnarok Online and distribute such games in China for five years.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019, the Group has entered into license agreements with various third-party game developers to secure exclusive right to publish the games developed by third-party developers. Upfront license fees paid are capitalized and recognized as other intangible assets and minimum guaranteed royalties are capitalized and recognized as other non-current asset. Purchase obligations for future payment related to above agreements as of December 31, 2019 and 2018 are <strike>W</strike>868,350 thousand and <strike>W</strike>1,089,297 thousand, respectively.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">12. Share Capital and Share Premium</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of common shares as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:86.58%;">
<tr>
<td style="width:37.41%;"></td>
<td style="width:0.63%;"></td>
<td style="width:3.77%;"></td>
<td style="width:21.69%;"></td>
<td style="width:1.98%;"></td>
<td style="width:20.47%;"></td>
<td style="width:0.63%;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In won and in number of shares)</font></p></td>
<td valign="top"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Number of authorized shares </p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,000,000</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,000,000</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Value per share</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">500</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">500</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Number of shares issued </p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,948,900</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,948,900</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common shares</p></td>
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450,000</p></td>
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450,000</p></td>
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU34"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">12. Share Capital and Share Premium, Continued</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Details of share premium as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:42.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.88%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:2.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.8%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:42.18%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additional paid-in capital</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.8%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:25.04%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25,321,631</p></td>
<td valign="bottom"  style="width:2.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25,334,202</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:42.18%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other capital surplus </p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,806,053</p></td>
<td valign="bottom"  style="width:2.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,806,053</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:42.18%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.88%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.8%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:25.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,127,684</p></td>
<td valign="bottom"  style="width:2.26%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:22.8%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,140,255</p></td>
<td valign="middle"  style="width:0.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Details of other components of equity as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:46.58%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:2.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.26%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:46.58%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign currency translation adjustments</p></td>
<td valign="top"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:23%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">274,538</p></td>
<td valign="middle"  style="width:2.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.26%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">138,433</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Details of retained earnings as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:46.58%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:2%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.26%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:46.58%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unappropriated retained earnings</p></td>
<td valign="top"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:23%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">84,668,067</p></td>
<td valign="middle"  style="width:2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.26%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">45,404,608</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5) According to the Group's Articles of Incorporation, the Group may issue 2,000,000 shares of preferred stock without voting rights, and there are no preferred shares issued as of December 31, 2019.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">13. Revenue from Contracts with Customers</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of revenue from contracts with customers based on the service contract type and the timing of satisfaction of performance obligations are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.96%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.88%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.22%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Service contract</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Subscription contract</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:19.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">310,006,400</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">260,888,460</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Licensing contract</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,218,543</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,054,048</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.96%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Others</p></td>
<td valign="middle"  style="width:0.88%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.22%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,742,155</p></td>
<td valign="middle"  style="width:2.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,827,917</p></td>
<td valign="middle"  style="width:0.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.96%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.88%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.22%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.22%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">360,967,098</p></td>
<td valign="middle"  style="width:2.62%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">286,770,425</p></td>
<td valign="middle"  style="width:0.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Timing of satisfaction of performance obligations</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.22%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.24%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> At a point in time</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">174,678</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,096</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Over time</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">360,792,420</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.59%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">286,762,329</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.96%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.88%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.22%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:19.22%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160; &#160; 360,967,098</p></td>
<td valign="middle"  style="width:2.62%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:6.18%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:18.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160; &#160; 286,770,425</p></td>
<td valign="middle"  style="width:0.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">36</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU35"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">13. Revenue from Contracts with Customers, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Accounts receivables, incremental costs of obtaining a contract and contract liabilities <font style="color:#000000;">related to contracts with customers</font> as of December 31, 2019 and December 31, 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(</font><font style="font-style:italic;color:#000000;">In thousands of won)</font></p></td>
<td valign="top"  style="width:0.9%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.14%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.64%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.86%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.3%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts receivable</p></td>
<td valign="top"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.14%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.59%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:19.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,253,496</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60,663,917</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.3%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Incremental costs of obtaining a contract (Prepaid expenses)</p></td>
<td valign="top"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">998,464</p></td>
<td valign="bottom"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.59%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,036,015</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.3%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Contact liabilities(Deferred revenue)</p></td>
<td valign="top"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.14%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.59%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:19.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,845,936</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.59%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,074,491</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.3%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subscription revenue</p></td>
<td valign="top"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,742,011</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.79%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,016,773</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.3%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Royalties and license fees</p></td>
<td valign="top"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,403,079</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.79%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,223,183</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.3%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Website and application development</p></td>
<td valign="top"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">700,846</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.79%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">834,535</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Changes in contract liabilities for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.72%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:0.88%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.2%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:41.22%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Contract liabilities</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.72%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></td>
<td valign="top"  style="width:0.88%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.2%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.12%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.48%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance at January 1</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:20.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,074,491</p></td>
<td valign="bottom"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22,680,983</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Increase related to subscription revenue</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">66,232,495</p></td>
<td valign="bottom"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.59%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,016,773</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Increase related to royalties and license fees</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.59%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">540,460</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Increase related to website and application development</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,037,581</p></td>
<td valign="bottom"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.59%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">834,535</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Decrease upon satisfaction of performance obligation </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8211; subscription revenue</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(69,507,257)</p></td>
<td valign="bottom"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.79%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(12,409,010)</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Decrease upon satisfaction of performance obligation </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8211; royalties and license fees</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,406,701)</p></td>
<td valign="bottom"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.79%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,065,443)</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Decrease due to termination of contracts</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(413,404)</p></td>
<td valign="bottom"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:4.38%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(495,423)</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Decrease upon satisfaction of performance obligation</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-web and application development</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,171,269)</p></td>
<td valign="bottom"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:4.38%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(28,384)</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:53.72%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance at December 31</p></td>
<td valign="middle"  style="width:0.88%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.2%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="bottom"  style="width:20.12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,845,936</p></td>
<td valign="bottom"  style="width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:6.18%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:19.48%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,074,491</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The amount of revenue recognized from previous period&#8217;s contract liabilities satisfied during the year ended December 31, 2019 is <font style="color:#000000;"><strike>W</strike></font>16,475,907 thousand.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Transaction price allocated to unsatisfied performance obligations as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:46.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;color:#000000;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.96%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.78%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:46.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subscription revenue</p></td>
<td valign="top"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:22.78%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,742,011</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.88%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,016,773</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:46.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Royalties and license fees</p></td>
<td valign="top"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,403,079</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,223,183</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:46.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Website and application development</p></td>
<td valign="top"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">700,846</p></td>
<td valign="middle"  style="width:1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:23.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">834,535</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU36"></a><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group&#8217;s management expects to recognize 99% (</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,747,710 thousand) of the transaction price allocated to contracts that have not been performed as of December 31, 2019 as revenue within 12 months. The remaining 1% (</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">98,226 thousand) is expected to be recognized as revenue thereafter.</font><font style="color:#000000;"> </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The amounts disclosed above do not include variable consideration which is constrained.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">13. Revenue from contracts with customers, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5) Details of incremental costs of obtaining a contract recognized as assets as of and for the years ended December 31, 2019 and 2018 are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.5%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;color:#000000;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.9%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.28%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:0.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.22%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.5%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Incremental costs of obtaining a contract</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:22.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">998,464</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.22%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,036,015</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.5%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.59%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.5%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.9%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.59%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:0.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.22%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.5%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization costs recognized as cost of revenues</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.59%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:22.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,036,015</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.22%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,230,595</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">14. Classification of expenses by nature</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.78%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Fees and commissions</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:21%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">249,210,419</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.28%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">195,173,112</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Advertising expenses</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,947,997</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,262,943</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Salaries</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26,934,813</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,137,389</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Outsourcing expenses</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,875,076</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,175,990</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Rent</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,495,901</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,603,623</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Employee benefits</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,025,676</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,655,375</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expenses related to defined contribution plan </p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,807,245</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,545,612</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,748,172</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">545,995</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">905,223</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">868,315</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,213,517</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,912,574</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.78%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike><font style="color:#000000;"> </font></p></td>
<td valign="middle"  style="width:21%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">312,164,039</p></td>
<td valign="middle"  style="width:2.52%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:20.28%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">252,880,928</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Classification of expenses by nature includes selling, general and administrative expenses and cost of revenues in the consolidated statements of comprehensive income.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.17%;text-indent:-2.99%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">38</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU37"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">15. Selling, General and Administrative Expenses</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Details of the selling, general and administrative expenses for the years ended December 31, 2019 and 2018 are as follows:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.88%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.88%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Advertising expenses</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.4%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,947,997</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,262,943</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.88%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Fees</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,261,983</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,727,264</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.88%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Salaries</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,642,683</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,079,825</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.88%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research and development</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,502,742</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,018,311</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.88%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Employee benefits</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,252,901</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,140,450</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.88%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Rent</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">664,993</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">941,451</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.88%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expenses related to defined contribution plan</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">455,346</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">386,921</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.88%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">761,427</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">232,504</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.88%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">744,989</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">581,197</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.88%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other expenses</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,140,869</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,466,506</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.88%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.02%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike><font style="color:#000000;"> </font></p></td>
<td valign="middle"  style="width:20.4%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,375,930</p></td>
<td valign="middle"  style="width:2.62%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:20.4%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">42,837,372</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">16. Finance Income and Costs</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of finance income for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:15.35pt;">
<td valign="middle"  style="width:49.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.86%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.16%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:15.35pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Finance income</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.04%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.16%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:15.35pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest income</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:21.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,625,829</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">819,397</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:15.35pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unrealized foreign currency gain</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,134</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">379</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:15.35pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gain on foreign currency transactions</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;442,737</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,206</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:15.35pt;">
<td valign="middle"  style="width:49.8%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.86%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike><font style="color:#000000;"> </font></p></td>
<td valign="middle"  style="width:21.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,074,700</p></td>
<td valign="middle"  style="width:2.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:20.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">825,982</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Details of finance costs for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.82%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.3%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.82%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.82%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Finance costs</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.82%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.82%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest expense</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:21.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">277,454</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,174</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.82%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unrealized foreign currency loss</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">120,562</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">72,733</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.82%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss on foreign currency transaction</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,497</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,295</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.82%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike><font style="color:#000000;"> </font></p></td>
<td valign="middle"  style="width:21.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">408,513</p></td>
<td valign="middle"  style="width:2.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:19.82%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">92,202</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU38"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">17. Other Non-Operating Income and Expenses</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of other non-operating income for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:48.98%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.66%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.48%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:48.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unrealized foreign currency gain</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:21.66%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">112,847</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.48%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">81,615</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:48.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gain on foreign currency transactions</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;1,999,883</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,166,665</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:48.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gain on disposal of property and equipment</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,481</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,497</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:48.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gain on disposal of intangible assets</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">469</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:48.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Reversal of allowance for doubtful accounts</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,261</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:48.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">314,674</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">106,042</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:48.98%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike><font style="color:#000000;"> </font></p></td>
<td valign="middle"  style="width:21.66%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,465,615</p></td>
<td valign="middle"  style="width:2.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:20.48%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,369,819</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Details of other non-operating expenses for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.72%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.5%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unrealized foreign currency loss</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.72%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">146,109</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.5%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,736</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss on foreign currency transaction</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,039,615</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">883,446</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss on retirement of property and equipment</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,275</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Impairment loss on intangible assets</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">485,963</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">623,141</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Donations</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,871</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,671</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,129</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.72%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,678,358</p></td>
<td valign="middle"  style="width:2.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:20.5%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,553,598</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">18. Income tax expense </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of income tax expense for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.42%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.74%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Current tax on profit for the year</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,775,279</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.6%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,430,404</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:51.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax expense (benefit)</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(248,980)</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,377,237)</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.42%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.74%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike><font style="color:#000000;"> </font></p></td>
<td valign="middle"  style="width:20.2%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,526,299</p></td>
<td valign="middle"  style="width:2.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:19.6%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,053,167</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU39"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">18. Income tax expense, Continued</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) The differences between the tax expense on the Group&#8217;s profit before tax and the amount that would arise using the statutory tax rate applicable to profits of the Group are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.98%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.3%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Profit before income tax expense</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:17.98%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">51,256,503</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,439,498</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Income tax using the statutory tax rate of each country</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,062,767</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,993,807</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments:</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expenses not deductible for tax purposes</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">42,666</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">61,893</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Tax amounts paid in a foreign country </p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,853,519</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,195,891</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Change in estimates related to prior period</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,346,720)</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Utilization of previously unrecognized tax losses</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,694,338)</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Utilization of previously unrecognized tax credits&nbsp;&nbsp;</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(652,938)</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Change in deferred tax due to carry-forward deficits</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(32,626)</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,950,584)</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Change in deferred tax due to tax credit carry-forward</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,314,883)</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Tax credit</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(542,868)</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Effect of change foreign currency exchange rate</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(12,339)</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(220,795)</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(498,100)</p></td>
<td valign="middle"  style="width:2.3%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">635,114</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(536,468)</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,940,640)</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Income tax expense</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:17.98%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,526,299</p></td>
<td valign="middle"  style="width:2.3%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:16.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,053,167</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:57.66%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Effective tax rate</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.98%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22%</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.24%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9%</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">41</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU40"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">18. Income tax expense, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Details of the changes in deferred tax assets (liabilities) for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:11.8pt;">
<td rowspan="2" valign="top"  style="width:25.1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:2.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style="width:34.16%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:1.58%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:3pt;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style="width:36.38%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:2.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Beginning </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">balance</p></td>
<td valign="bottom"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Increase</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Decrease)</p></td>
<td valign="bottom"  style="width:0.84%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Ending</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">balance</p></td>
<td valign="bottom"  style="width:1.58%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.94%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Beginning </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">balance</p></td>
<td valign="bottom"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Increase</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Decrease)</p></td>
<td valign="bottom"  style="width:0.84%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.98%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Ending</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">balance</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:25.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Property and equipment</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;margin-right:1.59%;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,585</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(18,120)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,465</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,585</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,585</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:25.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Intangible assets</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">238,471</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(17,365)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">221,106</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">238,471</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">238,471</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:25.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current assets</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,689</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">95,579</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">103,268</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">49,498</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(41,809)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,689</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:25.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts Payable</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">531,182</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">996,145</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,527,327</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">531,182</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">531,182</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:25.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expenses</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">324</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,103</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,427</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">324</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">324</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:25.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred revenue</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,814</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">614,345</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">674,159</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">179,929</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(120,115)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,814</p></td>
</tr>
<tr style="height:11.8pt;">
<td colspan="2" valign="middle"  style="width:27.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Allowance for doubtful account</p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">264,484</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,534</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">275,018</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">264,484</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">264,484</p></td>
</tr>
<tr style="height:11.8pt;">
<td colspan="2" valign="middle"  style="width:27.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.79%;text-indent:4pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current liabilities</p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,264</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,264</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,205</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,059</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,264</p></td>
</tr>
<tr style="height:1.95pt;">
<td colspan="2" valign="middle"  style="width:27.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.79%;text-indent:4pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Investment in subsidiaries </p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">389,453</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">389,453</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,747,475</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,747,475)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160; &#160; &#160; &#160;&nbsp;&nbsp;&#160; &#160;-</p></td>
</tr>
<tr style="height:1.95pt;">
<td valign="middle"  style="width:25.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">734</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">734</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:11.8pt;">
<td colspan="2" valign="middle"  style="width:27.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.79%;text-indent:4pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Taxes paid to foreign countries</p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,835)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,676</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(159)</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,835)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,835)</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:25.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.79%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Others</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,043)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,505)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(24,548)</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(120,104)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99,061</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,043)</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:25.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subtotal(&#8544;)</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;margin-right:0.8%;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.4%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,147,935</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,110,579</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:10.32%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,258,514</p></td>
<td valign="middle"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:3.15pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.94%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,896,003</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,748,068)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:11.98%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,147,935</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:25.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.6pt;;text-indent:-4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax due to carry-forward deficits(&#8545;) </p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,950,584</p></td>
<td valign="bottom"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,917,958)</p></td>
<td valign="bottom"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,626</p></td>
<td valign="bottom"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:3.15pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">107,567</p></td>
<td valign="bottom"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,843,017</p></td>
<td valign="bottom"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,950,584</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:25.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.6pt;;text-indent:-4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax due to tax credit carry-forward(&#8546;)</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,314,883</p></td>
<td valign="bottom"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56,359</p></td>
<td valign="bottom"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:10.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,371,242</p></td>
<td valign="bottom"  style="width:1.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:3.15pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,595</p></td>
<td valign="bottom"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,282,288</p></td>
<td valign="bottom"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:11.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,314,883</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="width:25.1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax asset(&#8544;+&#8545;+&#8546;) (*) </p></td>
<td valign="bottom"  style="width:2.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;margin-right:0.8%;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:10.4%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,413,402</p></td>
<td valign="bottom"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">248,980</p></td>
<td valign="bottom"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:10.32%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,662,382</p></td>
<td valign="bottom"  style="width:1.58%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:3.15pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.94%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,036,165</p></td>
<td valign="bottom"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,377,237</p></td>
<td valign="bottom"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:11.98%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,413,402</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.17%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*)<font style="color:#000000;"> The future realizability of deferred tax assets is assessed by taking into consideration various factors such as the Group's performance, the overall economic environment and industry outlook, expected future earnings, and deductible period of tax credit carry-forward. As of December 31, 2019, the Group has recognized deferred tax assets related to temporary differences, carry-forward deficits and tax credit carry-forward, which can be utilized based on the likelihood of future taxable income. This amount may change if the estimate for future taxable income changes.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.74%;text-indent:0%;font-family:Times New Roman;font-size:9pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">42</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU41"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">18. Income tax expense, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Details of unused tax loss carryforwards and unused tax credit carryforwards that are not recognized as deferred income tax assets as of December 31, 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:29.46%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:1.14%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.82%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:29.1%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.56%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:28.8%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:29.46%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year of expiration</p></td>
<td valign="top"  style="width:1.14%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:29.1%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unused loss carryforwards</p></td>
<td valign="middle"  style="width:3.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:28.8%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unused tax credit carryforwards</p></td>
<td valign="middle"  style="width:1.14%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:29.46%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:29.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:3.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">212,374</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:29.46%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:29.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:3.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">175,371</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:29.46%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2022</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:29.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:3.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">162,959</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:29.46%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2023</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:29.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,045,135</p></td>
<td valign="middle"  style="width:3.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">501,008</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:29.46%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2024</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:29.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,662,059</p></td>
<td valign="middle"  style="width:3.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">518,255</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:29.46%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">After 2024</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:29.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,603,605</p></td>
<td valign="middle"  style="width:3.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:29.46%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td valign="middle"  style="width:1.14%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:29.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,310,799</p></td>
<td valign="middle"  style="width:3.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:28.8%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,569,967</p></td>
<td valign="middle"  style="width:1.14%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018, the Group did not recognize deferred income tax asset for the temporary difference of <strike>W</strike>14,349,964 thousand and <strike>W</strike>25,536,203 thousand relating to investments in subsidiaries and other temporary differences of <strike>W</strike>894,767 thousand and <strike>W</strike>18,452,540 thousand, respectively, as such temporary differences are not expected to be utilized in the foreseeable future.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">19. Earnings per share</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Basic earnings per share is calculated by <font style="color:#000000;">dividing the profit attributable to owners of the Parent by the weighted average number of common shares outstanding each year.</font></p>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Basic earnings per share</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands won and in number of shares)</font></p></td>
<td valign="top"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.66%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.78%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.58%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Profit attributable to owners of the Parent</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:18.78%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,875,981</p></td>
<td valign="middle"  style="width:2.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.58%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,442,803</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted average outstanding shares of common shares</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,948,900</p></td>
<td valign="middle"  style="width:2.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,948,900</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Basic earnings per share(in won)</p></td>
<td valign="middle"  style="width:0.76%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.66%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike><font style="color:#000000;"> </font></p></td>
<td valign="middle"  style="width:18.78%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,738</p></td>
<td valign="middle"  style="width:2.44%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:18.58%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,525</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:7.2%;text-indent:-4.01%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Diluted earnings per share</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of and for the years ended December 31, 2019 and 2018, the Parent Company does not have outstanding dilutive potential ordinary shares. Accordingly, the diluted earnings per share for the years ended December 31, 2019 and 2018 are the same as the basic earnings per share.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU42"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">20. Cash flow information</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Cash generated from operations for the <font style="color:#000000;">years ended December 31, 2019 and 2018 are as follows:</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.42%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments for:</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,748,172</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">545,995</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization </p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">905,223</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">868,315</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Bad debt</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">280,781</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">151,497</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unrealized foreign currency loss</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">266,671</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100,469</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest expense</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">277,454</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss on retirement of property and plant</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,275</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Impairment loss on intangible asset</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">485,963</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">623,141</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Retirement benefit expenses</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,407)</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">49,934</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Income tax expense</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,526,299</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,053,167</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unrealized foreign currency gain</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(118,981)</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(81,994)</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gain on disposal of property and plant</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,481)</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(15,497)</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest income</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,625,829)</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(819,397)</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Reversal of allowance for doubtful accounts - others</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(34,261)</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gain on disposal of intangible assets</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(469)</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:51.66%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.6%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.4%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,703,135</p></td>
<td valign="middle"  style="width:2.42%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:19.42%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,480,905</p></td>
<td valign="middle"  style="width:0.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<font style="color:#000000;">2) Changes in assets and liabilities arising from operating activities for the years ended December 31, 2019 and 2018 are as follows:</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.06%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.36%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.3%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts receivable</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.06%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30,143,064</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(18,573,734)</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">232,345</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">406,304</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prepaid expense</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,980,565</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">544,025</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Advance payment</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(203,533)</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-&#12288;</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current assets</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(556,483)</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">192,249</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current assets</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,860,078)</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,137,778)</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts payable</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(37,145,559)</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,319,034</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred revenue</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(9,630,556)</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,706,900)</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Withholding</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(397,679)</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">580,171</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expense</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">139,571</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6,873)</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current liabilities</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">113,280</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,012)</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Long-term deferred revenue</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100,409</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Advance receipt</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">435,201</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current liabilities</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(463,005)</p></td>
<td valign="middle"  style="width:2.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:52.34%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.46%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.06%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(17,212,867)</p></td>
<td valign="middle"  style="width:2.36%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:19.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,703,895</p></td>
<td valign="middle"  style="width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">44</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU43"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">20. Cash flow information, Continued</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) <font style="color:#000000;">Significant non-cash transactions for the years ended December 31, 2019 and 2018 are as follows:</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.7%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.3%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:1.36%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.5%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.18%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Reclassification of advance payment to intangible assets</p></td>
<td valign="middle"  style="width:0.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:17.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160; &#160; &#160;119,935</p></td>
<td valign="middle"  style="width:1.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.5%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.18%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Increase in accounts payable relating to the acquisition of<font style="color:#000000;"> software</font></p></td>
<td valign="middle"  style="width:0.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,590</p></td>
<td valign="middle"  style="width:1.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">225,710</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.18%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisition of Right-of-use assets</p></td>
<td valign="middle"  style="width:0.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,636,485</p></td>
<td valign="middle"  style="width:1.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) <font style="color:#000000;">Changes in liabilities arising from financing activities for the year ended December 31, 2019, are as follows:</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.65pt;">
<td valign="middle"  style="width:69.7%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.96%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.68%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.62%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Lease liabilities</p></td>
<td valign="middle"  style="width:0.96%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:69.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning of the year</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.62%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:69.7%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustment due to adoption of K-IFRS No. 1116</p></td>
<td valign="middle"  style="width:0.96%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.68%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.62%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,401,168</p></td>
<td valign="middle"  style="width:0.96%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:69.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance after adjustment</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.62%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,401,168</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:69.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from financing activities &#8211; Repayment of lease liabilities</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,034,071)</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:69.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from operating activities &#8211; Interest paid</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(277,454)</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:69.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-cash transactions:</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:69.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions &#8211; leases</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,636,485</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:69.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest expense</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">277,454</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:69.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Early termination of leases</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(14,159)</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:69.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Translation difference</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,736</p></td>
<td valign="middle"  style="width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:69.7%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending of the year</p></td>
<td valign="middle"  style="width:0.96%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.68%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:5.1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.8%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,994,159</p></td>
<td valign="middle"  style="width:0.96%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">45</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU44"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">21. Leases</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group leases offices, equipments and others. The leases typically run for a period of 1 ~5 years with an option to renew or terminate the lease after that date. There are no restrictions or covenants imposed to leases, but the lease assets are not be provided as collateral for borrowings.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of right-of-use assets and lease liabilities recognized in the consolidated statement of financial position as of December 31, 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.58%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="middle"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.84%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:32.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.58%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Right-of-use assets(*1)</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:32.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.58%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Offices</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:32.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,641,648</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.58%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vehicles</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:32.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">266,332</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.58%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Equipments</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:32.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,038,300</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.58%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.6%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:32.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,946,280</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.58%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease liabilities(*2)</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:32.76%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.58%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Current</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:32.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,985,620</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.58%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-current</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:32.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,008,539</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.58%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.6%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:6.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:32.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,994,159</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.71%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (*1) Right-of-use assets are included in the 'Property and equipment' in the consolidated statement of financial position.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (*2) Lease liabilities are included in the 'Other current liabilities' and 'Other non-current liabilities' in the consolidated statement of financial position.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.17%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Changes in right-of-use assets for the year ended December 31, 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.6pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won<font style="font-size:7pt;">)</font></p></td>
<td valign="top"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style="width:67.74%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.14%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Offices</p></td>
<td valign="middle"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.68%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Vehicles</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.74%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.74%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Equipments</p></td>
<td valign="middle"  style="width:0.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.68%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance as of January 1, 2019</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:15.14%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,751,885</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.88%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52,628</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.74%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,648,240</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.66%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,452,753</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(901,026)</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(91,985)</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,142,330)</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,135,341)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,790,978</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">319,317</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">526,190</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,636,485</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Disposals</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,709)</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,709)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Translation difference</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(189)</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">81</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,200</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,092</p></td>
</tr>
<tr style="height:2.75pt;">
<td valign="middle"  style="width:28.72%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance as of December 31, 2019</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.22%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:15.14%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,641,648</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.68%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">266,332</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.74%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.74%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,038,300</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.68%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.66%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,946,280</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU45"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">21. Leases, Continued</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Details of amounts recognized in the consolidated statement of profit or loss for the year ended December 31, 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.65pt;">
<td valign="middle"  style="width:70.78%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="middle"  style="width:6.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.92%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:70.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest expense relating to lease liabilities (included in finance cost)</p></td>
<td valign="middle"  style="width:6.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:21.92%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">277,454</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:70.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expense relating to short-term leases</p></td>
<td valign="middle"  style="width:6.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">322,350</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:70.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expense relating to leases of low-value assets excluding short-term leases</p></td>
<td valign="middle"  style="width:6.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,657</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Details of amounts recognized in the consolidated statement of cash flows for the year ended December 31, 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.46%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="middle"  style="width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.58%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:32.7%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.46%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total cash outflows of leases</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:32.7%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,643,533</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">22<font style="font-weight:normal;">. </font>Financial Risk Management</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group&#8217;s operating activities expose itself to a variety of financial risks: market risk, credit risk and liquidity risk from which the Group&#8217;s risk management program focuses on minimizing any adverse effects on its financial performance. The Group operates financial risk management policies and programs that closely monitor and respond to each risk factor.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Capital Risk Management</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group&#8217;s objectives when managing capital are to safeguard the Group&#8217;s ability to continue as a going concern, so the Group can continue to provide returns and benefits for shareholders and to maintain an optimal capital structure to reduce the cost of capital. The Group monitors capital on the basis of the debt ratio. This ratio is calculated as total debt divided by total capital. The debt ratios as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:26.42%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:31.7%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:3.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:30.06%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:26.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total Liabilities</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.59%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:31.7%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,659,255</p></td>
<td valign="middle"  style="width:3.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:30.06%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">97,622,044</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:26.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total Equities</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:31.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">115,766,090</p></td>
<td valign="middle"  style="width:3.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:30.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,551,785</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:26.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Debt ratio</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:31.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52%</p></td>
<td valign="middle"  style="width:3.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:30.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">129%</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU46"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">22</font><font style="font-weight:normal;">. </font><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Financial Risk Management, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Market Risk</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Foreign exchange risk</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group is exposed to foreign exchange risk arising from royalty revenues and commission payment primarily with respect to the US dollar and etc. The Group&#8217;s financial assets and liabilities are exposed to foreign currency risk as of December 31, 2019<font style="color:#000000;"> and 2018</font> are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="top"  style="width:18.36%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.6pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won<font style="font-size:7pt;">)</font></p></td>
<td valign="top"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style="width:78.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:18.36%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.42%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.2%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Assets in foreign </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">currency</p></td>
<td valign="middle"  style="width:0.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liabilities in foreign currency</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Assets in </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Korean Won</p></td>
<td valign="middle"  style="width:0.6%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:17.22%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liabilities in Korean Won</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:18.36%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">USD</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,100,729</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.52%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,775,721</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:17.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,403,322</p></td>
<td valign="middle"  style="width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:17.22%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,695,661</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:18.36%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">JPY</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">456,300,430</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">340,468,613</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,853,805</p></td>
<td valign="middle"  style="width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:17.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,620,782</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:18.36%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EUR</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">338,598</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,000</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">439,307</p></td>
<td valign="middle"  style="width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:17.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,297</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:18.36%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">IDR</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,955,000</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,023,944</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,077</p></td>
<td valign="middle"  style="width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:17.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,415</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:18.36%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">THB</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28,510</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,379</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,102</p></td>
<td valign="middle"  style="width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:17.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">285</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:18.36%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">TWD</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,236,669</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,567,672</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,125,027</p></td>
<td valign="middle"  style="width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:17.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">214,244</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:18.36%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">VND</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,270,000</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,243,600</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">464</p></td>
<td valign="middle"  style="width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:17.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">162</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:18.36%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GBP</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,625</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:17.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,543</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:18.36%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">HKD</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">368,048</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">54,511</p></td>
<td valign="middle"  style="width:0.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:17.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:2.75pt;">
<td colspan="7" valign="middle"  style="width:59.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:17.8%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,878,615</p></td>
<td valign="middle"  style="width:0.6%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:17.22%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,542,389</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.3pt;">
<td valign="top"  style="width:18.68%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.6pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won<font style="font-size:7pt;">)</font></p></td>
<td valign="top"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style="width:78.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:18.68%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.5%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Assets in foreign </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">currency</p></td>
<td valign="middle"  style="width:0.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liabilities in foreign currency</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.36%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Assets in </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Korean Won</p></td>
<td valign="middle"  style="width:0.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liabilities in Korean Won</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:18.68%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">USD</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.9%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,623,496</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.88%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,486,441</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:18.36%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,760,964</p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.66%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,373,417</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:18.68%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">JPY</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">103,945,453</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,042,657</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,053,242</p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,564</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:18.68%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EUR</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">359,772</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">460,206</p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:18.68%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">IDR</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">172,822,025</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,098,944</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,273</p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">238</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:18.68%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">THB</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,633</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">173,389</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,190</p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,956</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:18.68%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">TWD</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">36,311,172</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,597,223</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,328,263</p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">241,326</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:18.68%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">VND</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,270,000</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,243,600</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">447</p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">156</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:18.68%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">HKD</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,731</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">390</p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:2.75pt;">
<td colspan="7" valign="middle"  style="width:58.86%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.44%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:18.36%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,617,975</p></td>
<td valign="middle"  style="width:0.62%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.66%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,631,657</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">48</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU47"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">22</font><font style="font-weight:normal;">. </font><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Financial Risk Management, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Market Risk, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Foreign exchange risk, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group measures foreign exchange risk at the exchange rate of 10% for each foreign currency, and the rate of change reflects the management's assessment of the risk of exchange rate fluctuation that can be reasonably experienced. The effects of changes in foreign currency exchange rate on profit before tax for the years ended of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="middle"  style="width:16.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won<font style="font-size:7pt;">)</font></p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.5%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:39.3%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:1.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:38.52%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:16.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.5%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Increased by 10%</p></td>
<td valign="middle"  style="width:0.48%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.94%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Decreased by 10%</p></td>
<td valign="middle"  style="width:1.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.28%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Increased by 10%</p></td>
<td valign="middle"  style="width:0.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Decreased by 10%</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:16.76%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">USD</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:19.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">270,766</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.78%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(270,766)</p></td>
<td valign="middle"  style="width:1.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.28%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">238,755</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(238,755)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:16.76%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">JPY</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">123,302</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(123,302)</p></td>
<td valign="middle"  style="width:1.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">104,268</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(104,268)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:16.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.1%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">139,555</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.78%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(139,555)</p></td>
<td valign="middle"  style="width:1.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">155,609</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.8%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(155,609)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:16.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:19.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">533,623</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.94%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.78%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(533,623)</p></td>
<td valign="middle"  style="width:1.44%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.28%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">498,632</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.9%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.8%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(498,632)</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The sensitivity analysis is based on monetary assets and liabilities denominated in foreign currencies other than the functional currency at the end of the reporting period.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Interest rate risk</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There are no borrowings under variable interest rate conditions as of December 31, 2019 and 2018.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c) Price risk</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There are no assets and liabilities exposed to price risk as of December 31, 2019 and 2018.</p>
<p style="margin-bottom:3pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Credit Risk</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Credit risk arises from normal trading and investing activities and occurs when a customer or a counterparty fails to comply with the terms of the contract. In order to manage these credit risks, the Group regularly evaluate the creditworthiness of customers based on their financial condition, past experiences and other factors.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">49</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU48"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">22</font><font style="font-weight:normal;">. </font><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Financial Risk Management, Continued</font></p>
<p style="margin-bottom:3pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Credit Risk, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The carrying amounts of financial assets represent their maximum exposure to credit risk. The maximum exposure to credit risk of the Group as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.85pt;">
<td valign="middle"  style="width:41.56%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:1.92%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.92%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.52%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:2.96%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.14%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:41.56%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents</p></td>
<td valign="middle"  style="width:1.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.59%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:24.52%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79,427,979</p></td>
<td valign="middle"  style="width:2.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.14%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86,050,738</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:41.56%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Short-term financial instruments</p></td>
<td valign="middle"  style="width:1.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,500,000</p></td>
<td valign="middle"  style="width:2.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,500,000</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:41.56%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts receivable, net</p></td>
<td valign="middle"  style="width:1.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,253,496</p></td>
<td valign="middle"  style="width:2.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60,663,917</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:41.56%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables, net</p></td>
<td valign="middle"  style="width:1.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56,177</p></td>
<td valign="middle"  style="width:2.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">254,540</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:41.56%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current assets</p></td>
<td valign="middle"  style="width:1.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">232,676</p></td>
<td valign="middle"  style="width:2.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">191,342</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:41.56%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Oher non-current assets</p></td>
<td valign="middle"  style="width:1.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,769,840</p></td>
<td valign="middle"  style="width:2.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,494,032</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:41.56%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.92%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.92%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.59%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:24.52%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">153,240,168</p></td>
<td valign="middle"  style="width:2.96%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:23.14%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">158,154,569</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents and short-term financial instruments are deposited in financial institutions with strong credit ratings. Accounts receivable are mainly due from payment processing companies and platform service providers, which the Group believes have low levels of credit risk.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Liquidity Risk</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Liquidity risk management includes the maintenance of sufficient cash and marketable securities, the availability of funds from appropriately committed credit lines, and the ability to settle market positions. The following table summarizes the financial liabilities of the Group by maturity according to the remaining period from the end of the reporting period to the contractual maturity date.</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.55pt;">
<td valign="top"  style="width:7.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="bottom"  style="width:39.24%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="18" valign="bottom"  style="width:52.98%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style="width:7.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:39.24%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying<br />value</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Less than</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3 months</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3 months to 1 year</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1 to 2 years</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2 to 3 years</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3 to 5 years</p></td>
<td valign="top"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:7.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts payable</p></td>
<td valign="middle"  style="width:39.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:7.54%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37,688,820</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,373,880</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,122,158</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">192,782</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.56%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.34%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37,688,820</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:7.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expense</p></td>
<td valign="middle"  style="width:39.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,174,924</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,174,924</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,174,924</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:7.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other liabilities (*)</p></td>
<td valign="middle"  style="width:39.24%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:17.53%;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,994,159</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">597,522</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,652,957</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,780,209</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,029,345</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.56%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">427,995</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,488,028</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:7.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:39.24%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:7.54%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43,857,903</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,146,326</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,775,115</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,972,991</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,029,345</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.56%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">427,995</p></td>
<td valign="middle"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.54%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">44,351,772</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.96%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*) Other liabilities as of December 31, 2019 consist of lease liabilities.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">50</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU49"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">22</font><font style="font-weight:normal;">. </font><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Financial Risk Management, Continued</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Liquidity Risk, Continued</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.55pt;">
<td valign="top"  style="width:15.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:39.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="13" valign="bottom"  style="width:44.96%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style="width:15.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:39.42%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying<br />value</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Less than</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3 months</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3 months to</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1 year</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.64%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">More than</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1 year</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:15.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts payable</p></td>
<td valign="middle"  style="width:39.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:11.18%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,928,274</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.78%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70,381,483</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.88%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,546,791</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.64%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.78%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,928,274</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:15.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expenses</p></td>
<td valign="middle"  style="width:39.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.18%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,030,598</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,030,598</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,030,598</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:15.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other liabilities</p></td>
<td valign="middle"  style="width:39.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.18%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">147,086</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">112,673</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,413</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">147,086</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:15.62%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:39.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:11.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">73,105,958</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.78%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,412,081</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,659,464</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.64%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,413</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.78%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">73,105,958</p></td>
</tr>
</table></div>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The cash flows above are not discounted and the amount due within 12 months is the same as the carrying amount since the effect of the discount is not material.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">23. Segment information</p>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Operating segments</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group&#8217;s operating segments are determined by the chief operating decision maker(&#8220;CODM&#8221;) who establishes its strategic decisions. CODM reviews operating profit by each segment in order to make decisions regarding the resources to be allocated to the segment and to evaluate the performance of the segment.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The reportable segments of the Group are in line with the organizational structure and CODM&#8217;s review of operations, and include mobile, online, and others.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Group assesses the performance of its operating segments based on its operating profit or loss, which does not differ from operating profit reported on the statement of comprehensive income except for inter-segment transactions. The segment information for the years ended December 31, 2019 and 2018 are as follows.</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.55pt;">
<td valign="top"  style="width:8.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;font-size:8pt;">(In thousands of won)</font></p></td>
<td valign="bottom"  style="width:34.3%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="14" valign="bottom"  style="width:56.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style="width:8.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:34.3%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Online</p></td>
<td valign="bottom"  style="width:0.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.44%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Mobile</p></td>
<td valign="bottom"  style="width:0.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="bottom"  style="width:0.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.44%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td valign="bottom"  style="width:0.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.38%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Inter-segment</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">eliminations(*1) </p></td>
<td valign="bottom"  style="width:0.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.44%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:8.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue</p></td>
<td valign="middle"  style="width:34.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:9.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">48,182,108</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.44%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">346,877,780</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.66%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,352,559</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.44%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">414,412,447</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.38%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(53,445,349)</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.19%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.44%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">360,967,098</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:8.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation/</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">amortization</p></td>
<td valign="middle"  style="width:34.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,400,850</p></td>
<td valign="bottom"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,144,892</p></td>
<td valign="bottom"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,107,653</p></td>
<td valign="bottom"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,653,395</p></td>
<td valign="bottom"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.19%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,653,395</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:8.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating profit(*2)</p></td>
<td valign="middle"  style="width:34.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:17.53%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:9.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,224,641</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">38,686,686</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">199,559</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47,110,886</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,692,173</p></td>
<td valign="middle"  style="width:0.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.19%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">48,803,059</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">51</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU50"></a><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) The Group reflects inter-segment eliminations as adjustments.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) Other profit or loss items that do not constitute operating profit (loss) are not separately disclosed as they are not reviewed by the chief operating decision maker by operating segment.<font style="font-size:11pt;"><br /></font></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU51"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">23. Segment information, Continued</font></p>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Operating segments, Continued</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.55pt;">
<td valign="top"  style="width:16.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;font-size:8pt;">(In thousands of won)</font></p></td>
<td valign="bottom"  style="width:2.18%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="14" valign="bottom"  style="width:80.84%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style="width:16.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.18%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.3%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Online</p></td>
<td valign="bottom"  style="width:0.5%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Mobile</p></td>
<td valign="bottom"  style="width:0.5%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.34%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="bottom"  style="width:0.5%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.06%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td valign="bottom"  style="width:0.5%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.3%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Inter-segment</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">eliminations(*1) </p></td>
<td valign="bottom"  style="width:1.28%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:16.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue</p></td>
<td valign="middle"  style="width:2.18%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:13.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">41,288,178</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.88%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">257,364,411</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.88%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,526,416</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">308,179,005</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,408,580)</p></td>
<td valign="middle"  style="width:1.28%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.19%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.66%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">286,770,425</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:16.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation/</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">amortization</p></td>
<td valign="middle"  style="width:2.18%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">238,650</p></td>
<td valign="bottom"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">473,167</p></td>
<td valign="bottom"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">714,715</p></td>
<td valign="bottom"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,426,532</p></td>
<td valign="bottom"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(12,222)</p></td>
<td valign="bottom"  style="width:1.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.19%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,414,310</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:16.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating profit(*2)</p></td>
<td valign="middle"  style="width:2.18%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:17.53%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,640,895</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,863,202</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,184,434</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30,688,531</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,200,966</p></td>
<td valign="middle"  style="width:1.28%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.19%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">33,889,497</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) The Group reflects inter-segment eliminations as adjustments.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) Other profit or loss items that do not constitute operating profit (loss) are not separately disclosed as they are not reviewed by the chief operating decision maker by operating segment<font style="font-size:8pt;">.</font></p>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:6.18%;text-indent:-2.99%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Revenue from external customers by country for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.85pt;">
<td valign="top"  style="width:32.44%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:2.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:28.12%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019<font style="font-size:8pt;">(*)</font></p></td>
<td valign="middle"  style="width:3.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.44%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018<font style="font-size:8pt;">(*)</font></p></td>
<td valign="middle"  style="width:1.06%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:32.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Korea</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:28.12%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">45,273,359</p></td>
<td valign="middle"  style="width:3.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.44%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">80,814,090</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:32.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Taiwan</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:28.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52,118,234</p></td>
<td valign="middle"  style="width:3.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">98,210,301</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:32.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Japan</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:28.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28,469,021</p></td>
<td valign="middle"  style="width:3.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,766,958</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:32.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">United States of America</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:28.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">55,061,551</p></td>
<td valign="middle"  style="width:3.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,423,377</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:32.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thailand</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:28.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">62,042,988</p></td>
<td valign="middle"  style="width:3.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43,846,433</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:32.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Philippines</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:28.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30,951,111</p></td>
<td valign="middle"  style="width:3.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,539,154</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:32.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indonesia</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:28.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22,354,809</p></td>
<td valign="middle"  style="width:3.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,358,982</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:32.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:28.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">64,696,025</p></td>
<td valign="middle"  style="width:3.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,811,130</p></td>
<td valign="middle"  style="width:1.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:32.44%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.38%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:28.12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">360,967,098</p></td>
<td valign="middle"  style="width:3.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:26.44%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">286,770,425</p></td>
<td valign="middle"  style="width:1.06%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*) Revenue was attributed to the country based on the customer&#8217;s location.</p>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:6.18%;text-indent:-2.99%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Non-current assets by geographical regions as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.85pt;">
<td valign="top"  style="width:25.66%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:2.46%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:30.94%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019<font style="font-size:8pt;">(*)</font></p></td>
<td valign="middle"  style="width:3.68%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:29.1%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018<font style="font-size:8pt;">(*)</font></p></td>
<td valign="middle"  style="width:1.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:25.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Domestic</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:30.94%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,731,694</p></td>
<td valign="middle"  style="width:3.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:29.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,054,142</p></td>
<td valign="middle"  style="width:1.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:25.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Overseas</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:30.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,170,494</p></td>
<td valign="middle"  style="width:3.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:29.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,045,297</p></td>
<td valign="middle"  style="width:1.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:25.66%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td valign="middle"  style="width:2.46%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.02%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:30.94%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,902,188</p></td>
<td valign="middle"  style="width:3.68%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:29.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,099,439</p></td>
<td valign="middle"  style="width:1.16%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*) The amounts are exclusive of financial assets and deferred tax assets.</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">53</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.49%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. and Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:6.18%;text-indent:-2.99%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU52"></a><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">No individual external customer accounted for more than 10% of consolidated revenue for the years ended December 31, 2019 and 2018.</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">24. Related Party Transactions</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.18%;text-indent:-2.99%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Related parties of the Group include entities and individuals capable of exercising control or significant influence over the Group. Related parties include GungHo Online Entertainment, Inc. (the controlling shareholder with 59.31% common shares), its subsidiaries, members of board of directors, executives with strategic responsibilities and their immediate families.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Account balances with related party</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balances of receivables and payables with related party as of December 31, 2019 and 2018 are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td colspan="3" valign="top"  style="width:35.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won<font style="font-size:7pt;">)</font></p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.08%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:28.94%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:30.66%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:11.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Related party</p></td>
<td valign="bottom"  style="width:0.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.44%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Name of entity</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.08%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Receivables</p></td>
<td valign="middle"  style="width:0.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.6%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Payables</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.14%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Receivables</p></td>
<td valign="middle"  style="width:0.58%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Payables</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:11.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Parent Company</p></td>
<td valign="middle"  style="width:0.6%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.44%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GungHo Online Entertainment, Inc.</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.08%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:14.82%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,721,614</p></td>
<td valign="bottom"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.6%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">73,678</p></td>
<td valign="bottom"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.14%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,052,723</p></td>
<td valign="bottom"  style="width:0.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,981</p></td>
</tr>
</table></div>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Transactions with related parties</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The details of transactions with related party for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td colspan="3" valign="top"  style="width:35.24%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.4pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="font-style:italic;font-size:8pt;">(In thousands of won</font><font style="font-style:italic;font-size:7pt;">)</font></p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.56%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:29.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:30.86%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:11.32%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Related party</p></td>
<td valign="bottom"  style="width:0.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.32%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Name of entity</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.56%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.74%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Revenue</p></td>
<td valign="middle"  style="width:0.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Purchases</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.08%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Revenue</p></td>
<td valign="middle"  style="width:0.58%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.22%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.98%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Purchases</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:11.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Parent Company</p></td>
<td valign="middle"  style="width:0.6%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GungHo Online Entertainment, Inc.</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.79%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:14.74%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,484,129</p></td>
<td valign="bottom"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,856</p></td>
<td valign="bottom"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.08%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,516,380</p></td>
<td valign="bottom"  style="width:0.58%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,635</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:11.32%; border-top:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.6%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.56%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.79%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.74%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.08%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.8%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Other transactions with related parties</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">No financing transactions were made with related parties for the years ended December 31, 201 and 2018.</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5) Key management personnel compensation</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The compensation given to key management personnel (registered directors) for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="top"  style="width:32.04%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:1.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.56%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:27.98%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:1.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:32.04%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Salaries</p></td>
<td valign="middle"  style="width:1.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.59%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:26.56%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">866,224</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:27.98%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">690,059</p></td>
<td valign="middle"  style="width:1.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:2.99%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">54</a></p></body>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>grvy-ex992_7.htm
<DESCRIPTION>EX-99.2
<TEXT>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Toc244493929"></a>Exhibit 99.2</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:bold;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;font-size:24pt;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:14pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Separate Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;">For the Years Ended December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.31%;text-indent:-6.31%;font-weight:normal;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(With Independent Auditors&#8217; Report Thereon)</p>
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<p style="text-align:left;margin-bottom:0pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-weight:bold;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;text-align:right;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Page</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000080;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Independent Auditors&#8217; Report<font style="font-weight:normal;color:#000000;"> </font></p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Separate Statements of Financial Position</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Separate Statements of Comprehensive Income</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Separate Statements of Changes in Equity</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Separate Statements of Cash Flows</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Separate Financial Statements</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Independent Auditors&#8217; Report on Internal Accounting Control System </p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">57</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Report on Operation of Internal Accounting Control System</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:center;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-size:14pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="color:#002060;font-size:14pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Independent Auditors&#8217; Report</font></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Based on a report originally issued in Korean</font></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To the Shareholders and Board of Directors of </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Co., Ltd.:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Opinion</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have audited the accompanying separate financial statements of Gravity Co., Ltd (&#8220;the Company&#8221;), which comprise the separate statement of financial position as of December 31, 2019, the separate statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes to the separate financial statements comprising significant accounting policies and other explanatory information.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In our opinion, the accompanying separate financial statements present fairly, in all material respects, the separate financial position of the Company as of <font style="color:#000000;">December 31, 2019</font>, and its separate financial performance and its separate cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (&#8220;K-IFRS&#8221;)<font style="color:#000000;">.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;color:#002060;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Basis for Opinion</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We conducted our audits in accordance with Korean Standards on Auditing. Our responsibilities under those standards are further described in the Auditors&#8217; Responsibilities for the Audit of the Separate Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the separate financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;color:#002060;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Other Matters</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The separate financial statements of the Company as of and for the year ended December 31, 2018 were audited by another auditor who expressed an unmodified opinion on those statements on March 25, 2019. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The procedures and practices utilized in the Republic of Korea to audit such separate financial statements may differ from those generally accepted and applied in other countries.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Responsibilities of Management and Those Charged with Governance for the Separate Financial Statements</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Management is responsible for the preparation and fair presentation of the separate financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or error.<font style="font-weight:bold;color:#3366FF;"> </font></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In preparing the separate financial statements, management is responsible for assessing the Company&#8217;s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. </p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Those charged with governance are responsible for overseeing the Company&#8217;s financial reporting process.<font style="font-weight:bold;color:#002060;"><br /></font></p></div></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Univers 45 Light;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</a></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;color:#002060;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU4"></a><font style="font-weight:bold;color:#002060;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Auditors&#8217; Responsibilities for the Audit of the Separate Financial Statements</font></p>
<p style="margin-bottom:6pt;text-align:justify;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our objectives are to obtain reasonable assurance about whether the separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors&#8217; report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Korean Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separate financial statements.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;margin-right:0.22%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As part of an audit in accordance with Korean Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Malgun Gothic;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Malgun Gothic;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Malgun Gothic;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8729;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Malgun Gothic;font-size:10pt;"><a name="_Hlk36027134"></a><font style="font-family:Times New Roman;">Identify and assess the risks of material misstatement of the separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Malgun Gothic;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Malgun Gothic;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Malgun Gothic;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8729;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Malgun Gothic;font-size:10pt;"><font style="font-family:Times New Roman;">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control.</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Malgun Gothic;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Malgun Gothic;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Malgun Gothic;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8729;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Malgun Gothic;font-size:10pt;"><font style="font-family:Times New Roman;">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Malgun Gothic;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Malgun Gothic;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Malgun Gothic;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8729;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Malgun Gothic;font-size:10pt;"><font style="font-family:Times New Roman;">Conclude on the appropriateness of management&#8217;s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company&#8217;s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors&#8217; report to the related disclosures in the separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors&#8217; report. However, future events or conditions may cause the Company to cease to continue as a going concern.</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Malgun Gothic;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Malgun Gothic;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Malgun Gothic;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8729;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Malgun Gothic;font-size:10pt;"><font style="font-family:Times New Roman;">Evaluate the overall presentation, structure and content of the separate financial statements, including the disclosures, and whether the separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation.</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;margin-right:0.22%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:6pt;margin-right:0.22%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</p>
<p style="margin-bottom:12pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Seoul, Korea</p>
<p style="margin-bottom:12pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">March 24, 2020</p>
<p style="text-align:justify;border-top:Solid 0.75pt;padding-top:1pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;border-left:Solid 0.75pt;padding-left:4pt;border-right:Solid 0.75pt;padding-right:4pt;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This report is effective as of March 24, 2020, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying separate financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.</p>
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<p style="text-align:center;margin-top:12pt; clear:both;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Univers 45 Light;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</a></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Separate Statements of Financial Position</p>
<p style="margin-bottom:0pt;border-bottom:none 0pt;padding-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
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<tr style="height:8.5pt;">
<td colspan="3" valign="top"  style="width:37.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU5"></a><font style="font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</font></p></td>
<td valign="bottom"  style="width:10.26%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Notes</p></td>
<td valign="middle"  style="width:2.36%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="bottom"  style="width:15.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.26%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="width:15.28%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Assets</p></td>
<td valign="middle"  style="width:22.1%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Current assets</p></td>
<td valign="bottom"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,6,22</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,088,250</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,598,874</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Short-term financial instruments</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,22</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,500,000</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,500,000</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts receivables, net</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,7,14,22</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,977,026</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,659,595</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables, net</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,7</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,162,439</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">469,710</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prepaid expenses</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">779,693</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">618,219</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current assets</p></td>
<td valign="middle"  style="width:10.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,22</p></td>
<td valign="middle"  style="width:2.36%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,374,235</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,539,476</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100,881,643</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">83,385,874</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Non-current assets</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Investments in subsidiaries</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,393,218</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,464,638</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Property and equipment, net</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,21</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,855,143</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">882,089</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Intangible assets, net</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,025,543</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,572,714</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax assets</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,840,022</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,413,106</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current financial assets</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,22</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,702,234</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,405,988</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="width:2.72%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current assets</p></td>
<td valign="middle"  style="width:10.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,871,208</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,880,367</p></td>
<td valign="top"  style="width:0.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26,687,368</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22,618,902</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total assets</p></td>
<td valign="middle"  style="width:10.26%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:21.46%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">127,569,011</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">106,004,776</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Liabilities</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:-4.1pt;;text-indent:4.9pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Current liabilities</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts payable</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,040,563</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,440,762</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred revenue </p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,199,370</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,751,978</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Withholdings</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">865,570</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,240,957</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expenses </p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">566,094</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">564,621</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:2.72%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Income tax payable</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,210,020</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,390,798</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:2.72%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:34.66%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current liabilities</p></td>
<td valign="middle"  style="width:10.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,21</p></td>
<td valign="middle"  style="width:2.36%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,034,647</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">159,151</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,916,264</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,548,267</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:-4.1pt;;text-indent:4.9pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Non-current liabilities</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:30pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Long-term accounts payable</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:-5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">129,150</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:30pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Long-term deferred revenue</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">98,226</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,362,537</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:30pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current liabilities</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,924,050</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">305,853</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,151,426</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,668,390</p></td>
<td valign="top"  style="width:0.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total liabilities</p></td>
<td valign="middle"  style="width:10.26%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:21.46%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26,067,690</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28,216,657</p></td>
<td valign="top"  style="width:0.22%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="width:37.38%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-0.4pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.26%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.36%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.28%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:21.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.02%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:20.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="10" valign="middle"  style="width:99.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.85%;text-indent:0pt;;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">See accompanying notes to the separate financial statements.</p></td>
<td valign="top"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"></table></div></div></div>
<p style="margin-top:12pt;text-align:center;margin-bottom:12pt;margin-left:0pt;;text-indent:0pt;;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:6.06%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Separate Statements of Financial Position, Continued</p>
<p style="margin-bottom:0pt;border-bottom:none 0pt;padding-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019 and 2018</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.1pt;">
<td colspan="3" valign="top"  style="width:34.84%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU6"></a><font style="font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</font></p></td>
<td valign="bottom"  style="width:8.54%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Notes</p></td>
<td valign="middle"  style="width:3.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;white-space:nowrap;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.68%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:0.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.32%;white-space:nowrap;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.62%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="bottom"  style="width:13.16%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.68%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.54%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.62%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:22.68%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:3.32%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:22.62%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="width:13.16%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Equity</p></td>
<td valign="middle"  style="width:21.68%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:8.54%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="width:3.62%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:22.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:3.32%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:22.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:31.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Share capital</p></td>
<td valign="middle"  style="width:8.54%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-1.3pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</p></td>
<td valign="middle"  style="width:3.62%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:22.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.32%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450</p></td>
<td valign="middle"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:31.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Share premium</p></td>
<td valign="middle"  style="width:8.54%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</p></td>
<td valign="middle"  style="width:3.62%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,482,683</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.32%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,482,683</p></td>
<td valign="middle"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:31.92%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other components of equity</p></td>
<td valign="middle"  style="width:8.54%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</p></td>
<td valign="middle"  style="width:3.62%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(26,017)</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.32%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(270,936)</p></td>
<td valign="middle"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="width:2.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:31.92%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Retained earnings</p></td>
<td valign="middle"  style="width:8.54%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</p></td>
<td valign="middle"  style="width:3.62%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70,570,205</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.32%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47,101,922</p></td>
<td valign="middle"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="3" valign="middle"  style="width:34.84%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total equity</p></td>
<td valign="middle"  style="width:8.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.62%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.68%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">101,501,321</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.32%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">77,788,119</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="3" valign="middle"  style="width:34.84%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-0.3pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total liabilities and equity</p></td>
<td valign="middle"  style="width:8.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.62%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:22.68%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">127,569,011</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.32%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">106,004,776</p></td>
<td valign="middle"  style="width:0.22%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="3" valign="middle"  style="width:34.84%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;text-indent:-4.4pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:8.54%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.62%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.96%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.68%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:3.32%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:22.62%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.85%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">See accompanying notes to the separate financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:6.06%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:14pt;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Separate Statements of Comprehensive Income</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.75pt;">
<td valign="top"  style="width:57.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:7.7%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Notes</p></td>
<td valign="top"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:13%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.26%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:7.7%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Revenue</p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,23</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Online games &#8211; subscription revenue</p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,943,556</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,891,718</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Online games &#8211; royalties and license fees</p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,431,162</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,378,752</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Mobile games </p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">107,529,902</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">164,303,242</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Other revenue</p></td>
<td valign="middle"  style="width:7.7%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">247,193</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">123,799</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">133,151,813</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">198,697,511</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cost of revenue</p></td>
<td valign="middle"  style="width:7.7%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15</p></td>
<td valign="top"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">65,242,309</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">123,500,203</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Gross profit</p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">67,909,504</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,197,308</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Selling, general and administrative expenses</p></td>
<td valign="middle"  style="width:7.7%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,16</p></td>
<td valign="top"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">33,362,951</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,746,608</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Operating profit</p></td>
<td valign="middle"  style="width:7.7%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,546,553</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,450,700</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Non-operating income and expenses</p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Finance income</p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,17</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,525,335</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,075,820</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Finance costs</p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,17</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(292,233)</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(79,822)</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-operating income</p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,18</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,994,020</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,803,645</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-operating expenses</p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,18</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,469,545)</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(12,110,993)</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Profit before income tax</p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35,304,130</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35,139,350</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Income tax expense </p></td>
<td valign="middle"  style="width:7.7%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19</p></td>
<td valign="top"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,835,847</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,462,205</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Profit for the year</p></td>
<td valign="middle"  style="width:7.7%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:13%; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,468,283</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:14.26%; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,677,145</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Other comprehensive income </p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td colspan="2" valign="middle"  style="width:65.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Items that may be subsequently reclassified to profit or loss</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign currency translation adjustments</p></td>
<td valign="middle"  style="width:7.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">244,919</p></td>
<td valign="middle"  style="width:2.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:14.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">77,543</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:57.42%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total comprehensive income for the year</p></td>
<td valign="middle"  style="width:7.7%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:13%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,713,202</p></td>
<td valign="middle"  style="width:2.08%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:14.26%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,754,688</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.85%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">See accompanying notes to the separate financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"></table></div></div></div>
<p style="margin-top:12pt;text-align:center;margin-bottom:12pt;margin-left:0pt;;text-indent:0pt;;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:7.84%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Separate Statements of Changes in Equity </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-weight:bold;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:16.85pt;">
<td valign="top"  style="width:29.96%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU7"></a><font style="font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</font></p></td>
<td valign="bottom"  style="width:6.38%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Notes</p></td>
<td valign="bottom"  style="width:2.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.64%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Share</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">capital</p></td>
<td valign="bottom"  style="width:1.1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.14%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Share</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Premium</p></td>
<td valign="bottom"  style="width:1.1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.84%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Other components of equity</p></td>
<td valign="bottom"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.18%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Retained earnings</p></td>
<td valign="bottom"  style="width:1.1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.96%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
</tr>
<tr style="height:11.9pt;">
<td valign="middle"  style="width:29.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.38%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:11.9pt;">
<td valign="middle"  style="width:29.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:11.9pt;">
<td valign="middle"  style="width:29.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Balance at January 1, 2018</p></td>
<td valign="middle"  style="width:6.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.77%;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:10.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,482,683</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(348,479)</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,424,777</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">45,033,431</p></td>
</tr>
<tr style="height:11.9pt;">
<td valign="middle"  style="width:29.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total comprehensive income for the period:</p></td>
<td valign="middle"  style="width:6.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:11.9pt;">
<td valign="middle"  style="width:29.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:-5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Profit for the year</p></td>
<td valign="middle"  style="width:6.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,677,145</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,677,145</p></td>
</tr>
<tr style="height:11.9pt;">
<td valign="middle"  style="width:29.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:-5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign currency translation adjustments</p></td>
<td valign="middle"  style="width:6.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">77,543</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">77,543</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:29.96%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Transaction with owners</p></td>
<td valign="middle"  style="width:6.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.77%;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:16.85pt;">
<td valign="middle"  style="width:29.96%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Balance at December 31, 2018</p></td>
<td valign="middle"  style="width:6.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.77%;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:10.64%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,482,683</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(270,936)</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47,101,922</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">77,788,119</p></td>
</tr>
<tr style="height:11.9pt;">
<td valign="middle"  style="width:29.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:6.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:11.9pt;">
<td valign="middle"  style="width:29.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Balance at January 1, 2019</p></td>
<td valign="middle"  style="width:6.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.77%;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:10.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,482,683</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(270,936)</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47,101,922</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">77,788,119</p></td>
</tr>
<tr style="height:13.2pt;">
<td valign="middle"  style="width:29.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total comprehensive income for the period:</p></td>
<td valign="middle"  style="width:6.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.2pt;">
<td valign="middle"  style="width:29.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:16pt;;text-indent:-7pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Profit for the year</p></td>
<td valign="middle"  style="width:6.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,468,283</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,468,283</p></td>
</tr>
<tr style="height:13.15pt;">
<td valign="middle"  style="width:29.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:16pt;;text-indent:-7pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign currency translation adjustments</p></td>
<td valign="middle"  style="width:6.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">244,919</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">244,919</p></td>
</tr>
<tr style="height:13.15pt;">
<td valign="middle"  style="width:29.96%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Transaction with owners</p></td>
<td valign="middle"  style="width:6.38%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:15.8pt;">
<td valign="middle"  style="width:29.96%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Balance at December 31, 2019</p></td>
<td valign="middle"  style="width:6.38%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.77%;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:10.64%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,482,683</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(26,017)</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70,570,205</p></td>
<td valign="middle"  style="width:1.1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">101,501,321</p></td>
</tr>
<tr style="height:11.9pt;">
<td valign="middle"  style="width:29.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.38%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.62%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">See accompanying notes to the separate financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"></table></div></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;margin-left:0pt;;text-indent:0pt;;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6</p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:6.06%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Separate Statements of Cash Flow </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU8"></a><font style="font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</font></p></td>
<td valign="bottom"  style="width:6.1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Notes</p></td>
<td valign="top"  style="width:0.3%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:0.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from operating activities</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Profit for the year</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,468,283</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,677,145</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:17.4pt;;text-indent:-7.4pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments </p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,952,150</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,558,769</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Changes in operating assets and liabilities</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,133,672</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(19,018,839)</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest received</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,043,667</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,161,390</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dividend received</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,557,694</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest paid</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(173,763)</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Income tax paid</p></td>
<td valign="middle"  style="width:6.1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,435,781)</p></td>
<td valign="middle"  style="width:0.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7,133,795)</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Net cash provided by operating activities</p></td>
<td valign="middle"  style="width:6.1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,545,922</p></td>
<td valign="middle"  style="width:0.3%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,244,670</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:24.8pt;;text-indent:-6.8pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from investing activities</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Decrease in short term financial instruments</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,000,000</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Decrease in other non-current financial assets</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,772,670</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Decrease in other current assets</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,333</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Disposal of property and equipment</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,216</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">68,285</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Disposal of intangible assets</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,434</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Acquisition of subsidiaries</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6,777,526)</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(18,261,560)</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Increase in short-term financial instruments</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(30,000,000)</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Increase in other non-current financial assets</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(69,487)</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Acquisition of property and equipment</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(153,753)</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(797,791)</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Acquisition of intangible assets</p></td>
<td valign="middle"  style="width:6.1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10</p></td>
<td valign="top"  style="width:0.3%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(839,132)</p></td>
<td valign="middle"  style="width:0.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(450,832)</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Net cash used in investing activities</p></td>
<td valign="middle"  style="width:6.1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(37,836,682)</p></td>
<td valign="middle"  style="width:0.3%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,663,461)</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from financing activities</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;<font style="font-weight:normal;">Payment of lease liabilities</font></p></td>
<td valign="middle"  style="width:6.1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,364,537)</p></td>
<td valign="middle"  style="width:0.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Net cash used in financing activities</p></td>
<td valign="middle"  style="width:6.1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,364,537)</p></td>
<td valign="middle"  style="width:0.3%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Effects of exchange rate changes on cash and cash equivalents</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">144,673</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,459</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Net increase (decrease) in cash and cash equivalents</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6,510,624)</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,608,668</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents at beginning of the year</p></td>
<td valign="middle"  style="width:6.1%;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,598,874</p></td>
<td valign="middle"  style="width:0.3%;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:12.2%;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,990,206</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="width:64.24%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents at end of the year</p></td>
<td valign="middle"  style="width:6.1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:center;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:0.3%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:12.2%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,088,250</p></td>
<td valign="middle"  style="width:0.3%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:2.34%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:12.2%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,598,874</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.85%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">See accompanying notes to the separate financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7</p>
<p style="margin-bottom:0pt;text-align:center;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:63.25%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU9"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. General Information</font><font style="color:#000000;"> </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD. (the &#8220;Company&#8221;) was incorporated on April 4, 2000, to engage in developing and distributing online games and other related business. The Company&#8217;s headquarter is located at 15F, 396 World Cup buk&#8209;ro, Mapo&#8209;gu, Seoul, Korea. On November 17, 2016, the Company has established a Gravity Taiwan Branch in Taipei City, Taiwan. The Company&#8217;s principal game product, &#8220;Ragnarok&#8221;, a massive multi-player online role-playing game, was commercially launched in August 2002, and is currently operated internationally in 93 markets. The Company also operates many other games.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On February 8, 2005, the <font style="color:#000000;">Company</font> listed its shares on Nasdaq Stock Market in the United States, and issued 1,400,000 shares of common stocks in the form of American Depositary shares (&#8220;ADSs&#8221;) under the symbol &#8220;GRVY&#8221;.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company started with total paid-in capital amount of <strike>W</strike>500,000 thousand, and as of December 31, 2019, the total paid-in capital amounts to <strike>W</strike>3,474,450 thousand. The Company&#8217;s major shareholders and their respective percentage of ownership as of December 31, 2019 are as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:10.9pt;">
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;width:40.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.48%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:8.85pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Number of shares</p></td>
<td valign="middle"  style="width:2.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.32%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Ownership (%)</p></td>
</tr>
<tr style="height:10.9pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:40.28%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GungHo Online Entertainment, Inc.</p></td>
<td valign="bottom"  style="width:5.94%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.48%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,121,737</p></td>
<td valign="middle"  style="width:2.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.32%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;margin-right:1.45%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59.31</p></td>
</tr>
<tr style="height:10.9pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;width:40.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="bottom"  style="width:5.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.48%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,827,163</p></td>
<td valign="middle"  style="width:2.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.32%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;margin-right:1.45%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40.69</p></td>
</tr>
<tr style="height:10.9pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;width:40.28%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.94%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.48%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,948,900</p></td>
<td valign="middle"  style="width:2.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.32%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;margin-right:1.45%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.00</p></td>
</tr>
</table></div>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2. Basis of Presentation</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.95%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk36027458"></a>These separate financial statements have been prepared in accordance with Korean International Financial Reporting Standards (&#8220;K-IFRS&#8221;), as prescribed in the <font style="font-style:italic;">Act on External Audits of Stock Companies, Etc. in the Republic of Korea. </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These separate financial statements were authorized for issuance by the Board of Directors on March 6, 2020 which will be submitted for approval at the shareholders&#8217; meeting to be held on March 31, 2020.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This is the first set of the Company&#8217;s annual separate financial statements in which K-IFRS No. 1116<font style="font-style:italic;"> Leases</font> has been applied. The related changes to significant accounting policies are described in Note 3. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:2.08%;text-indent:1.04%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Basis of measurement </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.95%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The separate financial statements have been prepared on the historical cost basis.</p>
<p style="margin-top:12pt; clear:both;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Univers 45 Light;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:61.46%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU10"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2. Basis of Presentation, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:2.06%;text-indent:1.03%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Use of judgments and estimates </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk36027767"></a>The preparation of the separate financial statements in conformity with K-IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Deferred revenue</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk36027800"></a>Revenue in connection with the game users&#8217; payments for unused virtual currency and durable in-game items for online games are based on the estimated life cycle of game users by the Company. To estimate life cycle of games users, the Company analyzes player activities including item purchase, log-on, and others and periodically monitors for changes in estimates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Deferred tax assets</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk36027828"></a>When the Company assessed the realizability of the deferred tax assets, the Company considered its performance, general economic environment, projected future taxable income, and periods available to utilize tax loss carryforwards and tax credit carryforwards. The Company periodically monitors the estimates used in assessing the realizability of the deferred tax assets. The amount of deferred tax assets may be changed if estimated future taxable income during the carryforward periods changes.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:1.03%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:1.03%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">3. Changes in Accounting Policies</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has applied the following standards and amendments for the first time for the annual reporting period commencing January 1, 2019. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Enactment of K-IFRS No. 1116 <font style="font-style:italic;">Leases</font> </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company applied K-IFRS No.1116 using the modified retrospective approach, under which the cumulative effect of initial application is recognized in retained earnings at January 1 2019(date of initial application). Accordingly, the comparative information presented for 2018 is not restated &#8211; i.e. it is presented, as previously reported, under K-IFRS No.1017 and related interpretations. The details of the changes in accounting policies are disclosed below. Additionally, the disclosure requirements in K-IFRS No. 1116 have not generally been applied to comparative information.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Univers 45 Light;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU11"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">3. Changes in Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Enactment of K-IFRS No. 1116 <font style="font-style:italic;">Leases</font>, Continued</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Definition of a lease</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Previously, the Company determined at contract inception whether an arrangement was or contained a lease under K-IFRS No. 2104 <font style="font-style:italic;">Determining whether an arrangement contains a lease</font>. The Company now assesses whether a contract is or contains a lease based on the definition of a lease under K-IFRS No.1116.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On transition to K-IFRS No. 1116, the Company elected to apply the practical expedient to grandfather the assessment of which transactions are leases. The Company applied K-IFRS No.1116 only to contracts that were previously identified as leases. Contracts that were not identified as leases under K-IFRS No.1017 and K-IFRS No. 2104 were not reassessed for whether there is a lease under K-IFRS No.1116. Therefore, the definition of a lease under K-IFRS No.1116 was applied only to contracts entered into or changed on or after January 1, 2019.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) As a lessee</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:6pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a lessee, the Company leases many assets including offices and vehicles. The Company previously classified leases as operating or finance leases based on its assessment of whether the lease transferred significantly all of the risks and rewards incidental to ownership of the underlying asset to the Company. Under K-IFRS No. 1116, the Company recognizes right-of-use assets and lease liabilities for most of these leases &#8211; i.e. these leases are on-balance sheet.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At commencement or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">However, for leases of property, the Company has elected not to separate non-lease components and account for the lease and associated non-lease components as a single lease component.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:6pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Previously, the Company classified property leases as operating leases under K-IFRS No.1017. On transition, for these leases, lease liabilities were measured at the present value of the remaining lease payments, discounted at the Company&#8217;s incremental borrowing rate as of January 1, 2019. Right-of-use assets are measured at either:</p>
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">their carrying amount as if K-IFRS </font><font style="font-family:Times New Roman;font-size:10pt;">No.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">1116 had been applied since the commencement date, discounted using the Company&#8217;s incremental borrowing rate at the date of initial application; or</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:6pt;text-indent:0%;font-weight:bold;color:#002060;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU12"></a><font style="font-weight:bold;color:#002060;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3. Changes in Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Enactment of K-IFRS No.1116 <font style="font-style:italic;">Leases</font>, Continued</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) As a lessee, Continued</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:6pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk36040278"></a>The Company used a number of practical expedients when applying K-IFRS No.1116 to leases previously classified as operating leases under K-IFRS No.1017. In particular, the Company:</p>
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;font-size:10pt;">did not </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">recognize right-of-use assets and liabilities for leases for which the lease term ends within 12 months of the date of initial application;</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">did not recognize right-of-use assets and liabilities for leases of low value assets;</font></p></td></tr></table></div>
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<td valign="top" style="width:5.84%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
<td valign="top" style="width:4.39%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">excluded initial direct costs from the measurement of the right-of-use asset at the initial application; and</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
<td valign="top" style="width:4.39%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">used hindsi</font><font style="font-family:Times New Roman;font-size:10pt;">ght when determining the lease term.</font></p></td></tr></table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:6pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c) As a lessor</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:6pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The company sub-leases part of its right-of-use assets. Under K-IFRS No. 1017, the head lease and sub-lease contracts were classified as operating leases. The Company assessed the classification of the sub-lease contracts with reference to the right-of-use assets rather than the underlying asset, and concluded that they are finance leases under K-IFRS No.1116.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:6pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d) Impact on financial statements</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:6pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On transition to K-IFRS No.1116, the Company recognized additional right-of-use assets and additional lease liabilities. Additionally, the impact on transition is summarized below.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:6pt;margin-left:3.3%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:62.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:32.22%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">January 1, 2019</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Right-of-use assets(*1)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.52%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Offices</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.52%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,321,368</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vehicles</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.52%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28,226</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:62.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.36%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.52%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">611,674</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:62.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.36%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,961,268</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease receivables(*2)</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td style="border:none;padding:0;"></td>
<td style="border:none;padding:0;"></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Current</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.52%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">131,853</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:62.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-current</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.36%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.52%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">326,932</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:62.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.36%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">458,785</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:62.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.36%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.52%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,420,053</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease liabilities(*3)</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.52%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Current</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.36%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.52%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,286,700</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:62.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-current</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.36%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.52%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,133,353</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:62.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.36%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.52%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,420,053</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:9pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) Right-of-use assets are included in 'Property and equipment' in the separate statement of financial position.<font style="margin-left:28pt;"></font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.42%;text-indent:-4.12%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.42%;text-indent:-4.12%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.42%;text-indent:-4.12%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.42%;text-indent:-4.12%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.42%;text-indent:-4.12%;font-size:10pt;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:6pt;text-indent:0%;font-weight:bold;color:#002060;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU13"></a><font style="font-weight:bold;color:#002060;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3. Changes in Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Enactment of K-IFRS No.1116 <font style="font-style:italic;">Leases</font>, Continued</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d) Impact on financial statements, Continued</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) Lease receivables are included in &#8216;Other current assets&#8217; and &#8216;Other non-current financial assets&#8217; in the separate statement of financial position.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*3) Lease liabilities are included in 'Other current liabilities' and 'Other non-current liabilities' in the separate statement of financial position.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On the adoption of K-IFRS No.1116, the Company recognized lease liabilities in relation to leases which had previously been classified as &#8216;operating leases&#8217; under the principles of K-IFRS No.1017. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee&#8217;s incremental borrowing rate as of January 1, 2019. The lessee&#8217;s weighted average incremental borrowing rate applied to lease liabilities on January 1, 2019 is 6.54%.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:11.35pt;">
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:77.36%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:19.06%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">January 1, 2019</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:77.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating lease commitments disclosed as of December 31, 2018</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 3,876,171</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:77.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discounted using the lessee&#8217;s incremental borrowing rate of at the date of initial application</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(381,825)</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:77.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exemptions on low-value leases</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:77.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exemptions on short-term leases</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(426,331)</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:77.36%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments on evaluation of extension and termination options under K-IFRS No. 1116</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.64%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">352,038</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:77.36%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease liability recognized as of January 1, 2019</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.76%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.82%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.64%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,420,053</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:77.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.64%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:77.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Current lease liabilities</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.64%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,286,700</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:77.36%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-current lease liabilities</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.64%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,133,353</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:77.36%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.76%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.82%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike><strike> </strike></p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.64%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,420,053</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Amendments to K-IFRS No. 1109 <font style="font-style:italic;">Financial Instruments </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amendments made to K-IFRS No.1109 <font style="font-style:italic;">Financial Instruments</font> enable entities to measure certain financial assets containing prepayment features with negative compensation at amortized cost. The amendments also clarified that when a modification of a financial liability measured at amortized cost that does not result in the derecognition, a modification gain or loss is recognized in profit or loss. The amendments did not have a significant impact on the separate financial statements.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:12pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Amendment to K-IFRS No. 1028 <font style="font-style:italic;">Investments in Associates and Joint Ventures </font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:12pt;margin-left:3.3%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The amendments clarifies that an entity applies K-IFRS<font style="color:#000000;"> No.</font> 1109 <font style="font-style:italic;">Financial Instruments</font> to financial instruments in an associate or joint venture to which the equity method is not applied. These include impairment of long-term interests that, in substance, form part of the entity&#8217;s net investment in an associate or joint venture for which K-IFRS <font style="color:#000000;">No.</font>1109 should take precedence. The amendment does not have a significant impact on the separate financial statements.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:6pt;text-indent:0%;font-weight:bold;color:#002060;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU14"></a><font style="font-weight:bold;color:#002060;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3. Changes in Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Enactment of K-IFRS No. 2123 <font style="font-style:italic;">Uncertainty over Income Tax Treatments</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">K-IFRS No. 2123 clarifies how to recognize and measure deferred and current income tax assets and liabilities where there is uncertainty over a tax treatment, and includes guidance on how to determine whether each uncertain tax treatment is considered separately or together. It also presents examples of circumstances where a judgment or estimate is required to be reassessed. The adoption of K-IFRS No. 2123 did not have a significant impact on the separate financial statements. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5) Annual Improvements</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Amendments to K-IFRS No. 1111 <font style="font-style:italic;">Joint Agreements</font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:2.93%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The amendments clarify that when a party that participates in, but does not have joint control of, a joint operation might obtain joint control of the joint operation in which the activity of the joint operation constitutes a business. In such cases, previously held interests in the joint operation are not remeasured. The amendments did not have a significant impact on the separate financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.09%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Amendment to <font style="font-style:italic;">Paragraph 57A of K-IFRS No. 1012 Income Tax</font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:2.93%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The amendment is applied to all the income tax consequences of dividends and requires an entity to recognize the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognized those past transactions or events. The amendment did not have a significant impact on the separate financial statements.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:12pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c) Amendments to K-IFRS No.1023 <font style="font-style:italic;">Borrowing Costs</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The amendments clarify that if a specific borrowing remains outstanding after the related qualifying asset is ready for its intended use (or sale), it becomes part of general borrowings. The amendment did not have a significant impact on the separate financial statements.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The principal accounting policies applied in the preparation of these separate financial statements in accordance with the K-IFRS are set out below. These policies have been consistently applied to all years presented, except if mentioned otherwise in Note 3. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Investment in subsidiaries, joint ventures, and associates </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.93%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These separate financial statements are prepared and presented in accordance with K-IFRS No. 1027, <font style="font-style:italic;">Separate Financial Statements</font>. The Company applies the cost method to investments in subsidiaries, associates and joint ventures in accordance with K-IFRS No. 1027. Dividends from subsidiaries, associates, and joint ventures are recognized in profit or loss when the right to receive the dividends is established.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU15"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Cash and Cash equivalents</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, and other short-term investments with original maturities of three months or less that are readily convertible to known amounts of cash.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Financial Assets</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Classification</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:2.93%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At initial recognition, the Company classifies its financial assets in the following measurement categories: </p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;font-size:10pt;">measured at fair value through profit or loss</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">;</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><a name="_Hlk36133181"></a><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"><a name="_Hlk36133181"></a>measured at fair value through other comprehensive income; and</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">measured at amortized cost.</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.93%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The classification depends on the Company&#8217;s business model for managing the financial assets and the contractual terms of the cash flows. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For financial assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. The Company reclassifies debt investments when, and only when its business model for managing those assets changes.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For investments in equity instruments that are not held for trading, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Changes in fair value of equity instruments not elected as equity investment at fair value through other comprehensive income will be recognized in profit or loss.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Measurement</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At initial recognition, the Company measures a financial asset at its fair value plus, for financial asset not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.</p>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU16"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Financial Assets, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Measurement, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i) Debt instruments</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subsequent measurement of debt instruments depends on the Company&#8217;s business model for managing the asset and the cash flow characteristics of the asset. The Company classifies its debt instruments into one of the following three measurement categories:</p>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in &#8216;finance income&#8217; using the effective interest rate method.</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fair value through other comprehensive income: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&#8217; cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income. Movements in the carrying amount are taken through other comprehensive income, except for the recognition of impairment loss (reversal of impairment loss), interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss. Interest income from these financial assets is included in &#8216;finance income&#8217; using the effective interest rate method. Foreign exchange gains and losses are presented in &#8216;finance income or costs&#8217; and impairment losses are presented in &#8216;other non-operating expenses&#8217;. </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fair value through profit or loss: Assets that do not meet the criteria for amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relations</font><font style="font-family:Times New Roman;font-size:10pt;">hip is recognized in profit or loss and presented net in the statement of profit or loss within &#8216;other non-operating income or expenses&#8217; in the year in which it arises.</font></p></td></tr></table></div>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU17"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Financial Assets, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Measurement, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii) Equity instruments</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company subsequently measures all equity investments at fair value. Where the Company&#8217;s management has elected to present fair value gains and losses on equity investments, which are held for long-term investment or strategic purpose, in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividend income from such investments continue to be recognized in profit or loss as &#8216;finance income&#8217; when the right to receive payments is established.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Changes in the fair value of financial assets at fair value through profit or loss are recognized in &#8216;other non-operaing income and expenses&#8217; in the statement of profit or loss as applicable. Impairment loss (reversal of impairment loss) on equity investments measured at fair value through other comprehensive income are not reported separately from other changes in fair value.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c) Impairment</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recognizes loss allowances for expected credit losses (&#8220;ECLs&#8221;) on:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial assets measured at amortized cost;</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">debt investments measured at fair value through other comprehensive income; and</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">contract assets under K-IFRS</font><font style="font-family:Times New Roman;font-size:10pt;"> No. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">1115.</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;font-size:10pt;">debt </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities that are determined to have low credit risk at the reporting date; and</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected</font><font style="font-family:Times New Roman;font-size:10pt;"> life of the financial instrument) has not increased significantly since initial recognition.</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss allowances for accounts and other receivables (including lease receivables) and contract assets are always measured at an amount equal to lifetime ECLs.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company&#8217;s historical experience and informed credit assessment that includes forward-looking information.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:1.03%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU18"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Financial Assets, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c) Impairment, Continued</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:2.93%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company considers a financial asset to be in default when:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">debtor is unlikely to pay its obligations to the Company in full, without recourse by the Company to actions such as realizing security (if any is held); or</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the financ</font><font style="font-family:Times New Roman;font-size:10pt;">ial asset is more than 90 days past due.</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). ECLs are discounted at the effective interest rate of the financial asset.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At each reporting date, the Company assesses whether financial assets carried at amortized cost and debt securities at <font style="color:#000000;">fair value through other comprehensive income</font> are credit-impaired. A financial asset is &#8216;credit-impaired&#8217; when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. For debt securities at <font style="color:#000000;">fair value through other comprehensive income</font>, the loss allowance is charged to profit or loss and is recognized in OCI.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d) Recognition and Derecognition</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Regular way purchases and sales of financial assets are recognized or derecognized on trade-date, the date on which the Company commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If a transfer does not result in derecognition because the Company has retained substantially all the risks and rewards of ownership of the transferred asset, the Company continues to recognize the transferred asset in its entirety and recognizes a financial liability for the consideration received.</p>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU19"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Financial Assets, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(e) Offsetting of financial instruments</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial assets and liabilities are offset and the net amount reported in the statements of financial position where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the assets and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Property and Equipment</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.93%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Property and equipment are initially measured at cost. The cost of property and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.93%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.93%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Property and equipment, subsequently, are carried at cost less accumulated depreciation and accumulated impairment losses.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subsequent costs are recognized in the carrying amount of property and equipment at cost or, if appropriate, as a separate item if it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be reliably measured.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation of all property and equipment, except for land, is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows:</p>
<div align="left">
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<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;width:64.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:34.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Estimated Useful Lives</p></td>
</tr>
<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:64.98%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Computer and other equipment</p></td>
<td valign="bottom"  style="width:0.12%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:34.88%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4 years</p></td>
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<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:64.98%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furniture and fixture</p></td>
<td valign="bottom"  style="width:0.12%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:34.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4 years</p></td>
</tr>
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<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:64.98%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Leasehold improvements</p></td>
<td valign="bottom"  style="width:0.12%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:34.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4 years</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation methods, useful lives, and residual values are reviewed at the end of each reporting date and adjusted, if appropriate. The change is accounted for as a change in an accounting estimate.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU20"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5) Intangible Assets</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Intangible assets, except for goodwill, are initially recognized at its historical cost, and carried at cost less accumulated amortization and accumulated impairment losses. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company amortizes intangible assets with a limited useful life using the straight-line method over the following periods:</p>
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<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;width:62.86%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:37.02%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Estimated Useful Lives</p></td>
</tr>
<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.86%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Software</p></td>
<td valign="bottom"  style="width:0.12%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:37.02%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1~3 years</p></td>
</tr>
<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.86%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Patents</p></td>
<td valign="bottom"  style="width:0.12%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:37.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10 years</p></td>
</tr>
<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:62.86%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other intangible assets</p></td>
<td valign="bottom"  style="width:0.12%;">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:37.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3 years</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:12pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expenditure on research activities is recognized in profit or loss as incurred. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Other development expenditure is recognized in profit or loss as incurred.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company entered into a game licensing agreement with a number of third parties to gain exclusive rights to the games developed by other companies. The license fee payments are recognized as other intangible assets and amortized over the term of the contract.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.93%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6) Impairment of Non-financial Assets</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.93%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At each reporting date, the Company reviews the carrying amounts of its non-financial assets (other than contract assets, incremental costs of obtaining a contract, costs to fulfil a contract, employee benefit related assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset&#8217;s recoverable amount is estimated. Goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, irrespective of whether there is any indication of impairment, are tested for impairment annually by comparing their recoverable amounts to their carrying amounts.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The recoverable amount of an asset or cash generating unit (&#8220;CGU&#8221;) is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using an adjusted discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">An impairment loss is recognized in profit or loss if the carrying amount of an asset or CGU exceeds its recoverable amount.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:10pt;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU21"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7) Leases</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has applied K-IFRS No. 1116 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under K-IFRS No. 1017 and K-IFRS No.2104. The details of accounting policies under K-IFRS No.1017 and K-IFRS No. 2104 are disclosed separately.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Policies applicable from January 1, 2019</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company uses the definition of a lease in K-IFRS No.1116.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i) As a lessee</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At commencement or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company&#8217;s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rates.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU22"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7) Leases, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Policies applicable from January 1, 2019, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i) As a lessee, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease payments included in the measurement of the lease liability comprise the following:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;font-size:10pt;">fixed </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments, including in-substance fixed payments;</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">amounts expected to be payable under a residual value guarantee; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company&#8217;s estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company presents right-of-use assets that do not meet the definition of investment property in &#8216;property and equipment&#8217; and lease liabilities in &#8216;Other current liabilities&#8217; and &#8216;Other non-current liabilities&#8217; in the statement of financial position.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii) As a lessor</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At inception or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:1.03%;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU23"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7) Leases, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Policies applicable from January 1, 2019, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii) As a lessor, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the major part of the economic life of the asset.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Company applies the exemption described above, then it classifies the sub-lease as an operating lease.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an arrangement contains lease and non-lease components, then the Company applies K-IFRS No.1115 to allocate the consideration in the contract.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company applies the derecognition and impairment requirements in K-IFRS No. 1109 to the net investment in the lease. The Company further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of &#8216;other revenue&#8217;.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Generally, the accounting policies applicable to the Company as a lessor in the comparative period were not different from K-IFRS 1116.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Policies applicable before January 1, 2019</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the major part of the economic life of the asset.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i) As a lessor</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease income from operating leases is recognized in income on a straight-line basis over the lease term. Initial direct costs incurred by the lessor in negotiating and arranging an operating lease is added to the carrying amount of the leased asset and recognized as an expense over the lease term.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU24"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7) Leases, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Policies applicable before January 1, 2019, continued</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii) As a lessee</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease payments under an operating lease were recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative of the time pattern of the user&#8217;s benefit. Contingent rents were charged as expenses in the periods in which they are incurred.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease incentives received were recognized as liabilities and then as deduction of expense over the term of the lease unless another systematic basis is more representative of the time pattern of the user&#8217;s benefit.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(8) Financial Liabilities</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Classification and measurement</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s financial liabilities at fair value through profit or loss are financial instruments held for trading. A financial liability is held for trading if it is incurred principally for the purpose of repurchasing in the near term. A derivative that is not a designated as hedging instruments and an embedded derivative that is separated are also classified as held for trading.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company classifies non-derivative financial liabilities, except for financial liabilities at fair value through profit or loss, financial guarantee contracts and financial liabilities that arise when a transfer of financial assets does not qualify for derecognition, as financial liabilities carried at amortized cost and present as &#8216;accounts payable&#8217;, &#8216;other current liabilities&#8217; and &#8216;other non-current liabilities&#8217; in the separate statement of financial position. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="font-style:italic;"> </font>Derecognition</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial liabilities are removed from the statement of financial position when it is extinguished; for example, when the obligation specified in the contract is discharged or cancelled or expired or when the terms of an existing financial liability are substantially modified. The difference between the carrying amount of a financial liability extinguished or transferred to another party and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(9) Provisions and Contingent Liabilities</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Provisions for legal claims, service warranties and make good obligations are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.12%;font-size:10pt;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU25"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(9) Provisions and Contingent Liabilities, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, when there is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability, a disclosure regarding the contingent liabilities is made in the notes to the financial statements.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10) Foreign Currency Translation</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Functional and presentation currency</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which it operates (the &#8220;functional currency&#8221;), which the financial statements in the Company and its branch (Taiwan) are presented in Korean won (KRW) and New Taiwan Dollar (NTD), respectively. The separate financial statements are presented in Korean won, which is the Company&#8217;s functional and presentation currency.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Transactions and balances</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies <font style="color:#000000;font-size:9.5pt;">at the exchange rate at the reporting date</font> are generally recognized in profit or loss. They are recognized in other comprehensive income if they relate to qualifying cash flow hedges and qualifying effective portion of net investment hedges, or are attributable to monetary part of the net investment in a foreign operation. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exchange differences arising on non-monetary financial assets and liabilities such as equity instruments at fair value through profit or loss and equity instruments at fair value through other comprehensive income are recognized in profit or loss and other comprehensive income, respectively, as part of the fair value gain or loss.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU26"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(11) Statement of cash flows</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has elected to present cash flows from operating activities using the indirect method. Cash flows denominated in a foreign currency are reported using average exchange rate during the fiscal year.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(12) Revenues from contracts with customers</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company engages in game licensing, IP licensing and game publishing businesses.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue is measured at the fair value of the consideration received or receivable for the sale of goods or rendering of services arising from the normal course of the business. Amounts recognized as revenue are net of value added taxes, returns, rebates and discounts.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Subscription revenue (Online and Mobile)</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recognizes online and mobile game subscription revenue on accrual basis when players make use of in-game premium features.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mobile game users can access certain games free of charge, but may purchase virtual cash to acquire in-game premium features. The Company defer revenue recognition for the unused game points at the end of reporting period. Consumable in-game items are deferred when such in-game items are purchased by users with game points and recognized as revenue when the purchased in-game items are used in the games. In-game items with limited effective period are deferred and recognized as revenue in proportion to the number of days lapsed while durable in-game items are recognized ratably as revenues over the estimated life cycle of game users.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Royalties and license fees</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue is recognized over time when there is reasonable expectation of ongoing activities that may have a significant effect on the customers during the duration of the contracts and the customers are exposed to the effect by the activities and there is no additional goods or services offered to the customers from the activities.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The nature of licensing promise is to provide a right to access the Company&#8217;s intellectual property as it exists throughout the license period. The Company recognizes revenue as the performance obligation satisfied over time.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The prepaid license fee revenues are recorded as deferred revenue and recognized on a straight-line method over the license period. The running royalties are recognized monthly on accrual basis as royalty payments are determined based on the conditions of contracts. The minimum guarantee (&#8220;MG&#8221;) royalties are recorded as deferred revenue and recognized on a straight-line method over the license period. If actual cumulative royalties exceed the cumulative revenue amount recognized under the straight-line method, the Company recognizes the excess amount as revenue.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU27"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13) Current and Deferred Tax</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The tax expense for the period consists of current and deferred tax. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. The tax expense is measured at the amount expected to be paid to the taxation authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the separate financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recognizes a deferred tax liability all taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint arrangements, except to the extent that the Company is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. In addition, the Company recognizes a deferred tax asset for all deductible temporary differences arising from such investments to the extent that it is probable the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(14) Employee Benefits</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Short-term employee benefits</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Short-term employee benefits are employee benefits that are due to be settled within 12 months after the end of the period in which the employees render related services. When an employee has rendered a service to the Company during an accounting period, the Company recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for that service.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU28"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(14) Employee Benefits, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Defined contribution pension plan</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has a defined contribution pension plan with the related contribution to the pension plan recorded as severance benefit expenses for the employees with service period over a year. The Company recognizes provision for severance benefits for the employees with service period less than a year.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(15) Standards issued but not yet effective</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A number of new standards are effective for annual periods beginning after January 1, 2019 and earlier application is permitted; however, the Company has not early adopted the new or amended standards in preparing these separate financial statements.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following amended standards and interpretations are not expected to have a significant impact on the Company&#8217;s separate financial statements. </p>
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<p style="margin-bottom:0pt;margin-top:0pt;color:#auto;font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#auto;font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;color:#auto;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">Amendments to References to Conceptual Framework in K-IFRS Standards.</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;color:#auto;font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#auto;font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;color:#auto;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">Definition of a Business (Amendments to K-IFRS No.1103).</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;color:#auto;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;color:#auto;font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#auto;font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;color:#auto;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">Definition of Materiality (Amendments to K-IFRS No.1001 and K-IFRS No.1108).</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">5. Cash and cash equivalents</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Cash and cash equivalents as of December 31, 2019 and 2018 are as follows: </p>
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<td valign="bottom"  style="width:33.56%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won) </p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:29%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:29%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="bottom"  style="width:1.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
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<td valign="middle"  style="width:33.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Demand deposits, etc.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:29%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,088,250</p></td>
<td valign="middle"  style="width:1.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:29%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,598,874</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;margin-left:6.39%;text-indent:-3.09%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;margin-left:6.39%;text-indent:-3.09%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) The Company does not have any restricted cash and cash equivalents as of December 31, 2019 and 2018.</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU29"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">6. Financial Instruments by Category</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(1) Carrying amounts of financial instruments by category as of December 31, 2019 and 2018 are as follows:</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.24%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.16%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td colspan="7" valign="middle"  style="width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Financial assets at amortized cost</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:37.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents</p></td>
<td valign="middle"  style="width:1.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:24.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,088,250</p></td>
<td valign="middle"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:3.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,598,874</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:37.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Short-term financial assets</p></td>
<td valign="middle"  style="width:1.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,500,000</p></td>
<td valign="middle"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:3.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,500,000</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:37.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts receivable, net</p></td>
<td valign="middle"  style="width:1.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,977,026</p></td>
<td valign="middle"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:3.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,659,595</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:37.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables, net</p></td>
<td valign="middle"  style="width:1.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,162,439</p></td>
<td valign="middle"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:3.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">469,710</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="width:37.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current assets</p></td>
<td valign="middle"  style="width:1.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">334,415</p></td>
<td valign="middle"  style="width:1.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:3.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">189,539</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:37.16%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current financial assets</p></td>
<td valign="middle"  style="width:1.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,702,234</p></td>
<td valign="middle"  style="width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:3.24%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.16%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,405,988</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:37.16%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.72%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:24.28%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100,764,364</p></td>
<td valign="middle"  style="width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:3.24%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">82,823,706</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.43%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:3.15pt;">
<td valign="top"  style="width:37.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:0.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.48%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.75pt;">
<td colspan="6" valign="middle"  style="width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Financial liabilities at amortized cost</p></td>
</tr>
<tr style="height:14.75pt;">
<td valign="middle"  style="width:37.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts payable</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:26.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,169,713</p></td>
<td valign="middle"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:26.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,440,762</p></td>
</tr>
<tr style="height:14.75pt;">
<td valign="middle"  style="width:37.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current liabilities</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,034,556</p></td>
<td valign="middle"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:26.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">150,008</p></td>
</tr>
<tr style="height:14.75pt;">
<td valign="middle"  style="width:37.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current liabilities</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,597,999</p></td>
<td valign="middle"  style="width:0.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.48%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.75pt;">
<td valign="middle"  style="width:37.76%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.44%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:26.4%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,802,268</p></td>
<td valign="middle"  style="width:0.94%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:26.48%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,590,770</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(2) Net income (expenses) from financial instruments for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:3.2pt;">
<td valign="bottom"  style="width:41.2%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:1.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.86%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:0.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.66%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.96%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:15.3pt;">
<td valign="middle"  style="width:41.2%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Financial assets at amortized cost</p></td>
<td valign="middle"  style="width:1.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:15.3pt;">
<td valign="middle"  style="width:41.2%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest income</p></td>
<td valign="middle"  style="width:1.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:23.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,089,618</p></td>
<td valign="bottom"  style="width:0.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,075,805</p></td>
</tr>
<tr style="height:15.3pt;">
<td valign="middle"  style="width:41.2%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Differences in foreign currency</p></td>
<td valign="middle"  style="width:1.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,281,950</p></td>
<td valign="bottom"  style="width:0.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">148,918</p></td>
</tr>
<tr style="height:15.3pt;">
<td valign="middle"  style="width:41.2%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.72%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="bottom"  style="width:23.86%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,371,568</p></td>
<td valign="bottom"  style="width:0.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:2.66%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,224,723</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.43%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:3.1pt;">
<td valign="bottom"  style="width:40.9%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:1.66%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.34%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:0.86%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.96%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:40.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Financial liabilities at amortized cost</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:40.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest expense</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="bottom"  style="width:24.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(173,763)</p></td>
<td valign="bottom"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:40.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Differences in foreign currency</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(88,862)</p></td>
<td valign="bottom"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">108,279</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="width:40.9%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.72%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="bottom"  style="width:24.34%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(262,625)</p></td>
<td valign="bottom"  style="width:0.86%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:2.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.82%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">108,279</p></td>
</tr>
</table></div>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU30"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">6. Financial Instruments by Category, Continued</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(3) Fair value hierarchy</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:5.84%;white-space:nowrap">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
<td valign="top" style="width:4.39%;white-space:nowrap">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;</font></p></td></tr></table></div>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:5.84%;white-space:nowrap">
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
<td valign="top" style="width:4.39%;white-space:nowrap">
<p style="margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
<td valign="top">
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="Background-color:#FFFFFF;color:#000000;font-family:Times New Roman;font-size:10pt;">Level 2: all inputs other than quoted prices included in level 1 that are observable (either directly that is, prices, or indirectly that is, derived from prices) for the asset or liability;</font></p></td></tr></table></div>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:5.84%;white-space:nowrap">
<p style="margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
<td valign="top" style="width:4.39%;white-space:nowrap">
<p style="margin-bottom:12pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
<td valign="top">
<p style="margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="Background-color:#FFFFFF;color:#000000;font-family:Times New Roman;font-size:10pt;">Level 3: unobservable inputs for the asset or liability.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The fair value of financial instruments traded in an active market is determined based on the quoted market price as of the end of the reporting period. If the quoted prices are readily and regularly available through exchanges, sellers, brokers, industry groups, rating agencies or regulators and such prices represent actual market transactions that occur regularly between independent parties, they are considered active markets. These products are included in Level 1.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques use as much market observable information as possible and use the least amount of company-specific information. At this time, if all the significant input variables required to measure the fair value of a good are observable, the good is included in Level 2.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If more than one significant input variable is not based on observable market information, the item is included in Level 3.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The valuation techniques used to measure the fair value of a financial instrument include:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:4.39%;text-indent:-1.09%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-&nbsp;&nbsp;Market price or dealer price of a similar financial instrument </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:5.83%;text-indent:-2.53%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-&nbsp;&nbsp;The fair value of derivative instruments is determined by discounting the amount to present value using the leading exchange rate as of the end of the reporting period </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the other financial instruments, the Company applied other valuation techniques such as discounted cash flow, etc. For the financial assets and liabilities which carrying amount are reasonable approximation of fair value, those were excluded from fair value disclosure.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU31"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">7. Accounts and Other Receivables</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:1.03%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Accounts and other receivables as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.9pt;">
<td valign="bottom"  style="width:31.84%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won) </p></td>
<td valign="top"  style="width:0.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:21.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:1.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:22.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="top"  style="width:0.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="bottom"  style="width:31.84%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.24%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">receivables</p></td>
<td valign="top"  style="width:0.64%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables</p></td>
<td valign="bottom"  style="width:1.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.92%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">receivables</p></td>
<td valign="top"  style="width:0.64%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.7%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables</p></td>
<td valign="top"  style="width:0.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="width:31.84%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-related party</p></td>
<td valign="middle"  style="width:0.64%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.34%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:6.18%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:10.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,839,697</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.4%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.92%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,093,546</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.7%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">192,625</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="width:31.84%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Related party </p></td>
<td valign="middle"  style="width:0.64%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.34%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,156,286</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,162,439</p></td>
<td valign="middle"  style="width:1.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,587,784</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">358,764</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="width:31.84%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less: Loss allowance</p></td>
<td valign="middle"  style="width:0.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(18,957)</p></td>
<td valign="top"  style="width:0.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:1.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:10.92%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,735)</p></td>
<td valign="top"  style="width:0.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.7%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(81,679)</p></td>
<td valign="top"  style="width:0.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="width:31.84%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.64%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:19.58%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:10.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,977,026</p></td>
<td valign="top"  style="width:0.64%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.4%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,162,439</p></td>
<td valign="middle"  style="width:1.02%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:10.92%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,659,595</p></td>
<td valign="top"  style="width:0.64%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.7%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">469,710</p></td>
<td valign="top"  style="width:0.64%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:12pt;margin-left:6.39%;text-indent:-3.09%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:12pt;margin-left:6.39%;text-indent:-3.09%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Changes in the loss allowance of accounts and other receivables during the years ended December 31, 2019 and 2018 are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.9pt;">
<td valign="bottom"  style="width:31.96%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:0.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:21.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:21.68%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:1.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:22.74%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="top"  style="width:0.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="bottom"  style="width:31.96%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:11.18%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">receivables</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.58%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables</p></td>
<td valign="bottom"  style="width:1.02%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.14%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">receivables</p></td>
<td valign="top"  style="width:0.64%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.96%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style="width:31.96%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:21.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:18.55%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:10.46%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,735</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.58%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">81,679</p></td>
<td valign="bottom"  style="width:1.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.14%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,946,529</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.96%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">369,695</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style="width:31.96%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Reversal of) Bad debt expenses</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:21.32%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">63,974</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(37,520)</p></td>
<td valign="bottom"  style="width:1.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,870,546)</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(285,816)</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style="width:31.96%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Write-off</p></td>
<td valign="top"  style="width:0.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:21.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(66,752)</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.58%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(44,159)</p></td>
<td valign="bottom"  style="width:1.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:11.14%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(54,248)</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.96%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,200)</p></td>
<td valign="top"  style="width:0.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style="width:31.96%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</p></td>
<td valign="top"  style="width:0.64%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:21.32%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:10.46%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,957</p></td>
<td valign="top"  style="width:0.64%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.58%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:1.02%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:11.14%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,735</p></td>
<td valign="top"  style="width:0.64%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">81,679</p></td>
<td valign="top"  style="width:0.64%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU32"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">7. Accounts and Other Receivables, Continued</font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:12pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) ECLs and credit risk exposures for accounts and other receivables as of December 31, 2019 and 2018 are as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Accounts receivables</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:1.04%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style="width:59.44%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.04%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.52%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> Expected loss rate(%)</p></td>
<td valign="bottom"  style="width:0.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.82%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.86%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
<td valign="bottom"  style="width:0.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.82%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.82%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Loss allowance</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less than 90 days</p></td>
<td valign="middle"  style="width:1.04%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:21.52%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.05</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:15.86%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,960,791</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.82%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,414</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.1pt;;text-indent:-9pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 90 days ~ Less than 180 days</p></td>
<td valign="middle"  style="width:1.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:21.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.32</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,158</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">421</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 180 days ~ Less than 270 days</p></td>
<td valign="middle"  style="width:1.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:21.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28.95</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">404</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">117</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 270 days ~ Less than 1 year</p></td>
<td valign="middle"  style="width:1.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:21.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30.02</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,896</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,271</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 1 year</p></td>
<td valign="middle"  style="width:1.04%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:21.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.00</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.86%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,734</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.82%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,734</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.04%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.52%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="top"  style="width:15.86%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,995,983</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.82%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,957</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:1.04%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style="width:59.44%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.04%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.12%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> Expected loss rate(%)</p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.84%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.86%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
<td valign="bottom"  style="width:0.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Loss allowance</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less than 90 days</p></td>
<td valign="middle"  style="width:1.04%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:21.12%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:1.03%;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:15.86%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,889,524</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.1pt;;text-indent:-9pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 90 days ~ Less than 180 days</p></td>
<td valign="middle"  style="width:1.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:21.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">295,723</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 180 days ~ Less than 270 days</p></td>
<td valign="middle"  style="width:1.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:21.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">199,172</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 270 days~ Less than 1 year</p></td>
<td valign="middle"  style="width:1.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:21.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">199,172</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 1 year</p></td>
<td valign="middle"  style="width:1.04%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:21.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22.24</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:15.86%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">97,739</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,735</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:39.52%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.04%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.12%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:1.03%;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:15.86%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,681,330</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:16.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,735</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.6%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.6%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Other receivables</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:37.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="12" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:59.98%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.78%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:9.5pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:37.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.58%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Expected loss rate(%)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.14%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.84%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:16.64%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying amount</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.54%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:15.86%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Loss allowance</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.78%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:37.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less than 90 days</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.14%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:5.05pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.58%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,162,439</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#FF0000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.7%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td style="border:none;padding:0;"></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:37.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td colspan="12" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:59.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td colspan="2" valign="bottom"  style="width:0.68%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.78%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:12.65pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:37.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.5%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Expected loss rate(%)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.14%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:16.98%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying amount</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.54%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.38%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:15.18%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Loss allowance</p></td>
<td colspan="2" valign="bottom"  style="width:0.68%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.78%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:37.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less than 90 days</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.14%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.04%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">469,710</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#FF0000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.72%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:37.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More than 1 year</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:21.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.14%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.04%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">81,679</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.54%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.38%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.72%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">81,679</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:37.78%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.52%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:21.5%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.14%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.82%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">551,389</p></td>
<td valign="bottom"  style="width:1.54%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.38%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.86%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:3.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.72%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">81,679</p></td>
<td colspan="2" valign="top"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td style="border:none;padding:0;"></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU33"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">7. Accounts and Other Receivable, Continued</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In assessing the recoverability of accounts and other receivables, the Company considers changes in the credit rating of accounts and other receivables from the commencement of the credit to the end of the reporting period.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company applies simplified approach for accounts and other receivables to measure the loss allowance at an amount equal to lifetime expected credit losses. To measure the expected credit losses, accounts and other receivables are grouped based on credit risk characteristics and the duration of past due balances. <font style="color:#000000;">ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. The Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes the Company&#8217;s historical experience and informed credit assessment, that includes forward-looking information. </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.16%;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">8. Investment in Subsidiaries</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.16%;text-indent:1.03%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of investment in subsidiaries as of December 31, 2019 and 2018 are as follows:</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:23.96%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:27.14%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:24.7%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Percentage of ownership (%)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:23.96%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Subsidiary</p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Location</p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:27.14%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Main business</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fiscal year end</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.92%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.8%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:23.96%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Interactive, Inc.</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:7.46%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">USA</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:27.14%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Online and mobile game services</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.6%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:23.96%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Entertainment Corp.</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:7.46%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Japan</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:27.14%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Animation production, distribution and game services</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.6%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:23.96%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NeoCyon, Inc.(*)</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:7.46%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Korea</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:27.14%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mobile Game Development and Service</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.6%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99.24</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">98.73</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:23.96%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Communications Co., Ltd.</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:7.46%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Taiwan</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:27.14%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Online and mobile game services</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.6%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:23.96%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PT Gravity Game Link</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:7.46%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indonesia</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:27.14%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Online and mobile game services</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.6%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:23.96%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Tech Co., Ltd.</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:7.46%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thailand</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:27.14%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Online and mobile game services</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.6%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:23.96%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Arise Co., Ltd.</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:7.46%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Japan</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:27.14%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Online and mobile game services</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.6%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="bottom"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;font-weight:bold;;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(*) During the year ended December 31, 2019, the Company participated in paid-in capital increase of NeoCyon, Inc. which resulted in increase of ownership interest of the Company.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.16%;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU34"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">8. Investment in Subsidiaries, Continued</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.16%;text-indent:1.03%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) C<font style="color:#000000;">hanges in investment in subsidiaries for the years ended December 31, 2019 and 2018 are as follows: </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.64%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.9pt;">
<td valign="top"  style="width:28.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style="width:67.02%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="bottom"  style="width:28.62%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Subsidiary</p></td>
<td valign="bottom"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.6%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="bottom"  style="width:0.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Acquisition</p></td>
<td valign="bottom"  style="width:0.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.96%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Impairment</p></td>
<td valign="bottom"  style="width:0.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle"  style="width:28.62%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Interactive, Inc.<font style="color:#000000;">(*1)</font></p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:18.6%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.96%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.46%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle"  style="width:28.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Entertainment Corp.<font style="color:#000000;">(*2)</font></p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">379,978</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(379,978)</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle"  style="width:28.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NeoCyon, Inc.<font style="color:#000000;">(*3)</font></p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,403,245</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,999,995</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,468,968)</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,934,272</p></td>
</tr>
<tr style="height:14.9pt;">
<td colspan="3" valign="middle"  style="width:32.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Communications Co., Ltd.<font style="color:#000000;"> </font></p></td>
<td valign="bottom"  style="width:18.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,681,415</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,681,415</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle"  style="width:28.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PT Gravity Game Link(*<font style="color:#000000;">4)</font></p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">830,491</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">830,491</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle"  style="width:28.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Tech Co., Ltd.<font style="color:#000000;">(*5)</font></p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,407,555</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,407,555</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle"  style="width:28.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Arise Co., Ltd.<font style="color:#000000;">(*6)</font></p></td>
<td valign="middle"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">539,485</p></td>
<td valign="bottom"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.96%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">539,485</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle"  style="width:28.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:18.6%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,464,638</p></td>
<td valign="bottom"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,777,526</p></td>
<td valign="bottom"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.14%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,848,946)</p></td>
<td valign="bottom"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.26%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.46%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,393,218</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.01%;text-indent:-3.71%;font-size:9pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) Prior to 2019, the Company recognized an impairment loss at its full amount as the recoverable amount was less than its book value.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) The Company recognized an impairment loss as the recoverable amount was less than its book value for the year ended December 31, 2019. In addition, as of December 31, 2019, Gravity Entertainment Corp. is in the process of liquidation.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*3) The Company recognized an impairment loss of <strike>W</strike>3,468,968 thousand as the recoverable amount was less than its book value for the year ended December 31, 2019.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*4) PT Gravity Game Link was established during the year ended December 31, 2019 with 70% ownership interest held by the Company.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*5) Gravity Game Tech Co., Ltd. was established during the year ended December 31, 2019 with 100% ownership interest held by the Company.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*6) Gravity Game Arise Co., Ltd. was established during the year ended December 31, 2019 with 100% ownership interest held by the Company.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">33</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:0.16%;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU35"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">8. Investment in Subsidiaries, Continued</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Chang<font style="color:#000000;">es in investment in subsidiaries for the years ended December 31, 2019 and 2018 are as follows, Continued: </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.9pt;">
<td valign="top"  style="width:30.5%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style="width:65.12%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.9pt;">
<td valign="bottom"  style="width:30.5%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Subsidiary</p></td>
<td valign="bottom"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.92%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="bottom"  style="width:0.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Acquisition</p></td>
<td valign="bottom"  style="width:0.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Impairment</p></td>
<td valign="bottom"  style="width:0.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.06%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:16.24%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle"  style="width:30.5%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Interactive, Inc.<font style="color:#000000;">(*1)</font></p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:17.92%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.56%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,580,150</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,580,150)</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:16.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle"  style="width:30.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Entertainment Corp.</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">379,978</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">379,978</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle"  style="width:30.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NeoCyon, Inc.<font style="color:#000000;">(*2)</font></p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,403,250</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,999,995</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,403,245</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle"  style="width:30.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Games Corp.<font style="color:#000000;">(*3)</font></p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.9pt;">
<td colspan="3" valign="middle"  style="width:34.26%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Communications Co., Ltd.<font style="color:#000000;">(*4)</font></p></td>
<td valign="bottom"  style="width:17.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,681,415</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:16.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,681,415</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle"  style="width:30.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:17.92%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,783,228</p></td>
<td valign="bottom"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.56%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,261,560</p></td>
<td valign="bottom"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,580,150)</p></td>
<td valign="bottom"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.06%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:16.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,464,638</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.01%;text-indent:-3.71%;font-size:9pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) The Company reduced the carrying amount of investment in Gravity Interactive, Inc. to zero as indications of impairment were present and carrying amount exceeded the recoverable amount.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) Percentage of ownership increased as the Company participated in capital increase with consideration by NeoCyon, Inc. during the year ended December 31, 2018.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*3) Excluded from the consolidation as liquidated during the year ended December 31, 2018.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*4) Newly established during the year ended December 31, 2018 with 100% ownership interest of the Company.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:0.16%;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU36"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">8. Investment in Subsidiaries, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Condensed financial information of subsidiaries as of and for the years ended December 31, 2019 and 2018 are as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td colspan="2" valign="top"  style="width:30.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td colspan="2" valign="bottom"  style="width:2.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="11" valign="bottom"  style="width:65.92%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:29.8%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Subsidiary</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:2.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.92%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> Total assets</p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total liabilities</p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.38%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Revenue</p></td>
<td valign="bottom"  style="width:0.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:18.6%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Profit (loss) for</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">the year</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:29.8%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Interactive, Inc.</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:12.92%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,296,390</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.54%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,112,064</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">230,028,732</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.6%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,803,917</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:29.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.1pt;;text-indent:-9pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Entertainment Corp.</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">44,413</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">51,753</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">263,173</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(443,447)</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:29.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NeoCyon, Inc.</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,145,058</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,728,294</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25,346,555</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(982,316)</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:29.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Communications Co., Ltd.</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,963,791</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,226,688</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,811,450</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,636,742</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:29.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PT Gravity Game Link</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">960,338</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">201,963</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">744,554</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(436,734)</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:29.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Tech Co., Ltd.</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,008,149</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,624,291</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,294,773</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,973,125)</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:29.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Arise Co., Ltd. </p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,840,615</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,343,024</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">771,398</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(35,290)</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td colspan="2" valign="top"  style="width:30.96%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td colspan="2" valign="bottom"  style="width:2.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="11" valign="bottom"  style="width:65.42%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:30.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Subsidiary</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:2.92%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total assets</p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total liabilities</p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.4%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.3%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Revenue</p></td>
<td valign="bottom"  style="width:0.84%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:18.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Profit (loss) for</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">the year</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:30.24%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Interactive, Inc.</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:13.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79,806,232</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.32%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">80,016,529</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">84,329,085</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.88%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,511,020)</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:30.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.1pt;;text-indent:-9pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Entertainment Corp.</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">509,183 </p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">96,184 </p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">157,425 </p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,797 </p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:30.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NeoCyon, Inc.</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,619,844 </p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,209,590 </p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22,782,618 </p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,056,820)</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:30.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Communications Co., Ltd.</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,231,267 </p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,352,489 </p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,200,724 </p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">204,883</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:30.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Games Corp.</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,641</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,164,622</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">9. Property and Equipment</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of property and equipment as of December 31, 2019 and 2018 are as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.55pt;">
<td valign="bottom"  style="width:25%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;font-size:7pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:0.68%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style="width:33.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:1.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:2.86%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style="width:32.86%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style="width:25%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.68%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Acquisition</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">cost</p></td>
<td valign="bottom"  style="width:0.7%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.18%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.74%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Accumulated depreciation</p></td>
<td valign="bottom"  style="width:0.7%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.4%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:8.84%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
<td valign="bottom"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.18%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.24%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Acquisition cost</p></td>
<td valign="bottom"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.08%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.24%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Accumulated depreciation</p></td>
<td valign="bottom"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style="width:25%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Computer and other equipment</p></td>
<td valign="middle"  style="width:0.68%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:9.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,144,992</p></td>
<td valign="middle"  style="width:0.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.18%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,724,780)</p></td>
<td valign="middle"  style="width:0.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="3" valign="middle"  style="width:8.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">420,212</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.18%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:9.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,524,208</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,981,176)</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:10.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">543,032</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style="width:25%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furniture and fixture</p></td>
<td valign="middle"  style="width:0.68%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:9.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">495,090</p></td>
<td valign="middle"  style="width:0.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.18%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(287,737)</p></td>
<td valign="middle"  style="width:0.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="3" valign="middle"  style="width:8.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">207,353</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.18%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:9.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">497,137</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(282,402)</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:10.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">214,735</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style="width:25%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Leasehold improvements</p></td>
<td valign="middle"  style="width:0.68%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:9.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,128,015</p></td>
<td valign="middle"  style="width:0.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.18%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,052,718)</p></td>
<td valign="middle"  style="width:0.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="3" valign="middle"  style="width:8.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,297</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.18%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:9.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,121,820</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(997,498)</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:10.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">124,322</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style="width:25%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Right-of-use assets</p></td>
<td valign="middle"  style="width:0.68%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:9.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,384,302</p></td>
<td valign="middle"  style="width:0.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.18%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,232,021)</p></td>
<td valign="middle"  style="width:0.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="3" valign="middle"  style="width:8.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,152,281</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.18%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:9.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:10.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style="width:25%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.68%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.12%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="top"  style="width:9.46%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,152,399</p></td>
<td valign="middle"  style="width:0.7%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.18%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.74%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6,297,256)</p></td>
<td valign="middle"  style="width:0.7%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.4%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="3" valign="top"  style="width:8.84%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,855,143</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.18%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,143,165</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.08%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,261,076)</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.8%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">882,089</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU37"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">9. Property and Equipment, Continued</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(2) Changes in property and equipment for the years ended December 31, 2019 and 2018 are as follows:</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-weight:bold;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:10.75pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:25.4%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:7pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:0.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="16" valign="bottom"  style="width:70.3%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.42%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td style="border:none;padding:0;"></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:10.75pt;">
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:25.4%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:16.96%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Computer and other equipments </p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:11.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Furniture</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">and fixture</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.36%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.16%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Leasehold</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">improvements</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.36%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.84%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Right-of-use assets</p></td>
<td colspan="2" valign="top"  style="width:0.38%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.74%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:11.1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td colspan="3" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.44%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr style="height:10.75pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">543,032</font></p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.3%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">214,735</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.1%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 124,322</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.06%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> -</p></td>
<td colspan="2" valign="top"  style="width:0.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="4" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 882,089</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:10.75pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;text-indent:-4pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Recognition of right-of-use asset on initial application of K-IFRS No. 1116</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">-</font></p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.3%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> -</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.1%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> -</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.06%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 2,961,268</p></td>
<td colspan="2" valign="top"  style="width:0.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="4" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,961,268</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:10.75pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">87,334</font></p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.3%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">66,418</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.1%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> -</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.06%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 441,190</p></td>
<td colspan="2" valign="top"  style="width:0.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="4" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 594,942</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:10.75pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">(210,154) </font></p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.3%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (73,800)</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.1%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (49,655)</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.06%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (1,236,468)</p></td>
<td colspan="2" valign="top"  style="width:0.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="4" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (1,570,077)</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:10.75pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Disposals</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.96%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.3%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> -</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.1%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> -</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.06%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (13,709)</p></td>
<td colspan="2" valign="top"  style="width:0.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="4" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.08%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (13,709)</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:10.75pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:25.4%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign exchange differences</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.96%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">- </font></p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.3%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> -</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.36%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 630</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.36%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.06%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> -</p></td>
<td colspan="2" valign="top"  style="width:0.38%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.74%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="4" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.08%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 630</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.36%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:10.75pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:25.4%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.72%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="color:#000000;">420,212 </font></p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.12%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">207,353</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.36%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.52%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,297</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.36%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.06%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,152,281</p></td>
<td colspan="2" valign="top"  style="width:0.38%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.74%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="4" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,855,143</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.36%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:11.05pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:25.9%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:7pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.7%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style="width:70.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.54%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr style="height:11.05pt;">
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:25.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.7%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.02%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Computer and other equipments </p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:15.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Furniture</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">and fixture</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.06%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Leasehold</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">improvements</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:14.7%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.05pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.02%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">319,038</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30,222</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.46%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">126,767</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.58%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">476,027</p></td>
<td style="border:none;padding:0;"></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.05pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.02%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">442,402</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">238,800</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.46%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">116,589</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.58%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">797,791</p></td>
<td style="border:none;padding:0;"></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.05pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.02%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(187,394)</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(33,508)</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.46%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(115,098)</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.58%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(336,000)</p></td>
<td style="border:none;padding:0;"></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.05pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Disposals</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.02%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(31,606)</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,182)</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.46%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,275)</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.58%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(58,063)</p></td>
<td style="border:none;padding:0;"></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.05pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:25.9%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign exchange<font style="color:#000000;"> differences</font></p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.7%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.02%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">592</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">403</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.46%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.08%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,339</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.46%; border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.58%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,334</p></td>
<td style="border:none;padding:0;"></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.05pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:25.9%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.7%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.82%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.02%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">543,032</p></td>
<td colspan="2" valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.48%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">214,735</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.46%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.08%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">124,322</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.46%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.96%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.58%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">882,089</p></td>
<td style="border:none;padding:0;"></td>
<td style="border:none;padding:0;"></td>
</tr>
</table></div>
<p style="margin-top:12pt;margin-bottom:12pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:12pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Classification of depreciation expenses in the statements of comprehensive income for the years ended December 31, 2019 and 2018 are as follows:</p>
<p style="margin-top:12pt;margin-bottom:12pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:45.5%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:1.4pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.86%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.74%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:0.86%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.74%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:13.6pt;">
<td valign="middle"  style="width:45.5%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cost of revenues</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:23.74%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">967,487</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.74%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">114,460</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:45.5%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Selling, general and administrative expenses</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.28%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">602,590</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">221,540</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:45.5%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.86%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.28%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:23.74%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,570,077</p></td>
<td valign="middle"  style="width:0.86%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.74%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">336,000</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:12pt;margin-left:5.81%;text-indent:-2.53%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) As of December 31, 2019 and 2018, there are no property and equipment of the Company that are pledged as collateral for the Company&#8217;s debts.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">36</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU38"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">10. Intangible Assets</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of intangible assets as of December 31, 2019 and 2018 are as follows:</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.4pt;">
<td valign="bottom"  style="width:18.64%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;font-size:7pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style="width:38.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style="width:38.64%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.4pt;">
<td valign="middle"  style="width:18.64%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Acquisition cost</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Accumulated depreciation<font style="font-weight:normal;">(*)</font></p></td>
<td valign="middle"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Acquisition cost</p></td>
<td valign="middle"  style="width:0.66%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.7%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Accumulated depreciation<font style="font-weight:normal;">(*)</font></p></td>
<td valign="middle"  style="width:0.92%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:11.58%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">amount</p></td>
</tr>
<tr style="height:13.4pt;">
<td valign="middle"  style="width:18.64%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Software</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:10.62%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,523,420</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(9,965,024)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">558,396</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,078,904</p></td>
<td valign="middle"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.7%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(9,575,685)</p></td>
<td valign="middle"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:4.95%;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:11.58%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">503,219</p></td>
</tr>
<tr style="height:13.4pt;">
<td valign="middle"  style="width:18.64%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Patents</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">669,854</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(488,324)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">181,530</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">532,832</p></td>
<td valign="middle"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(461,451)</p></td>
<td valign="middle"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:11.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,381</p></td>
</tr>
<tr style="height:13.4pt;">
<td valign="middle"  style="width:18.64%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.6pt;;text-indent:-8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other intangible assets</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,717,784</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,432,167)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,285,617</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,454,522</p></td>
<td valign="middle"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,456,408)</p></td>
<td valign="middle"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:11.58%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">998,114</p></td>
</tr>
<tr style="height:13.4pt;">
<td valign="middle"  style="width:18.64%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:10.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,911,058</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.52%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,885,515)</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.54%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,025,543</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,066,258</p></td>
<td valign="middle"  style="width:0.66%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.7%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(12,493,544)</p></td>
<td valign="middle"  style="width:0.92%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:11.58%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,572,714</p></td>
</tr>
</table></div>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:9pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(*) Accumulated depreciation includes the amount of accumulated impairment loss.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(2) Changes in intangible assets for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.05pt;">
<td rowspan="2" valign="top"  style="width:27.16%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="8" valign="bottom"  style="width:66.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
</tr>
<tr style="height:13.05pt;">
<td valign="middle"  style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.44%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Software</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Patents</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Other intangible </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">assets</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.94%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="middle"  style="width:27.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="middle"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:14.44%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">503,219</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,381</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.28%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">998,114</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.94%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,572,714</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:2.55pt;">
<td valign="middle"  style="width:27.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions</p></td>
<td valign="middle"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">444,516</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">137,022</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">410,120</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">991,658</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="middle"  style="width:27.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization</p></td>
<td valign="middle"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(389,339)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(26,873)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(71,108)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(487,320)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="middle"  style="width:27.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Impairment loss (*)</p></td>
<td valign="middle"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(51,509)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(51,509)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="middle"  style="width:27.16%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</p></td>
<td valign="middle"  style="width:1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:14.44%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">558,396</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">181,530</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.28%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,285,617</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.94%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,025,543</p></td>
<td style="border:none;padding:0;"></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*) The Company recognized <strike>W</strike>51,509 thousand of impairment loss as carrying amount of other intangible assets exceeded recoverable amount as of December 31, 2019.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:-3.09%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:9pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.05pt;">
<td rowspan="2" valign="top"  style="width:27.16%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="8" valign="bottom"  style="width:66.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:13.05pt;">
<td valign="middle"  style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.44%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Software</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Patents</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Other intangible </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">assets</p></td>
<td valign="bottom"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.94%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="bottom"  style="width:27.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="middle"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:14.44%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,074</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">76,535</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.28%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">895,246</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.94%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">988,855</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:2.55pt;">
<td valign="bottom"  style="width:27.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions</p></td>
<td valign="middle"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">877,339</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,971</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">976,225</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,869,535</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="bottom"  style="width:27.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization</p></td>
<td valign="middle"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(388,811)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,125)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(250,216)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(660,152)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="bottom"  style="width:27.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Disposals</p></td>
<td valign="middle"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,438)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,438)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="bottom"  style="width:27.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Impairment loss(*)</p></td>
<td valign="middle"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(623,141)</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(623,141)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="bottom"  style="width:27.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign exchange differences</p></td>
<td valign="middle"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">55</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">55</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="bottom"  style="width:27.16%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</p></td>
<td valign="middle"  style="width:1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.62%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:14.44%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">503,219</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.4%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,381</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.28%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">998,114</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.94%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,572,714</p></td>
<td style="border:none;padding:0;"></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-size:9pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*) The Company recognized <strike>W</strike>623,141 thousand of impairment loss as carrying amount of other intangible assets exceeded recoverable amount as of December 31, 2018.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU39"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">10. Intangible Assets, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Classification of amortization in the statements of comprehensive income for the years ended December 31, 2019 and 2018 are as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:12pt;">
<td valign="bottom"  style="width:48.42%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:5.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:1.7%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:22.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:12pt;">
<td valign="middle"  style="width:48.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cost of revenues</p></td>
<td valign="middle"  style="width:5.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:22.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.41%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">80,200</p></td>
<td valign="middle"  style="width:1.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:4.4pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">255,321</p></td>
</tr>
<tr style="height:12pt;">
<td valign="middle"  style="width:48.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Selling, general and administrative expenses</p></td>
<td valign="middle"  style="width:5.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.21%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.41%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">407,120</p></td>
<td valign="middle"  style="width:1.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">404,831</p></td>
</tr>
<tr style="height:12pt;">
<td valign="middle"  style="width:48.42%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td valign="middle"  style="width:5.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:22.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.41%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">487,320</p></td>
<td valign="middle"  style="width:1.7%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:22.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">660,152</p></td>
</tr>
</table></div>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">11. Employee Benefit </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The expenses recognized in relation to defined contribution plan for the years ended December 31, 2019 and 2018 are <strike>W</strike>917,923 thousand and <strike>W</strike>770,086 thousand, respectively. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">12. Commitments</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">The Company has entered into exclusive license agreements with foreign licensees, such as GungHo Online Entertainment, Inc. and Electronics Extreme Ltd., etc. to provide exclusive license to distribute and sell online games and receives a certain portion of each licensee&#8217;s revenues (20-40%) as royalties.</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">In March 2016, the Company and Shanghai The Dream Network Technology Co., Ltd. entered existing development agreements to grant them an exclusive right to develop mobile games and web games in China based on the contents of Ragnarok Online and distribute such games in China for five years.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019, the Company has entered into contracts with Gravity Interactive, Inc. and NeoCyon, Inc. for the exclusive rights of publishing and distributing online games and for the exclusive rights of developing, publishing and distributing mobile games, respectively. The Company also has entered into contracts with Gravity Communications Co., Ltd., Gravity Game Tech Co., Ltd. and PT. Gravity Game Link for the exclusive rights of publishing and distributing online and mobile games (Note 23).</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2019, the Company has entered into license agreements with various third-party game developers to secure exclusive right to publish the games developed by third-party developers. Upfront license fees paid are capitalized and recognized as other intangible assets and minimum guaranteed royalties are capitalized and recognized as other non-current asset. Purchase obligations for future payment related to above agreements as of December 31, 2019 and 2018 are <strike>W</strike>515,780 thousand and <strike>W</strike>1,709,357 thousand, respectively.</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">38</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU40"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">13. Share Capital and Share Premium</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of common shares as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:15.2pt;">
<td valign="middle"  style="width:37.7%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;font-size:9pt;">(In won and in number of shares)</font></p></td>
<td valign="top"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.02%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:2.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:15.2pt;">
<td valign="middle"  style="width:37.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Number of authorized shares </p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.02%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,000,000</p></td>
<td valign="bottom"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.46%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,000,000</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:15.2pt;">
<td valign="middle"  style="width:37.7%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Value per share</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.71%;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:25.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">500</p></td>
<td valign="bottom"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">500</p></td>
<td valign="middle"  style="width:0.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:15.2pt;">
<td valign="middle"  style="width:37.7%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Number of shares issued </p></td>
<td valign="middle"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.02%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,948,900</p></td>
<td valign="bottom"  style="width:2.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,948,900</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:15.2pt;">
<td valign="middle"  style="width:37.7%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common shares</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:6.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:25.02%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450,000</p></td>
<td valign="bottom"  style="width:2.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:26.46%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,474,450,000</p></td>
<td valign="middle"  style="width:0.98%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Details of share premium as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:42.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.48%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:3.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.08%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:42.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additional paid-in capital</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:25.48%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25,357,547</p></td>
<td valign="bottom"  style="width:3.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.08%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25,357,547</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:42.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other capital surplus </p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,125,136</p></td>
<td valign="bottom"  style="width:3.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,125,136</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:42.8%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.02%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike><font style="color:#000000;"> </font></p></td>
<td valign="bottom"  style="width:25.48%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,482,683</p></td>
<td valign="bottom"  style="width:3.02%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:23.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,482,683</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Details of other components of equity as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:43%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:2.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.74%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:43%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign currency translation adjustments</p></td>
<td valign="top"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:25.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(26,017)</p></td>
<td valign="bottom"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.74%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(270,936)</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Details of retained earnings as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:43%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;font-size:9pt;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:2.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.74%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:43%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unappropriated retained earnings</p></td>
<td valign="top"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:4.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:25.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70,570,205</p></td>
<td valign="bottom"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.74%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47,101,922</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5) According to the Company's Articles of Incorporation, the Company may issue 2,000,000 shares of preferred stock without voting rights, and there are no preferred shares issued as of December 31, 2019.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU41"></a><font style="color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">13. Share Capital and Share Premium, Continued</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6) Statements of appropriation of retained earnings as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:54.16%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date of appropriation for 2019: March 31, 2020</p></td>
<td valign="top"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.24%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:54.16%;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:9pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:normal;">Date of appropriation for 2018: March 29, 2019</font></p></td>
<td valign="top"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.24%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.24%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;font-size:8pt;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Retained earnings available for appropriation</p></td>
<td valign="top"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unappropriated retained earnings carried over from prior year </p></td>
<td valign="top"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47,101,922</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.71%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,424,777</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Profit for the year</p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,468,283</p></td>
<td valign="bottom"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.68%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,677,145</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70,570,205</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.85%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47,101,922</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Appropriation of retained earnings</p></td>
<td valign="top"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:4.53%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unappropriated retained earnings to be carried forward</p></td>
<td valign="top"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.16%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:19.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70,570,205</p></td>
<td valign="bottom"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:6.39%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:20%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47,101,922</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">14. Revenue from Contracts with Customers</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of revenue from contracts with customers based on the service contract type and the timing of satisfaction of performance obligations are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Service contract</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Subscription contract</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">58,141,836</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">166,269,860</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Licensing contract</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">74,762,784</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,303,853</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Others</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">247,193</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">123,798</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">133,151,813</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">198,697,511</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Major geographic market</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Taiwan</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">36,161,211</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">96,670,359</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Korea</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,679,411</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">64,595,872</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Japan</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,496,812</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,538,576</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">41,814,379</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,892,704</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">133,151,813</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">198,697,511</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Timing of satisfaction of performance obligations</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> At a point in time</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,401</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,082</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Over time</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">133,142,412</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.71%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">198,689,429</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:19.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">133,151,813</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:6.39%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:20%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">198,697,511</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU42"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">14. Revenue from Contracts with Customers, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Accounts receivables, incremental costs of obtaining a contract and contract liabilities <font style="color:#000000;">related to contracts with customers</font> as of December 31, 2019 and December 31, 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts receivable</p></td>
<td valign="top"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,977,026</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,659,595</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Incremental costs of obtaining a contract (Prepaid expenses)</p></td>
<td valign="top"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">320,460</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.71%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">221,180</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Contact liabilities(Deferred revenue)</p></td>
<td valign="top"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,297,596</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.68%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,114,516</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subscription revenue</p></td>
<td valign="top"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,894,517</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.85%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,254,122</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.16%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Royalties and license fees</p></td>
<td valign="top"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,403,079</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.85%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,860,394</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Changes in contract liabilities for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.6%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="top"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.2%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:39.58%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Contract liabilities</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.6%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></td>
<td valign="top"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.2%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.42%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:0.86%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.3%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.6%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance at January 1</p></td>
<td valign="top"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,114,516</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.08%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,476,897</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.6%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Increase related to subscription revenue</p></td>
<td valign="top"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,463,579</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.71%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,254,122</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.6%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Increase related to royalties and license fees</p></td>
<td valign="top"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.68%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">540,460</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.6%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Decrease upon satisfaction of performance obligation </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8211; subscription revenue</p></td>
<td valign="top"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(15,823,184)</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.85%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,628,665)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.6%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Decrease upon satisfaction of performance obligation </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8211; royalties and license fees</p></td>
<td valign="top"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,397,315)</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.85%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,919,483)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.6%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Decrease due to termination of contracts</p></td>
<td valign="top"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(60,000)</p></td>
<td valign="middle"  style="width:0.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:4.53%;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(608,815)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.6%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance at December 31</p></td>
<td valign="top"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.2%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:19.42%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,297,596</p></td>
<td valign="middle"  style="width:0.86%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:6.39%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:19.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,114,516</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">The amount of revenue recognized from previous period&#8217;s contract liabilities satisfied during the year ended December 31, 2019 is <strike>W</strike>6,751,535 thousand.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(4) Transaction price allocated to unsatisfied performance obligations as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:43%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.38%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:2.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.08%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:43%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subscription revenue</p></td>
<td valign="top"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:24.38%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,894,517</p></td>
<td valign="bottom"  style="width:2.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.08%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,254,122</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:43%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Royalties and license fees</p></td>
<td valign="top"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:5.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,403,079</p></td>
<td valign="bottom"  style="width:2.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,860,394</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="width:43%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.72%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:24.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,297,596</p></td>
<td valign="bottom"  style="width:2.26%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:23.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,114,516</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s management expects to recognize 97.7% (<strike>W</strike>4,199,370 thousand) of the transaction price allocated to contracts that have not been performed as of December 31, 2019 as revenue within 12 months. The remaining 2.3% (<strike>W</strike>98,226 thousand) is expected to be recognized as revenue thereafter.<font style="color:#000000;"> </font>The amounts disclosed above do not include variable consideration which is constrained.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">41</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU43"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">14. Revenue from contracts with customers, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:5.81%;text-indent:-2.53%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5) Details of incremental costs of obtaining a contract recognized as assets as of and for the years ended December 31, 2019 and 2018 are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:43%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:2.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.74%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:43%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Incremental costs of obtaining a contract</p></td>
<td valign="top"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:25.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">320,460</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:23.74%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">221,180</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:43%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:25.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:23.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:43%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:2.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.74%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style="width:43%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization costs recognized as cost of revenue</p></td>
<td valign="top"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:4.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:25.2%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">221,180</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:23.74%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,071,368</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">15. Classification of expenses by nature</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="middle"  style="width:51.72%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.14%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.1%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.14%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:51.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Fees and commissions</p></td>
<td valign="top"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:19.1%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">62,072,405</p></td>
<td valign="bottom"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.14%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">120,801,617</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:51.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Advertising expenses</p></td>
<td valign="top"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:6.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,973,687</p></td>
<td valign="bottom"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,545,848</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:51.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Salaries</p></td>
<td valign="top"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:6.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,206,316</p></td>
<td valign="bottom"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,014,404</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:51.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Outsourcing expenses</p></td>
<td valign="top"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:6.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,626,034</p></td>
<td valign="bottom"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,180,257</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:51.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Rent</p></td>
<td valign="top"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:6.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">987,892</p></td>
<td valign="bottom"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,056,655</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:51.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Employee benefits</p></td>
<td valign="top"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:6.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,180,771</p></td>
<td valign="bottom"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,134,249</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:51.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expenses related to defined contribution plan </p></td>
<td valign="top"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:6.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">938,120</p></td>
<td valign="bottom"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">820,488</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:51.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="top"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:6.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,570,077</p></td>
<td valign="bottom"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">336,000</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:51.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization</p></td>
<td valign="top"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:6.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">487,320</p></td>
<td valign="bottom"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">660,152</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:51.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Bad debt(Reversal of allowance for doubtful accounts)</p></td>
<td valign="top"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:6.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">63,974</p></td>
<td valign="bottom"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,814,155)</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:51.72%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other expenses</p></td>
<td valign="top"  style="width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:6.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,498,664</p></td>
<td valign="bottom"  style="width:2.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,511,296</p></td>
<td valign="middle"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:51.72%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.14%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:19.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">98,605,260</p></td>
<td valign="bottom"  style="width:2.42%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:19.14%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">158,246,811</p></td>
<td valign="middle"  style="width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:9pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Classification of expenses by nature includes selling, general and administrative expenses and cost of revenues in the separate statements of comprehensive income.</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">42</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU44"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">16. Selling, general and administrative expenses</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.16%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.3%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.38%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.68%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Advertising expenses</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:18.16%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,973,687</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:17.68%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,545,848</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Fees</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,971,736</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,766,120</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research and development </p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,417,665</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,511,840</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Salaries</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,553,006</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,393,115</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Employee benefits</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">741,512</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">740,282</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Rent</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">400,619</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">754,490</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expenses related to defined contribution plan</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">381,757</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">324,484</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">514,669</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">211,616</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">383,181</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">400,772</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Bad debt (Reversal of allowance for doubtful accounts)</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">63,974</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,814,155)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other expenses</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">961,145</p></td>
<td valign="middle"  style="width:2.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">912,196</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<td valign="middle"  style="width:49.86%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.72%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.1%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:18.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">33,362,951</p></td>
<td valign="middle"  style="width:2.3%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:4.38%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:17.68%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,746,608</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">17. Finance Income and Costs</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of finance income for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.86%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.16%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Finance income</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.04%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.16%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest income</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:21.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,089,618</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,075,805</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gain on foreign currency transaction</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">435,717</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.86%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:21.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,525,335</p></td>
<td valign="middle"  style="width:2.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:20.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,075,820</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Details of finance costs for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.82%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.3%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.82%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.82%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Finance costs</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.82%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.82%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest expense</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:21.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">173,763</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.82%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unrealized foreign currency loss</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">117,839</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">72,667</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.82%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss on foreign currency transactions</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">631</p></td>
<td valign="middle"  style="width:2.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,155</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.82%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:21.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">292,233</p></td>
<td valign="middle"  style="width:2.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:19.82%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79,822</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU45"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">18. Other Non-Operating Income and Expenses</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of other non-operating income for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unrealized foreign currency gain</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.04%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86,980</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.28%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">80,541</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gain on foreign currency transactions</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,920,485</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,154,194</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gain on disposal of property and equipment</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,666</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,497</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Reversal of allowance for doubtful accounts</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37,520</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,233,457</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dividend income</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,557,694</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">387,675</p></td>
<td valign="middle"  style="width:2.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">319,956</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:20.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,994,020</p></td>
<td valign="middle"  style="width:2.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:19.28%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,803,645</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Details of other non-operating expenses for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.68%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:19.64%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unrealized foreign currency loss</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:19.68%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">123,701</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.64%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,590</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss on foreign currency transactions</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,007,922</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">870,139</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Impairment loss on intangible assets</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">485,963</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">623,141</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss on retirement of property and equipment</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,275</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Impairment loss on investment in subsidiaries</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,848,946</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,580,150</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,013</p></td>
<td valign="middle"  style="width:2.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:19.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,698</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:49.8%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:19.68%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,469,545</p></td>
<td valign="middle"  style="width:2.52%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:19.64%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,110,993</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">19. Income tax expense </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Details of income tax expense for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.55pt;">
<td valign="middle"  style="width:52.44%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.44%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.74%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.34%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.55pt;">
<td valign="middle"  style="width:52.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Current tax on profit for the year</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:18.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,262,763</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,839,146</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.55pt;">
<td valign="middle"  style="width:52.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax expense (benefit)</p></td>
<td valign="middle"  style="width:0.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.44%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,573,084</p></td>
<td valign="middle"  style="width:2.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:18.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,376,941)<font style="color:#000000;"> </font></p></td>
<td valign="middle"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.55pt;">
<td valign="middle"  style="width:52.44%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.44%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:18.74%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,835,847</p></td>
<td valign="middle"  style="width:2.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:18.34%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,462,205</p></td>
<td valign="middle"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">44</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU46"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">19. Income tax expense, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) The differences between the tax expense on the Company&#8217;s profit before tax and the amount that would arise using the statutory tax rate applicable to profits of the Company are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.4%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.96%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Profit before income tax expense</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:16.96%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35,304,130</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35,139,350 </p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Income tax using the statutory tax rate</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,081,600</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,041,723 </p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments:</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expenses not deductible for tax purposes</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,450</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">36,420 </p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Tax amounts paid in a foreign country</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,754,083</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,671,928 </p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Tax deduction</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(542,868)</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Utilization of previously unrecognized tax losses</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,799,856)</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Utilization of previously unrecognized tax credits&nbsp;&nbsp;</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(652,938)</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Change in deferred tax due to carry-forward deficits</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,950,584)</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Change in deferred tax due to tax credit carry-forward</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,314,883)</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="middle"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.96%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(496,418)</p></td>
<td valign="middle"  style="width:2.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">430,395</p></td>
<td valign="middle"  style="width:0.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.96%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,754,247</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,579,518)</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Income tax expense</p></td>
<td valign="middle"  style="width:0.76%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:16.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,835,847</p></td>
<td valign="middle"  style="width:2.46%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:16.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,462,205</p></td>
<td valign="middle"  style="width:0.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="width:55.9%;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Effective tax rate</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.96%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34%</p></td>
<td valign="middle"  style="width:2.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.76%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7%</p></td>
<td valign="middle"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.64%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">45</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU47"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">19. Income tax expense, Continued</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Details of the changes in deferred tax assets (liabilities) for the years ended December 31, 2019 and 2018 are as follows:</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:5.77%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:11.8pt;">
<td rowspan="2" valign="top"  style="width:22.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.45pt;;font-style:italic;font-size:7pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:2.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="8" valign="bottom"  style="width:35.34%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style="width:36.5%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:2.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Beginning </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">balance</p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Increase</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Decrease)</p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Ending</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">balance</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Beginning </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">balance</p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Increase</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Decrease)</p></td>
<td valign="bottom"  style="width:0.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Ending</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">balance</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:22.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Property and equipment</p></td>
<td valign="middle"  style="width:2.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;margin-right:1.65%;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:9.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,585</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,838</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35,423</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,585</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,585</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:22.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Intangible assets</p></td>
<td valign="middle"  style="width:2.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">238,471</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(17,365)</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">221,106</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">238,471</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">238,471</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:22.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts Payable</p></td>
<td valign="middle"  style="width:2.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">531,182</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(104,255)</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">426,927</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">531,182</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">531,182</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:22.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred revenue</p></td>
<td valign="middle"  style="width:2.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,814</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(52,617)</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,197</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">179,929</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(120,115)</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,814</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:22.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.6pt;;text-indent:-4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Allowance for doubtful accounts</p></td>
<td valign="middle"  style="width:2.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">264,484</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">264,484</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">264,484</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">264,484</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:22.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Asset retirement obligation</p></td>
<td valign="middle"  style="width:2.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,264</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,264</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,205</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,059</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,264</p></td>
</tr>
<tr style="height:1.95pt;">
<td valign="bottom"  style="width:22.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Investment in subsidiaries</p></td>
<td valign="middle"  style="width:2.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">389,453</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">389,453</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,747,475</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,747,475)</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:22.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Tax paid in foreign countries</p></td>
<td valign="middle"  style="width:2.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,835)</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,481</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(354)</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,835)</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,835)</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:22.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="middle"  style="width:2.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,326)</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">91,606</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">78,280</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(70,606)</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">57,280</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,326)</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:22.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sub-total(&#8544;)</p></td>
<td valign="middle"  style="width:2.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;margin-right:0.82%;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:9.04%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,147,639</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">321,141</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,468,780</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,896,003</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,748,364)</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,147,639</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:22.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.6pt;;text-indent:-4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax due to carry-forward deficits(&#8545;) </p></td>
<td valign="middle"  style="width:2.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,950,584</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,950,584)</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">107,567</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,843,017</p></td>
<td valign="bottom"  style="width:0.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,950,584</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:22.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.6pt;;text-indent:-4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax due to tax credit carry-forward(&#8546;)</p></td>
<td valign="middle"  style="width:2.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:9.04%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,314,883</p></td>
<td valign="bottom"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56,359</p></td>
<td valign="bottom"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,371,242</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,595</p></td>
<td valign="bottom"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,282,288</p></td>
<td valign="bottom"  style="width:0.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,314,883</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style="width:22.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.6pt;;text-indent:-4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax assets </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(&#8544;+&#8545;+&#8546;) (*) </p></td>
<td valign="bottom"  style="width:2.9%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;margin-right:0.82%;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:9.04%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,413,106</p></td>
<td valign="bottom"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.4%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,573,084)</p></td>
<td valign="bottom"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:1.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.54%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,840,022</p></td>
<td colspan="2" valign="bottom"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:0.94%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.54%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,036,165</p></td>
<td valign="bottom"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.16%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.02%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,376,941</p></td>
<td valign="bottom"  style="width:0.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.22%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:10.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:2.8pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,413,106</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*)<font style="color:#000000;"> The future realizability of deferred tax assets is assessed by taking into consideration various factors such as the Company's performance, the overall economic environment and industry outlook, expected future earnings, and deductible period of tax credit carry-forward. As of December 31, 2019, the Company has recognized deferred tax assets related to temporary differences, carry-forward deficits and tax credit carry-forward, which can be utilized based on the likelihood of future taxable income. This amount may change if the estimate for future taxable income changes.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:5.83%;text-indent:-2.53%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) As of December 31, 2019, the Company did not recognize deferred tax assets for deductible temporary differences associated with investments in subsidiaries of <font style="color:#000000;"><strike>W</strike></font>23,495,101 thousand because it is not probable that the temporary difference will reverse in the foreseeable future.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU48"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">20. Cash flow information</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Cash generated from operations for the <font style="color:#000000;">years ended December 31, 2019 and 2018 are as follows:</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.9%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.06%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.88%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments for:</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,570,077</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">336,000</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization </p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">487,320</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">660,152</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Bad debt (reversal of allowance for doubtful accounts)</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">63,974</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,814,155)</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Impairment loss on investment in subsidiaries</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,848,946</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,580,150</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest expense</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">173,763</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unrealized foreign currency loss</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">241,540</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100,257</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss on retirement of property and plant</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,275</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Impairment loss on intangible asset</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">485,963</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">623,141</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Retirement benefit expenses</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,198</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,044</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Income tax expense</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,835,847</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,462,205</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unrealized foreign currency gain</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(86,980)</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(80,541)</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gain on disposal of property and plant</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3,666)</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(15,497)</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest income</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,089,618)</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,075,805)</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dividend income</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,557,694)</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Reversal of allowance for doubtful accounts - others</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(37,520)</p></td>
<td valign="bottom"  style="width:2.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,233,457)</p></td>
<td valign="middle"  style="width:0.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:60.26%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.9%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.06%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:15%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,952,150</p></td>
<td valign="bottom"  style="width:2.88%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="bottom"  style="width:15%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,558,769</p></td>
<td valign="middle"  style="width:0.9%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<font style="color:#000000;">2) Changes in assets and liabilities arising from operating activities for the years ended December 31, 2019 and 2018 are as follows:</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:4.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.34%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:20.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts receivable</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike><font style="font-size:9pt;"> </font></p></td>
<td valign="middle"  style="width:21.34%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,496,776</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.46%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,078,691</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivable</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(652,831)</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">412,364</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease receivable</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">131,851</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prepaid expenses</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,242,390</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,168,456</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current assets</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(270,300)</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">393,224</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current assets</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,370,803)</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(901,789)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts payable</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,781,894</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(27,909,531)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred revenue</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,842,332)</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,344,989)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Withholdings</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(375,396)</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(108,012)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expenses</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,474</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">220,931</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current liabilities</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(9,051)</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,792)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Long-term deferred revenue</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.34%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:2.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:20.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(17,392)</p></td>
<td valign="middle"  style="width:0.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:49.98%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.32%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:21.34%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,133,672</p></td>
<td valign="middle"  style="width:2.28%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:20.46%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(19,018,839)</p></td>
<td valign="middle"  style="width:0.82%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU49"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">20. Cash flow information, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:7.42%;text-indent:-4.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) <font style="color:#000000;">Significant non-cash transactions for the years ended December 31, 2019 and 2018 are as follows:</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.4pt;">
<td valign="middle"  style="width:57.62%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.48%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:1.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.3%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.4pt;">
<td valign="middle"  style="width:57.62%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Reclassification of advance payment to intangible assets</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:16.48%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160; &#160; &#160;119,935</p></td>
<td valign="middle"  style="width:1.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.4pt;">
<td valign="middle"  style="width:57.62%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisition of right-of-use assets</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">441,190</p></td>
<td valign="middle"  style="width:1.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.4pt;">
<td valign="middle"  style="width:57.62%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Increase in accounts payable relating to the acquisition of<font style="color:#000000;"> software</font></p></td>
<td valign="middle"  style="width:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,590</p></td>
<td valign="middle"  style="width:1.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:16.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">225,710</p></td>
<td valign="middle"  style="width:0.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;margin-left:6.02%;text-indent:-3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) <font style="color:#000000;">Changes in liabilities arising from financing activities for the year ended December 31, 2019, are as follows:</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:65.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.54%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Lease liabilities</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:65.22%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning of the year</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:24.9%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">- </p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:65.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustment due to adoption of K-IFRS No. 1116</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,420,053</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:65.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance after adjustment</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,420,053</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:65.22%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from financing activities &#8211; Repayment of lease liabilities</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.9%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,364,537)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:65.22%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from operating activities &#8211; Interest paid</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(173,763)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:65.22%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-cash transactions:</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:65.22%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions &#8211; leases</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">441,190</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:65.22%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest expense</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">173,763</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:65.22%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Early termination of leases</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(14,159)</p></td>
<td valign="middle"  style="width:0.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:65.22%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending of the year</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.66%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:5.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:24.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,482,547</p></td>
<td valign="middle"  style="width:0.84%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">21. Leases</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company leases offices, vehicles and others. The leases typically run for a period of 1 ~5 years with an option to renew or terminate the lease after that date. There are no restrictions or covenants imposed to leases, but the lease assets are not be provided as collateral for borrowings.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has a sublease for a portion of the existing lease contract. The head lease and its sub-lease terminates in 2022.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">48</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU50"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">21. Leases, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) As a lessee</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Details of right-of-use assets and lease liabilities recognized in the separate statement of financial position as of December 31, 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.44%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="middle"  style="width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.76%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:30.82%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Right-of-use assets(*1)</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:30.82%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Offices</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:30.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,851,301</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vehicles</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:30.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">253,928</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.44%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="middle"  style="width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:30.82%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47,052</p></td>
<td valign="middle"  style="width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.44%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:30.82%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,152,281</p></td>
<td valign="middle"  style="width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease liabilities(*2)</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:30.82%; border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Current</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:30.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">884,548</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.44%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-current</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:30.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,597,999</p></td>
<td valign="middle"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.44%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:8.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:30.82%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,482,547</p></td>
<td valign="middle"  style="width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0.93%;font-family:Times New Roman;font-size:9pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) Right-of-use assets are included in the 'Property and equipment' in the separate statement of financial position.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) Lease liabilities are included in the 'Other current liabilities' and 'Other non-current liabilities' in the separate statement of financial position.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Changes in right-of-use assets for the year ended December 31, 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.08%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.6pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won<font style="font-size:7pt;">)</font></p></td>
<td valign="top"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:2.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style="width:68.54%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:15.4%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Offices</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.12%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Vehicles</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.92%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="bottom"  style="width:0.54%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.7%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.94%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance as of January 1, 2019</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style="width:15.4%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,321,368</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.12%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28,226</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.92%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">611,674</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.94%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,961,268</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(591,940)</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(79,906)</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(564,622)</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,236,468)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">121,873</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">319,317</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">441,190</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:28.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Disposals</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,709)</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.7%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,709)</p></td>
</tr>
<tr style="height:2.75pt;">
<td valign="middle"  style="width:28.08%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance as of December 31, 2019</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.38%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style="width:15.4%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,851,301</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.7%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">253,928</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.92%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47,052</p></td>
<td valign="middle"  style="width:0.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:1.7%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:15.94%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,152,281</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">49</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU51"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">21. Leases, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) As a lessee, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.39%;text-indent:-3.09%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c) Details of amounts recognized in the separate statement of profit or loss for the year ended December 31, 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.65pt;">
<td valign="middle"  style="width:70.78%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="middle"  style="width:4.56%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.64%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:1.02%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:70.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest expense relating to lease liabilities (included in finance cost)</p></td>
<td valign="middle"  style="width:4.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:23.64%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">173,763</p></td>
<td valign="middle"  style="width:1.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:70.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue from sub-lease of right-of-use asset</p></td>
<td valign="middle"  style="width:4.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:23.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,519</p></td>
<td valign="middle"  style="width:1.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:70.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expense relating to short-term leases</p></td>
<td valign="middle"  style="width:4.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:23.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">119,412</p></td>
<td valign="middle"  style="width:1.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:70.78%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expense relating to leases of low-value assets excluding short-term leases</p></td>
<td valign="middle"  style="width:4.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:23.64%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">577</p></td>
<td valign="middle"  style="width:1.02%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:6.18%;text-indent:-3.09%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d) Details of amounts recognized in the separate statement of cash flows for the year ended December 31, 2019 are as follows:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.56%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="middle"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.84%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:32.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:1.14%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:54.56%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total cash outflows of leases</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:32.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,658,289<font style="color:#000000;"> </font></p></td>
<td valign="middle"  style="width:1.14%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) As a lessor</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has a sub-leased part of its right-of-use assets. The Company recognized interest income related to the lease receivable amounting to <font style="font-size:9pt;"><strike>W</strike></font>23,519 thousand for the year ended December 31, 2019.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The aging analysis with the amounts expressed in undiscounted lease receivables after the reporting date are as follows. The Company does not have any sublease as finance lease in accordance with K-IFRS No. 1017.</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.55pt;">
<td colspan="8" valign="middle"  style="width:49.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:0.48%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:15.96%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.48%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:16.8%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.48%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:16.08%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style="width:5%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.92%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Less than</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1 Year</p></td>
<td valign="bottom"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.06%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.84%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1 to 2 Years</p></td>
<td valign="bottom"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.06%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.84%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2 to 5 Years</p></td>
<td valign="bottom"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.38%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Contractual </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">cash flow</p></td>
<td valign="bottom"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.56%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.22%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unrealized financial income</p></td>
<td valign="bottom"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.84%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Net investment in the lease</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style="width:5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="bottom"  style="width:13.92%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">120,007</p></td>
<td valign="bottom"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">120,007</p></td>
<td valign="bottom"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">120,006</p></td>
<td valign="bottom"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">360,020</p></td>
<td valign="bottom"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:15.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">33,088</p></td>
<td valign="bottom"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.84%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">326,932</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#002060;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">50</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU52"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">22</font><font style="font-weight:normal;">. </font><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Financial Risk Management</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s operating activities expose itself to a variety of financial risks: market risk, credit risk and liquidity risk from which the Company&#8217;s risk management program focuses on minimizing any adverse effects on its financial performance. The Company operates financial risk management policies and programs that closely monitor and respond to each risk factor.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Capital Risk Management</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s objectives when managing capital are to safeguard the Company&#8217;s ability to continue as a going concern, so the Company can continue to provide returns and benefits for shareholders and to maintain an optimal capital structure to reduce the cost of capital. The Company monitors capital on the basis of the debt ratio. This ratio is calculated as total debt divided by total capital. The debt ratios as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.15pt;">
<td valign="middle"  style="width:32.1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:0.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.68%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:29.42%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:2.98%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:27.94%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:32.1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total liabilities</p></td>
<td valign="middle"  style="width:0.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:29.42%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26,067,690</p></td>
<td valign="middle"  style="width:2.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:27.94%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28,216,657 </p></td>
<td valign="middle"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:32.1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total equity</p></td>
<td valign="middle"  style="width:0.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:29.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">101,501,321</p></td>
<td valign="middle"  style="width:2.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:27.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">77,788,119 </p></td>
<td valign="middle"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="width:32.1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Debt ratio</p></td>
<td valign="middle"  style="width:0.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.68%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:29.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26%</p></td>
<td valign="middle"  style="width:2.98%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:27.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">36%</p></td>
<td valign="middle"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Market Risk</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Foreign exchange risk</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is exposed to foreign exchange risk arising from royalty revenues and commission payment primarily with respect to the US dollar and etc. The Company&#8217;s financial assets and liabilities are exposed to foreign currency risk as of December 31, 2019<font style="color:#000000;"> and 2018</font> are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="middle"  style="width:19.56%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.6pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won<font style="font-size:7pt;">)</font></p></td>
<td valign="top"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.92%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="16" valign="bottom"  style="width:76.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:19.56%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Assets in foreign </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">currency</p></td>
<td valign="middle"  style="width:0.48%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liabilities in foreign currency</p></td>
<td colspan="2" valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:16.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Assets in </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Korean Won</p></td>
<td colspan="2" valign="middle"  style="width:0.54%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:15.78%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liabilities in Korean Won</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:19.56%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">USD</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.9%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.41%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,396,740</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.04%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.21%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,674,807</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style="width:16.32%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,198,736</p></td>
<td colspan="2" valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.85%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.78%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,728,092</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:19.56%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">JPY</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.41%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">524,699,713</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.21%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">388,469,775</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:16.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,581,212</p></td>
<td colspan="2" valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,131,260</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:19.56%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EUR</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.41%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">338,598</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.21%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,000</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:16.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">439,307</p></td>
<td colspan="2" valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,297</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:19.56%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">IDR</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.41%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,955,000</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.21%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,023,944</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:16.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,077</p></td>
<td colspan="2" valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,415</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:19.56%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">THB</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.41%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28,510</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.21%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,379</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:16.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,102</p></td>
<td colspan="2" valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">285</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:19.56%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">TWD</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.41%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,236,669</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.21%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,567,672</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:16.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,125,027</p></td>
<td colspan="2" valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">214,244</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:19.56%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">VND</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.41%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,270,000</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.21%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,243,600</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:16.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">464</p></td>
<td colspan="2" valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">162</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:19.56%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GBP</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.41%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.21%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,625</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:16.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td colspan="2" valign="middle"  style="width:0.54%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,543</p></td>
</tr>
<tr style="height:2.75pt;">
<td colspan="7" valign="middle"  style="width:63.94%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:2.32%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style="width:16.32%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,346,925</p></td>
<td colspan="2" valign="middle"  style="width:0.54%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td colspan="2" valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:15.74%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,085,298</p></td>
<td style="border:none;padding:0;"></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">51</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU53"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">22</font><font style="font-weight:normal;">. </font><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Financial Risk Management, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Market Risk, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Foreign exchange risk, Continued</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.05pt;">
<td valign="middle"  style="width:19.96%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.6pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won<font style="font-size:7pt;">)</font></p></td>
<td valign="top"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:2.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style="width:70.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.05pt;">
<td valign="middle"  style="width:19.96%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:21.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Assets in foreign </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">currency</p></td>
<td valign="middle"  style="width:0.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.3%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liabilities in</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> foreign currency</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.16%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Assets in </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Korean Won</p></td>
<td valign="middle"  style="width:0.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:14.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liabilities in Korean Won</p></td>
</tr>
<tr style="height:14.05pt;">
<td valign="middle"  style="width:19.96%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">USD</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22,022,340 </p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,468,609 </p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.85%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:17.16%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,624,065 </p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.85%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:14.46%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,351,245 </p></td>
</tr>
<tr style="height:14.05pt;">
<td valign="middle"  style="width:19.96%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">JPY</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">82,108,730 </p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,110,499 </p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">831,996 </p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:14.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">142,965 </p></td>
</tr>
<tr style="height:14.05pt;">
<td valign="middle"  style="width:19.96%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EUR</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">359,769</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">460,202</p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:14.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.05pt;">
<td valign="middle"  style="width:19.96%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">IDR</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">172,789,131 </p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,098,944 </p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,270 </p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:14.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">238 </p></td>
</tr>
<tr style="height:14.05pt;">
<td valign="middle"  style="width:19.96%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">THB</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,633 </p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">173,389 </p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,190 </p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:14.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,956 </p></td>
</tr>
<tr style="height:14.05pt;">
<td valign="middle"  style="width:19.96%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">TWD</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">36,311,172 </p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,597,223 </p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,328,263 </p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:14.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">241,326 </p></td>
</tr>
<tr style="height:14.05pt;">
<td valign="middle"  style="width:19.96%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">VND</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,270,000 </p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,243,600 </p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.78%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">447 </p></td>
<td valign="middle"  style="width:0.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:14.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">156 </p></td>
</tr>
<tr style="height:14.05pt;">
<td valign="middle"  style="width:19.96%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">HKD</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.8%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,731 </p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.3%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">- </p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.78%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.16%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">390 </p></td>
<td valign="middle"  style="width:0.62%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:14.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">- </p></td>
</tr>
<tr style="height:14.05pt;">
<td valign="middle"  style="width:19.96%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.6%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:21.8%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.03%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:17.3%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.78%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:17.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,259,823</p></td>
<td valign="middle"  style="width:0.62%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:14.46%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,741,886</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company measures foreign exchange risk at the exchange rate of 10% for each foreign currency, and the rate of change reflects the management's assessment of the risk of exchange rate fluctuation that can be reasonably experienced. The effects of changes in foreign currency exchange rate on profit before tax for the years ended of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td valign="middle"  style="width:17.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won<font style="font-size:7pt;">)</font></p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:38.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td colspan="2" valign="middle"  style="width:2.82%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:36.8%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:17.72%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:17.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Increased by 10%</p></td>
<td valign="middle"  style="width:0.48%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.8pt;;text-indent:-7.1pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:18.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Decreased by 10%</p></td>
<td valign="middle"  style="width:2.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:17.94%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Increased by 10%</p></td>
<td valign="middle"  style="width:0.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:18.24%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Decreased by 10%</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:17.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">USD</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.85%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:17.56%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">547,064</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.8pt;;text-indent:-7.1pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:18.52%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(547,064)</p></td>
<td valign="middle"  style="width:2.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:17.94%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,627,282</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:2.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:18.24%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,627,282)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:17.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">JPY</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:17.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">144,995</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.8pt;;text-indent:-7.1pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:18.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(144,995)</p></td>
<td valign="middle"  style="width:2.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:17.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">68,903</p></td>
<td valign="middle"  style="width:0.52%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:2.32%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:18.24%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(68,903)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:17.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Others</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:17.56%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">134,103</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.8pt;;text-indent:-7.1pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:18.52%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(134,103)</p></td>
<td valign="middle"  style="width:2.26%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:17.94%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">155,608</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:2.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:18.24%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(155,608)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:17.72%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.32%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:17.56%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">826,162</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.66%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.8pt;;text-indent:-7.1pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:18.52%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(826,162)</p></td>
<td valign="middle"  style="width:2.26%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:17.94%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,851,793</p></td>
<td valign="middle"  style="width:0.52%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:2.32%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:18.24%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,851,793)</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The sensitivity analysis is based on monetary assets and liabilities denominated in foreign currencies other than the functional currency at the end of the reporting period.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) Interest rate risk</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There are no borrowings under variable interest rate conditions as of December 31, 2019 and 2018.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c) Price risk</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There are no assets and liabilities exposed to price risk as of December 31, 2019 and 2018.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU54"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">22</font><font style="font-weight:normal;">. </font><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Financial Risk Management, Continued</font></p>
<p style="text-align:justify;margin-bottom:3pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Credit Risk</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Credit risk arises from normal trading and investing activities and occurs when a customer or a counterparty fails to comply with the terms of the contract. In order to manage these credit risks, the Company regularly evaluate the creditworthiness of customers based on their financial condition, past experiences and other factors.</p>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The carrying amounts of financial assets represent their maximum exposure to credit risk. The maximum exposure to credit risk of the Company as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.85pt;">
<td valign="middle"  style="width:40.66%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:1.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:5.76%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.62%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:2.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.16%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td valign="middle"  style="width:0.92%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:40.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents</p></td>
<td valign="middle"  style="width:1.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.82%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:24.62%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,088,250</p></td>
<td valign="middle"  style="width:2.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.16%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,598,874</p></td>
<td valign="middle"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:40.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Short-term financial instruments</p></td>
<td valign="middle"  style="width:1.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,500,000</p></td>
<td valign="middle"  style="width:2.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,500,000</p></td>
<td valign="middle"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:40.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts receivables, net</p></td>
<td valign="middle"  style="width:1.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,977,026</p></td>
<td valign="middle"  style="width:2.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,659,595</p></td>
<td valign="middle"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:40.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other receivables, net</p></td>
<td valign="middle"  style="width:1.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,162,439</p></td>
<td valign="middle"  style="width:2.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">469,710</p></td>
<td valign="middle"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:40.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current assets</p></td>
<td valign="middle"  style="width:1.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">334,415</p></td>
<td valign="middle"  style="width:2.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">189,539</p></td>
<td valign="middle"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:40.66%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Oher non-current assets</p></td>
<td valign="middle"  style="width:1.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.62%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,702,234</p></td>
<td valign="middle"  style="width:2.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.16%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,405,988</p></td>
<td valign="middle"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="width:40.66%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:5.76%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.82%;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:24.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100,764,364</p></td>
<td valign="middle"  style="width:2.94%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="middle"  style="width:23.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">82,823,706</p></td>
<td valign="middle"  style="width:0.92%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents and short-term financial instruments are deposited in financial institutions with strong credit ratings. Accounts receivable are mainly due from payment processing companies and platform service providers, which the Company believes have low levels of credit risk.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Liquidity Risk</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Liquidity risk management includes the maintenance of sufficient cash and marketable securities, the availability of funds from appropriately committed credit lines, and the ability to settle market positions. The following table summarizes the financial liabilities of the Company by maturity according to the remaining period from the end of the reporting period to the contractual maturity date.</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.55pt;">
<td valign="top"  style="width:18.34%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;font-size:8pt;">(In thousands of won)</font></p></td>
<td colspan="17" valign="bottom"  style="width:81.66%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style="width:18.34%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.08%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.72%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying<br />value</p></td>
<td valign="bottom"  style="width:0.5%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.42%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.72%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Less than</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3 months</p></td>
<td valign="bottom"  style="width:0.5%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.42%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.72%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3 months to </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1 year</p></td>
<td valign="bottom"  style="width:0.5%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.12%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1 to 2 years</p></td>
<td valign="bottom"  style="width:0.5%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.12%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.7%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2 to 3 years</p></td>
<td valign="bottom"  style="width:0.5%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.28%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.38%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:18.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts payable</p></td>
<td valign="middle"  style="width:3.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:38.74%;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:11.72%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,169,713</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.72%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,431,913</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.72%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">608,650</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">129,150</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.7%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.62%;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.38%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,169,713</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:18.34%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other liabilities (*)</p></td>
<td valign="middle"  style="width:3.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:18.13%;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.72%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,632,555</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.72%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">294,934</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.42%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.72%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">873,269</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">920,715</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.7%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.62%;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">776,403</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.38%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,865,321</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:18.34%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.08%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:38.74%;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:11.72%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,802,268</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.72%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,726,847</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.72%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,481,919</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.52%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,049,865</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.7%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.62%;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">776,403</p></td>
<td valign="middle"  style="width:0.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.28%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,035,034</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.16%;text-indent:-2.2%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*) Other liabilities as of December 31, 2019 consist of lease deposits received and lease liabilities</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">53</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU55"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">22</font><font style="font-weight:normal;">. </font><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Financial Risk Management, Continued</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Liquidity Risk, Continued</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.55pt;">
<td valign="top"  style="width:22.3%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td colspan="14" valign="bottom"  style="width:77.7%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style="width:22.3%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.48%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.3%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Carrying<br />value</p></td>
<td valign="bottom"  style="width:0.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.6%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.3%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Less than</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3 months</p></td>
<td valign="bottom"  style="width:0.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.6%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.3%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3 months to</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1 year</p></td>
<td valign="bottom"  style="width:0.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.26%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.06%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">More than</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1 year</p></td>
<td valign="bottom"  style="width:0.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.26%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.26%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:22.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts payable</p></td>
<td valign="middle"  style="width:3.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:38.74%;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:13.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,440,762</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:1.03%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,915,953</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,524,809</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.06%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.26%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.62%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,440,762</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:22.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other current liabilities</p></td>
<td valign="middle"  style="width:3.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:38.74%;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">150,008</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:1.03%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">150,008</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.06%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.62%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">150,008</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style="width:22.3%; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.48%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:38.74%;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:13.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,590,770</p></td>
<td valign="middle"  style="width:0.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.6%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:1.03%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,065,961</p></td>
<td valign="middle"  style="width:0.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.6%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,524,809</p></td>
<td valign="middle"  style="width:0.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.06%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.21%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.26%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.26%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.62%;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,590,770</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The cash flows above are not discounted and the amount due within 12 months is the same as the carrying amount since the effect of the discount is not material.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">23. Related Party Transactions</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Related parties of the Company includes entities and individuals capable of exercising control or significant influence over the Company and its subsidiaries. Related parties include GungHo Online Entertainment, Inc. (the controlling shareholder with 59.31% common shares), its subsidiaries, members of board of directors, executives with strategic responsibilities and their immediate families.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.83%;text-indent:-2.53%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ownership interests in subsidiaries as of December 31, 2019 and 2018 are as follows;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td rowspan="2" valign="bottom"  style="width:46.46%;">
<p style="text-align:center;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Name of entity</p></td>
<td valign="middle"  style="width:1.34%; border-bottom:solid 0.75pt transparent;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:52.2%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Percentage of ownership (%)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:1.34%; border-bottom:solid 0.75pt transparent;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.26%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="bottom"  style="width:1.32%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:25.26%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:46.46%; border-top:solid 0.75pt #000000;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Interactive, Inc.</p></td>
<td valign="middle"  style="width:1.34%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.00</p></td>
<td valign="middle"  style="width:1.32%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.00</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:46.46%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Entertainment Corp.</p></td>
<td valign="middle"  style="width:1.34%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.00</p></td>
<td valign="middle"  style="width:1.32%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.00</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:6.45pt;">
<td valign="middle"  style="width:46.46%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">NeoCyon, Inc.</font></p></td>
<td valign="middle"  style="width:1.34%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99.24</p></td>
<td valign="middle"  style="width:1.32%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">98.73</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:46.46%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Communications Co., Ltd.</p></td>
<td valign="middle"  style="width:1.34%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.00</p></td>
<td valign="middle"  style="width:1.32%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.00</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:46.46%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PT Gravity Game Link</p></td>
<td valign="middle"  style="width:1.34%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70.00</p></td>
<td valign="middle"  style="width:1.32%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:46.46%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Tech Co., Ltd.</p></td>
<td valign="middle"  style="width:1.34%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.00</p></td>
<td valign="middle"  style="width:1.32%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="width:46.46%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Arise Co., Ltd.</p></td>
<td valign="middle"  style="width:1.34%;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.00</p></td>
<td valign="middle"  style="width:1.32%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:25.26%;">
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td style="border:none;padding:0;"></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">54</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU56"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">23. Related Party Transactions, Continued</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) Account balances with related parties</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balances of receivables and payables with related parties as of December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td colspan="3" valign="top"  style="width:43.02%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won<font style="font-size:7pt;">)</font></p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.18%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:25.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:26.96%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:14.14%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Related party</p></td>
<td valign="bottom"  style="width:0.58%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:28.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Name of entity</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.18%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.72%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Receivables</p></td>
<td valign="middle"  style="width:0.48%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.94%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Payables</p></td>
<td valign="middle"  style="width:0.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.28%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Receivables</p></td>
<td valign="middle"  style="width:0.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.22%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Payables</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:14.14%; border-top:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Parent company</p></td>
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.28%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GungHo Online Entertainment, Inc.</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:3.18%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:12.72%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,553,022</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">73,678</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.28%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">831,478</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,981</p></td>
</tr>
<tr style="height:14.2pt;">
<td rowspan="7" valign="top"  style="width:14.14%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subsidiaries</p></td>
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.28%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Interactive, Inc.</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:3.18%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp; 4,804,814</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,911,497</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">215,381</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.28%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Entertainment Corp.</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:3.18%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,325</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">139,984</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.28%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NeoCyon, Inc.</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:3.18%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp; 1,166,940</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 850,412</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">851,615</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">660,630</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.28%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Communications Co., Ltd.</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:3.18%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 1,547,814</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,120,357</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">590,891</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,396</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.28%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PT. Gravity Game Link</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:3.18%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp; 22,504</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;215,884</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.28%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Tech Co., Ltd.</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:3.18%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;451,879</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;360</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:28.28%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Arise Co., Ltd.</p></td>
<td valign="middle"  style="width:0.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:3.18%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">889,785</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">228,929</p></td>
<td valign="top"  style="width:0.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.2pt;">
<td colspan="4" valign="top"  style="width:43.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:3.18%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.82%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:12.72%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,445,083</p></td>
<td valign="top"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.94%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,489,985</p></td>
<td valign="top"  style="width:0.48%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.28%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,185,481</p></td>
<td valign="top"  style="width:0.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,032,372</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:-0.37%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Transactions with related parties</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The details of transactions with related parties for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.2pt;">
<td colspan="3" valign="top"  style="width:46.36%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won<font style="font-size:7pt;">)</font></p></td>
<td valign="middle"  style="width:0.46%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:3.08%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:25.62%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:0.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="width:24.02%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style="width:13.86%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Related party</p></td>
<td valign="bottom"  style="width:0.58%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:31.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Name of entity</p></td>
<td valign="middle"  style="width:0.46%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:3.08%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.48%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Revenues</p></td>
<td valign="middle"  style="width:0.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.92%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Purchases</p></td>
<td valign="middle"  style="width:0.46%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Revenues</p></td>
<td valign="middle"  style="width:0.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.2%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.38%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Purchases</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:13.86%; border-top:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:4.5pt;;text-indent:-4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Parent company</p></td>
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:31.9%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GungHo Online Entertainment, Inc.</p></td>
<td valign="middle"  style="width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:3.08%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:12.48%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 26,477,425</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp; 56,899</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.9%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,538,157</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.65%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.2pt;">
<td rowspan="8" valign="top"  style="width:13.86%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subsidiaries</p></td>
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:31.9%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Interactive, Inc. (*1)</p></td>
<td valign="middle"  style="width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:3.08%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 38,508,020</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;2,791</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,068,304</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:1.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.65%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,937</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:31.9%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Entertainment Corp.</p></td>
<td valign="middle"  style="width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:3.08%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">251,102</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:1.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.65%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">158,025</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:31.9%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NeoCyon, Inc.</p></td>
<td valign="middle"  style="width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:3.08%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">517,314</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,018,159</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">74,931</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.65%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,392,633</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:31.9%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Games Corp. </p></td>
<td valign="middle"  style="width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:3.08%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">255</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.65%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,635</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:31.9%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Communications Co., Ltd. (*2)</p></td>
<td valign="middle"  style="width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:3.08%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 5,570,889</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 2,245,589</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">741,076</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.65%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,845</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:31.9%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PT. Gravity Game Link</p></td>
<td valign="middle"  style="width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:3.08%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp; 156,995</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp; 34,853</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.65%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:31.9%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Tech Co., Ltd.</p></td>
<td valign="middle"  style="width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:3.08%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.65%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style="width:0.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:31.9%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Arise Co., Ltd.</p></td>
<td valign="middle"  style="width:0.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style="width:3.08%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:12.48%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.92%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">797,955</p></td>
<td valign="top"  style="width:0.46%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.9%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.2%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.38%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.65%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
</tr>
<tr style="height:14.2pt;">
<td colspan="5" valign="top"  style="width:46.9%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:3%; border-bottom:double 2.5pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="top"  style="width:12.48%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,230,643</p></td>
<td valign="top"  style="width:0.46%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:0.92%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.24%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,407,708</p></td>
<td valign="top"  style="width:0.46%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:11.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25,422,723</p></td>
<td valign="top"  style="width:0.56%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#12288;</p></td>
<td valign="top"  style="width:1.2%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="width:10.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.65%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,570,075</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.94%;text-indent:-1.99%;font-family:Times New Roman;font-size:9pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) Revenues in 2019 include <strike>W</strike>2,368,200 thousand of dividend income received from Gravity Interactive, Inc.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) Revenues in 2019 include <strike>W</strike>189,494 thousand of dividend income received from Gravity Communications Co., Ltd. </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">55</a></p>
<hr style="page-break-after:always;width:100%;">
<div style="width:100%;border-bottom:Double 2.25pt #000000;">
<div style="padding-Bottom:5.16%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY CO., LTD.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#002060;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to the Financial Statements<font style="font-size:12pt;color:#000000;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:60.99%;">&nbsp;</p>
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the years ended December 31, 2019 and 2018 </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU57"></a><font style="font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">23. Related Party Transactions, Continued</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4) Other transactions with related parties</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other transactions with related parties for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:14.3pt;">
<td colspan="3" valign="bottom"  style="width:34.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(In thousands of won)</p></td>
<td valign="bottom"  style="width:0.66%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style="width:3.04%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style="width:28.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="width:32.12%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="bottom"  style="width:9.08%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:6.05pt;;text-indent:-3.95pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Related party</p></td>
<td valign="bottom"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:24.76%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Name of entity</font></p></td>
<td valign="bottom"  style="width:0.66%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.04%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.86%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Loans</p></td>
<td valign="top"  style="width:0.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Collection</p></td>
<td valign="top"  style="width:0.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:11.86%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Contribution</p></td>
<td valign="bottom"  style="width:0.72%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:6.86%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Loans</p></td>
<td valign="top"  style="width:0.74%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:10.6%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Collection</p></td>
<td valign="top"  style="width:0.76%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:12.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Contribution</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.3pt;">
<td rowspan="6" valign="top"  style="width:9.08%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;text-indent:-4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Subsidiaries</font></p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;text-indent:-4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Gravity Interactive, Inc.</font></p></td>
<td valign="middle"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:6.86%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.82%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.86%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.86%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.6%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,772,670</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.8%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,580,150</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;text-indent:-4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Gravity Communications Co., Ltd.</font></p></td>
<td valign="middle"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,681,415</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NeoCyon, Inc.</p></td>
<td valign="middle"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,999,995</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,999,995</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;text-indent:-4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PT. Gravity Game Link</p></td>
<td valign="middle"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">830,491</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;text-indent:-4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Tech Co., Ltd.</p></td>
<td valign="middle"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,407,555</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style="width:0.72%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:24.76%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;text-indent:-4pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Arise Co., Ltd.</p></td>
<td valign="middle"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.04%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:8.82%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.66%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:11.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">539,485</p></td>
<td valign="middle"  style="width:0.72%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.86%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.74%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:10.6%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="width:0.76%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="width:12.8%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td style="border:none;padding:0;"></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.93%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5) Key management personnel compensation</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.3%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The compensation given to key management personnel (registered directors) for the years ended December 31, 2019 and 2018 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr style="height:13.7pt;">
<td valign="middle"  style="width:32.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /><font style="font-style:italic;">(In thousands of won)</font></p></td>
<td valign="top"  style="width:1.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:7.28%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.84%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="middle"  style="width:2.4%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:28.28%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
<td valign="middle"  style="width:1.18%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p></td>
</tr>
<tr style="height:13.7pt;">
<td valign="middle"  style="width:32.18%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Salaries</p></td>
<td valign="middle"  style="width:1.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:7.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td valign="middle"  style="width:26.84%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">816,224</p></td>
<td valign="middle"  style="width:2.4%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:28.28%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">640,059</p></td>
<td valign="middle"  style="width:1.18%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:3.09%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p></div></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Univers 45 Light;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU58"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Independent Auditors&#8217; Review Report on Internal Accounting Control System</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(English translation of a Report Originally Issued in Korean)</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:20pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To the Shareholders and Board of Directors of</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Co., Ltd.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have reviewed the accompanying report on the Operation of Internal Accounting Control System (&#8220;IACS&#8221;) of Gravity Co., Ltd. (the &#8220;Company&#8221;) as of December 31, 2019. The Company's management is responsible for designing and maintaining effective IACS and for its assessment of the effectiveness of IACS. Our responsibility is to review the management's assessment and issue a report based on our review. In the accompanying report of management&#8217;s assessment of IACS, the Company&#8217;s management stated: &#8220;Based on the assessment of the operation of the IACS as of December 31, 2019, Chief Executive Officer and ICFR officer believe that the Company&#8217;s IACS has material weaknesses as of December 31, 2019, based on the Best Practice Guideline&#8221;.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We conducted our review in accordance with IACS Review Standards, issued by the Korean Institute of Certified Public Accountants. Those Standards require that we plan and perform the review to obtain assurance of a level less than that of an audit as to whether the Report on the Operation of Internal Accounting Control System is free of material misstatement. Our review consists principally of obtaining an understanding of the Company&#8217;s IACS, inquiries of company personnel about the details of the report, and tracing to related documents we considered necessary in the circumstances. We have not performed an audit and, accordingly, we do not express an audit opinion. However, as the Company is a privately-held large enterprise, the design and operations and assessment of its IACS are limited compared with those of publicly-held large enterprises, under Chapter 5 &#8220;Application for Small and Medium Sized Enterprises&#8221; of IACS Standards. As such, we performed our review in accordance with Chapter 14 &#8220;Review Standards for Small and Medium Sized Enterprises.&#8221;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;text-indent:0%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A company's IACS is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Korean International Financial Reporting Standards. Because of its inherent limitations, however, IACS may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes <font style="color:#000000;">in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A material weakness is a control deficiency, or a combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected. The following material weaknesses have been included in the management&#8217;s report referred to above.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:0.69%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:3.74%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><font style="color:#000000;">Material Weakness related to ITGC: The Company did not design and operate sufficient and appropriate access control procedures for the OS/DB super user account within the game systems for its main games. This deficiency represents a material weakness in the access control procedure, as unauthorized access to the game systems using the shared authentication key for the super-user account is not being prevented or detected. </font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p>
<p style="margin-top:12pt; clear:both;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Univers 45 Light;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">57</p>
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<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Univers 45 Light;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:0.69%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:3.74%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Material Weakness related to Risk Assessment: The Company did not sufficiently consider the risk factors that may affect financial reporting, such as sharing of super user authority in cloud environment, in designing and operating control procedures during the current year. This deficiency represents a material weakness related to the risk assessment procedures on the entity level. </p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:0.69%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:3.74%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Material Weakness related to Control Environment: The Company determined that its effort to maintain experienced and knowledgeable personnel and conduct the expanded training programs were not sufficient to address the material weaknesses newly and previously identified. This deficiency represents a material weakness of the control environment on the entity level.&nbsp;&nbsp;</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on the results of our review on the Report on the Operation of Internal Accounting Control System as of December 31, 2019, nothing has come to our attention that there is other material weakness except for the material weaknesses included in the Report on the Operation of Internal Accounting Control System.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This report applies to the Company&#8217;s IACS in existence as of December 31, 2019. We did not review the <font style="color:#auto;">Company&#8217;s IACS subsequent to December 31, 2019. This report has been prepared for Korean regulatory purposes, pursuant to the Act on External Audit of Stock Companies, Etc. and may not be appropriate for other purposes or for other users.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:6pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">KPMG Samjong Accounting Corp.</p>
<p style="margin-bottom:6pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">March 24, 2020</p>
<p style="text-align:right;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p>
<p style="margin-top:12pt; clear:both;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Univers 45 Light;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">58</p>
<hr style="page-break-after:always;width:100%;">
<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Univers 45 Light;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:center;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Report on the Operation of Internal Accounting Control System</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(English Translation of a Report Originally Issued in Korean)</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To Shareholders, the Board of Directors, and the Audit Committee, </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The CEO and the Internal Control over Financial Reporting (&#8220;ICFR&#8221;) Officer of Gravity (&#8220;the Company&#8221;), assessed the effectiveness of the design and operation of the Company&#8217;s ICFR for the year ending December 31, 2019.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s management, including the CEO and ICFR officer, is responsible for designing and operating an ICFR.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The CEO and ICFR Officer assessed the design and operational effectiveness of the ICFR in the prevention and detection of an error or fraud which may cause a misstatement in the preparation and disclosure of reliable financial statements.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The CEO and ICFR Officer used the Chapter 5 (Application to Small-and-Medium sized Companies) of the Best Practice Guideline to evaluate the effectiveness of the ICFR design and operation.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on our assessment, the following material weaknesses in the Company&#8217;s ICFR, in all material respects, were noted based on the Chapter 5 of the Practice Guideline.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&lt;Description of material weaknesses&gt;</p>
<div align="left">
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<tr>
<td valign="top" style="width:0.69%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:3.74%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><font style="color:#000000;">Material Weakness related to ITGC: The Company did not design and operate sufficient and appropriate access control procedures for the OS/DB super user account within the game systems for its main games. This deficiency represents a material weakness in the access control procedure, as unauthorized access to the game systems using the shared authentication key for the super-user account is not being prevented or detected. </font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:8.31%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Material Weakness related to risk assessment: The Company did not sufficiently consider the risk factors that may affect financial reporting, such as sharing of super user authority in cloud environment, in designing and operating control procedures during the current year. This deficiency represents a material weakness related to the risk assessment procedures on the entity level. </p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Material Weakness related to Control Environment: The Company determined that its effort to maintain experienced and knowledgeable personnel and conduct the expanded training programs were not sufficient to address the newly and previously identified material weaknesses. This deficiency represents a material weakness of the control activities on the entity level.&nbsp;&nbsp;</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&lt;Remediation plans for material weaknesses&gt;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:2.51%;text-indent:-2.51%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1. We plan to design and operate control activities to strengthen authentication by using &#8220;two-step verification&#8221; when super user access to game server&#8217;s OS/DB.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:2.08%;text-indent:-2.08%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2. To maintain knowledgeable personnel and improve the risk assessment process related to financial reporting, we plan to conduct expanded training programs to the personnel in charge of internal control over financial reporting of the Company. </p>
<p style="margin-top:12pt; clear:both;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Univers 45 Light;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59</p>
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<p style="border-bottom:none 0pt;padding-bottom:0pt;margin-bottom:18pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Univers 45 Light;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU59"></a><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The CEO and ICFR Officer have confirmed that this report does not contain any untrue statement or omit to state a material fact necessary to make the statements made. Also the CEO and ICFR Officer have confirmed the report does not include any statements that may lead to material misunderstanding and have carefully reviewed the statements of the report. </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&lt;Annex&gt;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Results of the management&#8217;s remediation plan for material weaknesses identified in preceding year.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:2.06%;text-indent:-2.06%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1. Material Weakness related to ITGC: The Company implemented the ongoing monitoring control on the appropriateness of data interface between databases in order to make relevant accounts related to mobile revenue recorded appropriately and completely. However, it is determined to be not remediated as control activities on reviewing the configuration changes of the monitoring tool were not operated in a timely manner.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:2.06%;text-indent:-2.06%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2. Material Weakness related to Revenue recognition of Mobile game: The material weakness related to the review of cut-off, and the review of logic in calculating deferred revenue are assessed to be remediated as the Company designed and operated periodic reconciliation control of external PG data with game operation data and upper managers&#8217; review control on the appropriateness of cut-off and the logic in calculating deferred revenue. However, the Company determined the material weakness related to revenue recognition of mobile game is not remediated as the Company is not confident of the data completeness as part of data could not be reconciled during its periodic reconciliation.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:2.06%;text-indent:-2.06%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3. Material Weakness related to Control Environment: Though the Company hired additional experienced knowledgeable personnel and conducted expanded training programs, the Company <font style="color:#000000;">determined the material weakness related to control environment is not remediated as the Company determined that its effort to maintain experienced and knowledgeable personnel and conduct the expanded training programs are not enough to address the newly and previously identified material weaknesses. </font></p>
<p style="text-align:justify;margin-bottom:6pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;line-height:12pt;margin-top:0pt;margin-left:2.06%;text-indent:-2.06%;font-family:Times New Roman;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:right;margin-bottom:6pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">March 6, 2020</p>
<p style="text-align:right;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:right;margin-bottom:6pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp;Park Hyun Chul</p>
<p style="text-align:right;margin-bottom:6pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ICFR Officer&nbsp;&nbsp; Kim Heung Gon</p>
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<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:2.06%;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&nbsp;</p></div></div>
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